# Gold Mining News in New Zealand

Canonical page: https://atlas-extractions.minestarters.com/news?commodities=gold&regions=new+zealand

Atlas summarizes and classifies mining-industry stories from third-party publishers. Follow each source link for the original reporting.

Results: 36
Returned: 10
Coverage: drill results, resource updates, and metallurgy; primary commodity matching; all time unless dates are supplied.
Region: New Zealand (new zealand)
Commodity: Gold (gold)
Applied filters: {"regions":["new zealand"],"commodities":["gold"],"commodity_scope":"primary","document_types":["drill_results","resource_update","metallurgy"],"document_type_match":"any"}
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## OceanaGold Reports Exceptional High-Grade Drill Results at Wharekirauponga and Progress on Waihi North Project

- Atlas analysis: [Read analysis](https://atlas-extractions.minestarters.com/news/oceanagold-reports-exceptional-high-grade-drill-results-at-wharekirauponga-and-p--05af9044-04a0-409a-9be4-4b87cfcc0baf) · [Markdown](https://atlas-extractions.minestarters.com/news/oceanagold-reports-exceptional-high-grade-drill-results-at-wharekirauponga-and-p--05af9044-04a0-409a-9be4-4b87cfcc0baf.md)
- Original announcement: 2026-09-24T11:30:56.093Z
- Atlas analysis published: Unknown date
- Atlas analysis updated: Unknown date
- Company: OceanaGold Corporation (OGC)
- Original source: [cnw](https://www.newswire.ca/news-releases/oceanagold-reports-exceptional-high-grade-drill-results-at-wharekirauponga-and-progress-on-waihi-north-project-812702682.html)
- Atlas sentiment: 0.738
- Atlas tags: None

OceanaGold announced exceptional high-grade gold drill results from its Wharekirauponga project in New Zealand, with several intercepts exceeding 90 g/t Au. These results confirm the continuity and up-dip extension of the high-grade EG Vein zone, supporting the potential upgrade of Inferred Mineral Resources to Indicated and an expected increase in Mineral Reserves. The company also provided an update on the Waihi North Project development and an upcoming technical report planned for January 2027.

## KO Gold Reports Assay Results from 2026 Smylers Drilling Program, Confirming the Continuity of Gold Mineralization in the Hyde-Macraes Shear Zone

- Atlas analysis: [Read analysis](https://atlas-extractions.minestarters.com/news/ko-gold-reports-assay-results-from-2026-smylers-drilling-program-confirming-the--43da26a0-2a47-45a2-bc03-ce214b6a211e) · [Markdown](https://atlas-extractions.minestarters.com/news/ko-gold-reports-assay-results-from-2026-smylers-drilling-program-confirming-the--43da26a0-2a47-45a2-bc03-ce214b6a211e.md)
- Original announcement: 2026-09-24T11:30:00.000Z
- Atlas analysis published: Unknown date
- Atlas analysis updated: Unknown date
- Company: KO Gold Inc. (KOG.CN)
- Original source: [orestocks](https://orestocks.com/company/KOG.CN/press-releases/5588031806384820)
- Atlas sentiment: 0.514
- Atlas tags: None

KO Gold reports positive assay results from its 2026 drilling program at the Smylers Gold Exploration Permit in New Zealand, confirming the continuity of gold mineralization in the Hyde-Macraes Shear Zone. Highlights include 0.82 g/t Au over 8.0 metres (including 4.09 g/t Au over 0.6 metres) in diamond drill hole SD0046. The program, which included 23 RC and 2 diamond drill holes, provides a structural framework for future resource definition, despite some holes being abandoned due to ground conditions and true widths remaining unknown.

## OceanaGold Reports Exceptional High-Grade Drill Results at Wharekirauponga and Progress on Waihi North Project

- Atlas analysis: [Read analysis](https://atlas-extractions.minestarters.com/news/oceanagold-reports-exceptional-high-grade-drill-results-at-wharekirauponga-and-p--fbab9d29-c356-4f65-b081-f7a34d467bf4) · [Markdown](https://atlas-extractions.minestarters.com/news/oceanagold-reports-exceptional-high-grade-drill-results-at-wharekirauponga-and-p--fbab9d29-c356-4f65-b081-f7a34d467bf4.md)
- Original announcement: 2026-09-24T11:00:00.000Z
- Atlas analysis published: Unknown date
- Atlas analysis updated: Unknown date
- Company: OceanaGold (OGC.TO)
- Original source: [orestocks](https://orestocks.com/company/OGC.TO/press-releases/5239363493370036)
- Atlas sentiment: 0.738
- Atlas tags: Bonanza Intercept, Bonanza Intercept, QA/QC Disclosed, True Width Disclosed, Infill Drilling, Step-Out Extension, Deleterious Elements Present

OceanaGold reports exceptional high-grade gold drill results from its Wharekirauponga project in New Zealand, including intercepts of 6.3m at 97.2 g/t Au and 8.5m at 41.5 g/t Au. These results demonstrate continuity and up-dip extension of the high-grade EG Vein zone, supporting future resource upgrades and reserve increases. The company is also progressing with the Waihi North Project, including a potential processing plant expansion to 1.2 Mtpa to enable concurrent mining of the Martha Underground and Wharekirauponga Underground mines.

## Rua Gold Takes Fully Funded Auld Creek Gold-Antimony Project to Fast-Track Permitting

- Atlas analysis: [Read analysis](https://atlas-extractions.minestarters.com/news/rua-gold-takes-fully-funded-auld-creek-gold-antimony-project-to-fast-track-permi--dcd1a42f-dc35-492b-8552-18dac33c0dad) · [Markdown](https://atlas-extractions.minestarters.com/news/rua-gold-takes-fully-funded-auld-creek-gold-antimony-project-to-fast-track-permi--dcd1a42f-dc35-492b-8552-18dac33c0dad.md)
- Original announcement: 2026-09-19T00:00:00.000Z
- Atlas analysis published: Unknown date
- Atlas analysis updated: Unknown date
- Company: Rua Gold (RUA)
- Original source: [cruxinvestor](https://www.cruxinvestor.com/posts/rua-gold-takes-fully-funded-auld-creek-gold-antimony-project-to-fast-track-permitting)
- Atlas sentiment: 0.526
- Atlas tags: Bonanza Intercept, QA/QC Disclosed

Rua Gold is targeting a Q2 2027 permit decision for its Auld Creek gold-antimony project using New Zealand's Fast-Track Approvals regime. The project is supported by a Preliminary Economic Assessment (PEA) showing an after-tax NPV5% of US$42.4 million at $3,300/oz gold and recent high-grade drill results.

## Gold Majors Are Returning Record Cash Instead of Building New Mines

- Atlas analysis: [Read analysis](https://atlas-extractions.minestarters.com/news/gold-majors-are-returning-record-cash-instead-of-building-new-mines--828f250a-c530-46a5-a378-ee7214f5d21d) · [Markdown](https://atlas-extractions.minestarters.com/news/gold-majors-are-returning-record-cash-instead-of-building-new-mines--828f250a-c530-46a5-a378-ee7214f5d21d.md)
- Original announcement: 2026-09-17T13:47:04.564Z
- Atlas analysis published: Unknown date
- Atlas analysis updated: Unknown date
- Company: RUA GOLD Inc. (RUA)
- Original source: [cnw](https://www.newswire.ca/news-releases/gold-majors-are-returning-record-cash-instead-of-building-new-mines-849402677.html)
- Atlas sentiment: 0.317
- Atlas tags: Maiden Resource, PEA-Supporting, Inferred Resource, High IRR, Cut-off Disclosed

RUA GOLD Inc. has reported a maiden Mineral Resource Estimate and a positive Preliminary Economic Assessment for its Auld Creek gold-antimony project in New Zealand. The project benefits from a fast-track permitting pathway and significant antimony credits, though it remains in the early development stages with a high proportion of inferred resources.

## Gold Majors Are Returning Record Cash Instead of Building New Mines

- Atlas analysis: [Read analysis](https://atlas-extractions.minestarters.com/news/gold-majors-are-returning-record-cash-instead-of-building-new-mines--3ce52170-8ff9-412c-af13-4835508f9400) · [Markdown](https://atlas-extractions.minestarters.com/news/gold-majors-are-returning-record-cash-instead-of-building-new-mines--3ce52170-8ff9-412c-af13-4835508f9400.md)
- Original announcement: 2026-09-17T13:25:00.000Z
- Atlas analysis published: Unknown date
- Atlas analysis updated: Unknown date
- Company: RUA GOLD Inc. (RUA)
- Original source: [orestocks](https://orestocks.com/company/NEM/press-releases/8225767352185971)
- Atlas sentiment: 0.317
- Atlas tags: Maiden Resource, PEA Only, Inferred Resource, QP/CP Signed, Cut-off Disclosed

RUA GOLD Inc. has reported a maiden Mineral Resource Estimate and a positive Preliminary Economic Assessment for its Auld Creek gold-antimony project in New Zealand. The project benefits from a fast-track permitting regime and a strategic antimony byproduct, though the resource contains a significant Inferred component.

## Ellis Martin Report: RUA GOLD (NZAUF) Hits 82.9 g/t Gold and 24.8% Antimony at Auld Creek

- Atlas analysis: [Read analysis](https://atlas-extractions.minestarters.com/news/ellis-martin-report-rua-gold-nzauf-hits-82-9-g-t-gold-and-24-8-antimony-at-auld--fc2f418a-9210-4126-9c3a-a108a56d4517) · [Markdown](https://atlas-extractions.minestarters.com/news/ellis-martin-report-rua-gold-nzauf-hits-82-9-g-t-gold-and-24-8-antimony-at-auld--fc2f418a-9210-4126-9c3a-a108a56d4517.md)
- Original announcement: 2026-09-15T08:44:00.000Z
- Atlas analysis published: Unknown date
- Atlas analysis updated: Unknown date
- Company: RUA GOLD Inc. (RUA)
- Original source: [orestocks](https://orestocks.com/company/RUA.V/press-releases/8733828825516988)
- Atlas sentiment: 0.623
- Atlas tags: Bonanza Intercept, Deleterious Elements Present, No QA/QC Disclosure

RUA GOLD reported its highest-grade drill results to date at the Auld Creek Project in New Zealand, featuring an exceptional intercept of 82.9 g/t gold and 24.8% antimony. The company is transitioning from infill to step-out drilling and anticipates an updated mineral resource estimate and pre-feasibility study in Q4 2026.

## Global Antimony Market Projected to Reach $4.5 Billion by 2036, But the Binding Constraint Is the Permitting Clock

- Atlas analysis: [Read analysis](https://atlas-extractions.minestarters.com/news/global-antimony-market-projected-to-reach-4-5-billion-by-2036-but-the-binding-co--a2565ad2-22e4-4f5b-b4a7-ec48710ef80d) · [Markdown](https://atlas-extractions.minestarters.com/news/global-antimony-market-projected-to-reach-4-5-billion-by-2036-but-the-binding-co--a2565ad2-22e4-4f5b-b4a7-ec48710ef80d.md)
- Original announcement: 2026-09-11T23:58:40.186Z
- Atlas analysis published: Unknown date
- Atlas analysis updated: Unknown date
- Company: RUA GOLD Inc. (RUA)
- Original source: [prnewswire](https://www.prnewswire.com/news-releases/global-antimony-market-projected-to-reach-4-5-billion-by-2036--but-the-binding-constraint-is-the-permitting-clock-302872661.html)
- Atlas sentiment: 0.498
- Atlas tags: None

RUA GOLD Inc. has reported its highest-grade drill results to date at the Auld Creek gold-antimony project in New Zealand, including an intercept of 82.9 g/t gold and 24.80% antimony. The results demonstrate strong continuity and support the company's upcoming pre-feasibility study and fast-track mining application.

## OceanaGold Submits Permit Application and Provides Technical and Exploration Update Supporting Mine Life Extension at Macraes

- Atlas analysis: [Read analysis](https://atlas-extractions.minestarters.com/news/oceanagold-submits-permit-application-and-provides-technical-and-exploration-upd--da87c5b9-6dba-4d99-946d-f338da4d7605) · [Markdown](https://atlas-extractions.minestarters.com/news/oceanagold-submits-permit-application-and-provides-technical-and-exploration-upd--da87c5b9-6dba-4d99-946d-f338da4d7605.md)
- Original announcement: 2026-09-11T23:58:40.185Z
- Atlas analysis published: Unknown date
- Atlas analysis updated: Unknown date
- Company: OceanaGold Corporation (OGC)
- Original source: [prnewswire](https://www.prnewswire.com/news-releases/oceanagold-submits-permit-application-and-provides-technical-and-exploration-update-supporting-mine-life-extension-at-macraes-887263904.html)
- Atlas sentiment: 0.42
- Atlas tags: Mine Life Extension, Permit Application Submitted, QA/QC Disclosed, QP/CP Signed, Compositing Transparent, Apparent Width Only, NI 43-101 Compliant

OceanaGold has submitted a permit application for its Macraes Phase 4 Project in New Zealand, aiming to extend the mine's life from 2032 to the late 2030s, with potential for production into the 2040s. This application is supported by recent drill results from the Macraes operation, which confirm and extend gold mineralization across multiple areas including Coronation, GPUG, Innes Mills, and Nunns. The drilling program, focused on both resource conversion and exploration, has yielded several high-grade intercepts, underpinning the long-term potential of the Macraes asset.

## OceanaGold Submits Permit Application and Provides Technical and Exploration Update Supporting Mine Life Extension at Macraes

- Atlas analysis: [Read analysis](https://atlas-extractions.minestarters.com/news/oceanagold-submits-permit-application-and-provides-technical-and-exploration-upd--e52117f4-b463-4fea-bf52-eba8559dcef7) · [Markdown](https://atlas-extractions.minestarters.com/news/oceanagold-submits-permit-application-and-provides-technical-and-exploration-upd--e52117f4-b463-4fea-bf52-eba8559dcef7.md)
- Original announcement: 2026-09-11T23:58:40.185Z
- Atlas analysis published: Unknown date
- Atlas analysis updated: Unknown date
- Company: OceanaGold Corporation (OGC)
- Original source: [prnewswire](https://www.prnewswire.com/news-releases/oceanagold-submits-permit-application-and-provides-technical-and-exploration-update-supporting-mine-life-extension-at-macraes-302873359.html)
- Atlas sentiment: 0.614
- Atlas tags: Apparent Width Only, QA/QC Disclosed, Compositing Transparent, QP/CP Signed, Step-Out Extension, Infill Drilling

OceanaGold has submitted a permit application (MP4) to extend the mine life at its Macraes operation in New Zealand from 2032 to the late 2030s. The application is supported by recent technical studies and exploration drilling, which has confirmed and extended gold mineralization at several deposits including Innes Mills, Golden Point Underground (GPUG), Coronation, and Nunns. Notable drill intercepts include 7.9 m @ 5.4 g/t Au at Coronation and 14.0 m @ 4.0 g/t Au at GPUG, with drilling focused on both resource conversion and step-out extensions.

# Atlas tag definitions

- **Bonanza Intercept:** Exceptionally high-grade zone, well above the deposit-type norm.
- **Metal Equivalent Opaque:** Metal equivalent grade reported without disclosing the price, recovery, or payability assumptions used. Requires an actual metal equivalent grade; a combined elemental basket such as PGE is not a metal equivalent.
- **True Width Disclosed:** Actual thickness perpendicular to structure is stated, not just downhole length.
- **Apparent Width Only:** Interval given as downhole width with no true width or drill orientation — apparent width may overstate true thickness.
- **QA/QC Disclosed:** Release includes QA/QC disclosure — certified lab, QP sign-off, or stated methods (blanks, standards, duplicates).
- **Compositing Transparent:** Cut-off grade and internal dilution rules are clearly stated for reported intervals.
- **No QA/QC Disclosure:** Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document.
- **Cut-off Undisclosed:** Cut-off grade not disclosed — cannot assess comparability to prior estimates or peers.
- **Step-Out Extension:** Mineralization extended beyond the previously known limit.
- **Infill Drilling:** Confirmatory drilling to raise resource confidence, not new discovery.
- **Stale Data Re-release:** Historical results re-announced with no new assays or reinterpretation — low genuine novelty.
- **Deleterious Elements Present:** A source-stated penalty, refractory or recovery concern in the fact's scope. Element detection alone, including measured elements explicitly below penalty thresholds, does not trigger this tag. Respect negation and retain a separately stated concern even when another risk is explicitly absent.
- **Refractory Ore:** Complex mineralogy requiring oxidation or other special processing before recovery.
- **Nearology Play:** Value premise rests on proximity to a known deposit rather than own results.
- **Measured Resource:** Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves.
- **Indicated Resource:** Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
- **Proven Reserve:** Measured Resource with demonstrated economic viability after applying modifying factors.
- **Probable Reserve:** Indicated Resource with demonstrated economic viability after applying modifying factors.
- **Inferred Resource:** Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
- **All Inferred:** M&I share below the weak bound — very early stage, no engineering confidence.
- **Tonnage Growth:** Tonnage increase reaching the strong tier vs prior estimate, with grade maintained or improved.
- **Grade Improvement:** Average resource grade improved vs prior estimate — better deposit economics.
- **Contained Metal Growth:** True scale improvement — contained metal ounces/tonnes increased vs prior, accounting for both tonnage and grade changes.
- **Category Upgrade:** Resource confidence improved — Inferred upgraded to Indicated, or Indicated to Measured. De-risking signal.
- **Tonnage Decline:** Resource tonnage decreased vs prior estimate — pit optimization removed marginal material or geological model revised down.
- **Grade Decline:** Average grade fell below the red-flag bound vs prior estimate — deposit economics worsening. May indicate high-grading in early drilling.
- **Contained Metal Decline:** Contained metal decreased vs prior despite tonnage growth — grade dilution exceeds volume gain.
- **Category Downgrade:** Resource confidence decreased — Measured downgraded to Indicated, or Indicated to Inferred. Unusual and concerning.
- **Dilutive Growth:** Tonnage increased but contained metal flat or down — likely from lower cut-off grade, not geological expansion.
- **Cut-off Lowered:** Cut-off grade reduced beyond the suspicious bound vs prior estimate — tonnage growth may be artificial inflation.
- **Cut-off Undisclosed:** Cut-off grade not disclosed — cannot assess comparability to prior estimates or peers.
- **Stale Estimate:** Effective date is >2 years old — data currency concern, may not reflect current geological understanding.
- **QP/CP Signed:** 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.
- **Cut-off Disclosed:** Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
- **JORC Compliant:** Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
- **NI 43-101 Compliant:** Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
- **Historical Estimate Only:** Estimate pre-dates or does not comply with current JORC/NI 43-101 standards — requires verification drilling.
- **No Contained Metal:** Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
- **No QP/CP Disclosure:** 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.
- **Maiden Resource:** First formal MRE for the project — establishes baseline but typically exploration-stage with high Inferred component. No prior estimate exists, so every change band is not applicable.
- **Resource Update:** Revised estimate for an existing resource — compare to prior to assess progress.
- **PEA-Supporting:** Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
- **PFS-Supporting:** Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.
- **DFS-Supporting:** Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
- **High Recovery:** Recovery at or above the exceptional band for the commodity and processing route.
- **Pilot Scale Complete:** Pilot or demonstration plant testing completed under continuous operation.
- **Free Milling:** Simple, clean ore amenable to standard processing without oxidation.
- **Multi-Domain Tested:** Variability across ore domains (oxide, transition, fresh) has been addressed.
- **Recovery Improving:** Recovery improved versus a like-for-like prior test program on the same domain and route.
- **Low Recovery:** Recovery below the weak band for the commodity and processing route.
- **Bench Scale Only:** Only preliminary bench tests completed — no locked-cycle or pilot work.
- **Refractory Ore:** Complex mineralogy requiring oxidation or other special processing before recovery.
- **Single Domain Only:** Testing limited to one composite or domain — representativeness not established.
- **Recovery Stagnant:** No improvement across multiple test programs on comparable material.
- **Theoretical Recovery Only:** Only theoretical or liberation-derived recovery reported, with no actual test result.
- **Heap Leach Route:** Processing via heap leach — lower CAPEX and OPEX, lower recovery expected.
- **Mill Route:** Processing via mill or concentrator (CIL, CIP, tank leach, flotation).
- **Gravity Route:** Gravity separation forms a material part of the flowsheet.
- **POX/BIOX Route:** Pressure or bio-oxidation for refractory ore — high CAPEX and OPEX.
- **Byproduct Commodity:** The tested commodity is a byproduct rather than the primary economic driver.
- **DFS Bankable:** AACE Class 2-1 study complete and within the staleness window.
- **PFS Complete:** AACE Class 3 study complete.
- **PEA Only:** Only Class 4 / Initial Assessment economics available. Not bankable.
- **No Study:** No formal economic study — no engineering basis for the economics quoted.
- **Stale Study:** Beyond the staleness window measured from the estimate base date.
- **Inferred Heavy Feed:** Material Inferred share of LOM mill feed, or the share is undisclosed.
- **Resource Governance Undisclosed:** No QA/QC, top-cut methodology or QP independence disclosed. Caps study quality at the moderate tier.
- **NPV Cut vs Prior Study:** A restated study reduces NPV materially against its own predecessor on the same asset.
- **High IRR:** Post-tax real unlevered IRR in the strong tier or better.
- **Low IRR:** IRR below the moderate tier.
- **Below Jurisdiction Hurdle:** IRR below the greenfield or brownfield hurdle for its jurisdiction tier.
- **IRR Basis Undisclosed:** Real vs nominal not stated, so the tier is not comparable across studies.
- **Undervalued PNAV:** Funding-adjusted P/NAV in the strong tier or better.
- **Overvalued PNAV:** Funding-adjusted P/NAV in the red-flag tier.
- **Fast Payback:** Payback in the strong tier or better, on the required basis.
- **Slow Payback:** Payback in the weak tier or worse.
- **Bottom Quartile Cost:** P0-25 of the relevant commodity cost curve.
- **Top Quartile Cost:** P75-100 of the relevant commodity cost curve — first to cut in a downturn.
- **Cost Basis Undisclosed:** By-product vs co-product not stated, so quartile placement is unreliable.
- **Low Capital Intensity:** Below the benchmark for its project type.
- **High Capital Intensity:** Above the benchmark for its project type.
- **Conservative Pricing:** Conservative on the worst of the spot, 3-year and consensus comparisons.
- **Aggressive Pricing:** The study only works on a stretched price deck.
- **No Price Sensitivity:** No price sensitivity disclosed — treated as a deliberate signal, not a neutral gap.
- **No Discount Rate Sensitivity:** Blocks NPV normalisation to the common rate without reconstruction.
- **Price Deck Unstructured:** Prices given only as free text, so conservatism cannot be scored.
- **Long Reserve Life:** Reserve life index in the top tier of the single ladder.
- **Short Reserve Life:** Reserve life index in the critical tier.
- **Resource Life Upside:** Wide gap between reserve life and resource life — conversion upside rather than discovery dependence.
- **Fully Funded:** Funding coverage at or above 1.0x counting committed facilities only.
- **Material Funding Gap:** Funding coverage below the substantially-funded band.
- **Funding Gap Exceeds Market Cap:** Red flag regardless of headline NPV — the upside is not reachable by the current equity holder.
- **Encumbered by Stream:** An existing stream or royalty reduces attributable NAV and restricts future financing.
- **Stability Agreement:** Fiscal terms fixed, with a term covering the mine life.
- **High Government Take:** Total government take above the regional norm as a share of pre-tax cash flow.
- **Fully Permitted:** Key permits granted with no unresolved challenge.
- **Permit Challenge Outstanding:** An appeal or legal challenge is unresolved, which can defer first production indefinitely.
- **No Community Agreement:** Permits held but no IBA or benefit agreement — the start date is unsupported.
- **Closure Underprovisioned:** Closure provision materially below peers, unfunded, or undisclosed.
- **Upstream TSF:** Upstream tailings construction, which is banned in Brazil and Ecuador.