# Gold Mining News in Spain Canonical page: https://atlas-extractions.minestarters.com/news?commodities=gold®ions=spain Atlas summarizes and classifies mining-industry stories from third-party publishers. Follow each source link for the original reporting. Results: 17 Returned: 10 Coverage: drill results, resource updates, and metallurgy; primary commodity matching; all time unless dates are supplied. Region: Spain (spain) Commodity: Gold (gold) Applied filters: {"regions":["spain"],"commodities":["gold"],"commodity_scope":"primary","document_types":["drill_results","resource_update","metallurgy"],"document_type_match":"any"} Sort: published_at desc Offset: 0; page size: 10 [Next page](https://atlas-extractions.minestarters.com/news.md?commodities=gold®ions=spain&page=2&page_size=10) ## Pan Global Intersects 83 Meters of 1.74 g/t Gold, Expanding New Gold Zone at Cármenes Project, Spain - Atlas analysis: [Read analysis](https://atlas-extractions.minestarters.com/news/pan-global-intersects-83-meters-of-1-74-g-t-gold-expanding-new-gold-zone-at-c-xe--1bd60f45-1950-42a9-9258-264aa5174e5a) · [Markdown](https://atlas-extractions.minestarters.com/news/pan-global-intersects-83-meters-of-1-74-g-t-gold-expanding-new-gold-zone-at-c-xe--1bd60f45-1950-42a9-9258-264aa5174e5a.md) - Original announcement: 2026-09-17T11:25:00.000Z - Atlas analysis published: Unknown date - Atlas analysis updated: Unknown date - Company: Pan Global Resources Inc. (PGZ.V) - Original source: [orestocks](https://orestocks.com/company/PGZ.V/press-releases/8711781369910720) - Atlas sentiment: 0.701 - Atlas tags: Bonanza Intercept, Apparent Width Only, QA/QC Disclosed, Step-Out Extension Pan Global Resources reported exceptional drill results from hole PVD16 at the Cármenes Project in Spain, featuring an 83m intercept at 1.74 g/t gold. The hole includes a bonanza intercept of 32.2 g/t gold over 0.5m and confirms the expansion of the gold zone. ## Pan Global Intersects 83 Meters of 1.74 g/t Gold, Expanding New Gold Zone at Cármenes Project, Spain - Atlas analysis: [Read analysis](https://atlas-extractions.minestarters.com/news/pan-global-intersects-83-meters-of-1-74-g-t-gold-expanding-new-gold-zone-at-ca-r--ca598d42-a013-4ddf-97cb-bc1140a9bc0f) · [Markdown](https://atlas-extractions.minestarters.com/news/pan-global-intersects-83-meters-of-1-74-g-t-gold-expanding-new-gold-zone-at-ca-r--ca598d42-a013-4ddf-97cb-bc1140a9bc0f.md) - Original announcement: 2026-09-17T00:00:00.000Z - Atlas analysis published: Unknown date - Atlas analysis updated: Unknown date - Company: Pan Global Resources Inc. (PGZ) - Original source: [globenewswire](https://www.globenewswire.com/news-release/2026/09/17/3363870/0/en/pan-global-intersects-83-meters-of-1-74-g-t-gold-expanding-new-gold-zone-at-c%c3%a1rmenes-project-spain.html) - Atlas sentiment: 0.686 - Atlas tags: Bonanza Intercept, Step-Out Extension, QA/QC Disclosed Pan Global Resources reported exceptional drill results from hole PVD16 at the Cármenes Project in Spain, intersecting 83m at 1.74 g/t gold. The intercept includes a bonanza grade of 32.2 g/t gold over 0.5m and confirms the expansion of the gold zone. ## Pan Global Intersects 15 Meters of 3.9 g/t Gold From Surface, Cármenes Project, Spain - Atlas analysis: [Read analysis](https://atlas-extractions.minestarters.com/news/pan-global-intersects-15-meters-of-3-9-g-t-gold-from-surface-c-xe1-rmenes-projec--9ae1f10e-5604-4b59-95ae-9fce2b0138bc) · [Markdown](https://atlas-extractions.minestarters.com/news/pan-global-intersects-15-meters-of-3-9-g-t-gold-from-surface-c-xe1-rmenes-projec--9ae1f10e-5604-4b59-95ae-9fce2b0138bc.md) - Original announcement: 2026-09-09T11:30:00.000Z - Atlas analysis published: Unknown date - Atlas analysis updated: Unknown date - Company: Pan Global Resources Inc. (PGZ) - Original source: [tmx](https://money.tmx.com/en/quote/PGZ/news/6380152657939075/pan-global-intersects-15-meters-of-3-9-g-t-gold-from-surface-c-xe1-rmenes-projec) - Atlas sentiment: 0.748 - Atlas tags: Apparent Width Only, QA/QC Disclosed, Step-Out Extension Pan Global Resources announced new assay results from its Phase 3 drill campaign at the Providencia target within the Cármenes Project in northern Spain. Drillhole PVD15 returned the strongest gold intersection, with 15 meters grading 3.90 g/t gold, 0.04% copper, 0.11% nickel, and 0.12% cobalt from surface, including higher-grade sub-intervals with platinum and palladium. The results demonstrate the extension of gold and polymetallic mineralization beyond historical workings, with new copper anomalies identified southwest of Providencia. ## Pan Global Intersects 15 Meters of 3.9 g/t Gold From Surface, Cármenes Project, Spain - Atlas analysis: [Read analysis](https://atlas-extractions.minestarters.com/news/pan-global-intersects-15-meters-of-3-9-g-t-gold-from-surface-ca-rmenes-project-s--b80dfe9d-d5eb-4a94-a381-d6f1987ceac8) · [Markdown](https://atlas-extractions.minestarters.com/news/pan-global-intersects-15-meters-of-3-9-g-t-gold-from-surface-ca-rmenes-project-s--b80dfe9d-d5eb-4a94-a381-d6f1987ceac8.md) - Original announcement: 2026-09-09T00:00:00.000Z - Atlas analysis published: Unknown date - Atlas analysis updated: Unknown date - Company: Pan Global Resources Inc. (PGZ) - Original source: [globenewswire](https://www.globenewswire.com/news-release/2026/09/09/3358520/0/en/pan-global-intersects-15-meters-of-3-9-g-t-gold-from-surface-c%c3%a1rmenes-project-spain.html) - Atlas sentiment: 0.701 - Atlas tags: Bonanza Intercept, QA/QC Disclosed, QP/CP Signed, Step-Out Extension, Apparent Width Only Pan Global Resources announced new assay results from its Phase 3 drill campaign at the Cármenes Project in northern Spain, highlighted by drillhole PVD15 intersecting 15 meters grading 3.9 g/t gold, 0.04% copper, 0.11% nickel, and 0.12% cobalt from surface, including a high-grade sub-interval of 1 meter at 18.55 g/t gold, 1.39 g/t platinum, and 0.74 g/t palladium. The results confirm gold and polymetallic mineralization extends beyond historical mine workings and remains open at depth and along strike. The company also identified a new target area southwest of Providencia with similar alteration and elevated copper-in-soil anomalies, with gold assays pending. ## Pan Global Expands Near-Surface Gold Mineralization at Providencia with 2.36 g/t Gold Over 80 Meters, Cármenes Project, Spain - Atlas analysis: [Read analysis](https://atlas-extractions.minestarters.com/news/pan-global-expands-near-surface-gold-mineralization-at-providencia-with-2-36-g-t--16ab836a-5b78-4aa3-9bc4-d3bea64e6d46) · [Markdown](https://atlas-extractions.minestarters.com/news/pan-global-expands-near-surface-gold-mineralization-at-providencia-with-2-36-g-t--16ab836a-5b78-4aa3-9bc4-d3bea64e6d46.md) - Original announcement: 2026-07-30T11:38:00.000Z - Atlas analysis published: Unknown date - Atlas analysis updated: Unknown date - Company: Pan Global (PGZ) - Original source: [yahoo_press](https://finance.yahoo.com/markets/commodities/articles/pan-global-expands-near-surface-113800796.html) - Atlas sentiment: 0.499 - Atlas tags: Step-Out Extension, QA/QC Disclosed Pan Global has reported significant near-surface gold mineralization at the Cármenes Project in Spain, featuring a continuous 80-meter zone at 2.36 g/t Au. Additionally, underground channel sampling identified a high-grade polymetallic intercept containing 2.40% Cu, 0.83% Ni, and 0.27% Co. ## Pan Global Expands Near-Surface Gold Mineralization at Providencia with 2.36 g/t Gold Over 80 Meters, Cármenes Project, Spain - Atlas analysis: [Read analysis](https://atlas-extractions.minestarters.com/news/pan-global-expands-near-surface-gold-mineralization-at-providencia-with-2-36-g-t--3e09d2c5-9413-4116-8ce1-e5dec4e44d8f) · [Markdown](https://atlas-extractions.minestarters.com/news/pan-global-expands-near-surface-gold-mineralization-at-providencia-with-2-36-g-t--3e09d2c5-9413-4116-8ce1-e5dec4e44d8f.md) - Original announcement: 2026-07-30T11:38:00.000Z - Atlas analysis published: Unknown date - Atlas analysis updated: Unknown date - Company: Pan Global Resources Inc. (PGZ) - Original source: [tmx](https://money.tmx.com/en/quote/PGZ/news/6507488618967695/pan-global-expands-near-surface-gold-mineralization-at-providencia-with-2-36-g-t) - Atlas sentiment: 0.68 - Atlas tags: None Pan Global Resources reported new channel sampling results from its 100%-owned Cármenes Project in northern Spain, expanding near-surface gold mineralization at the Providencia target. Highlights include a continuous 80-meter zone grading 2.36 g/t gold from surface channels and high-grade polymetallic intercepts (copper, nickel, cobalt, gold) from underground channels on the 1438m Level. The results indicate a large, widening mineralized system with potential for further expansion, with assays pending for six additional drillholes. ## PAN GLOBAL REPORTS SURFACE HIGH-GRADE GOLD WITH 20.2 g/t OVER 5.0 METERS AT CÁRMENES PROJECT, SPAIN - Atlas analysis: [Read analysis](https://atlas-extractions.minestarters.com/news/pan-global-reports-surface-high-grade-gold-with-20-2-g-t-over-5-0-meters-at-ca-r--0030fa9d-b0b0-490c-ba6c-c9d0957fb01a) · [Markdown](https://atlas-extractions.minestarters.com/news/pan-global-reports-surface-high-grade-gold-with-20-2-g-t-over-5-0-meters-at-ca-r--0030fa9d-b0b0-490c-ba6c-c9d0957fb01a.md) - Original announcement: 2026-05-07T11:27:00.000Z - Atlas analysis published: Unknown date - Atlas analysis updated: Unknown date - Company: Pan Global Resources Inc. (PGZ) - Original source: [yahoo_press](https://finance.yahoo.com/markets/commodities/articles/pan-global-reports-surface-high-112700053.html) - Atlas sentiment: 0.649 - Atlas tags: Bonanza Intercept, QA/QC Disclosed Pan Global Resources reported high-grade gold mineralization at the Cármenes Project in Spain, with surface channel sampling returning 20.2 g/t gold over 5.0 meters. Additionally, underground mapping at the Providencia target suggests the mineralized system widens at depth. ## PAN GLOBAL REPORTS SURFACE HIGH-GRADE GOLD WITH 20.2 g/t OVER 5.0 METERS AT CÁRMENES PROJECT, SPAIN - Atlas analysis: [Read analysis](https://atlas-extractions.minestarters.com/news/pan-global-reports-surface-high-grade-gold-with-20-2-g-t-over-5-0-meters-at-c-xc--c07c5dcd-07ad-44e6-ae88-1a5fd902efef) · [Markdown](https://atlas-extractions.minestarters.com/news/pan-global-reports-surface-high-grade-gold-with-20-2-g-t-over-5-0-meters-at-c-xc--c07c5dcd-07ad-44e6-ae88-1a5fd902efef.md) - Original announcement: 2026-05-07T11:27:00.000Z - Atlas analysis published: Unknown date - Atlas analysis updated: Unknown date - Company: Pan Global Resources Inc. (PGZ) - Original source: [tmx](https://money.tmx.com/en/quote/PGZ/news/6456313574095502/pan-global-reports-surface-high-grade-gold-with-20-2-g-t-over-5-0-meters-at-c-xc) - Atlas sentiment: 0.493 - Atlas tags: Bonanza Intercept, QA/QC Disclosed, Apparent Width Only Pan Global Resources reported high-grade surface gold from saw-cut channel sampling at the Cármenes Project in Spain, including an average of 20.2 g/t Au over 5.0m. The results include a bonanza-grade intercept of 51.2 g/t Au with platinum and palladium, alongside mapping that indicates the mineralized system is widening at depth. ## ORVANA REPORTS Q2 FY2026 EXPLORATION RESULTS IN SPAIN - Atlas analysis: [Read analysis](https://atlas-extractions.minestarters.com/news/orvana-reports-q2-fy2026-exploration-results-in-spain--8eeed39c-1700-474f-a1d1-687d23b1911e) · [Markdown](https://atlas-extractions.minestarters.com/news/orvana-reports-q2-fy2026-exploration-results-in-spain--8eeed39c-1700-474f-a1d1-687d23b1911e.md) - Original announcement: 2026-04-27T22:00:00.000Z - Atlas analysis published: Unknown date - Atlas analysis updated: Unknown date - Company: Orvana Minerals Corp. (ORV) - Original source: [tmx](https://money.tmx.com/en/quote/ORV/news/5296674521962986/orvana-reports-q2-fy2026-exploration-results-in-spain) - Atlas sentiment: 0.275 - Atlas tags: QA/QC Disclosed, Apparent Width Only Orvana Minerals Corp. reported Q2 FY2026 exploration results from its Orovalle project in Spain. Key highlights include high-grade gold intercepts at El Valle-Boinás (up to 19.55 g/t Au) and confirmation of mineralization at depth at the Lidia project. ## Emerita Announces Renewal of the Nuevo Tintillo Property Permit and Changes to Board of Directors - Atlas analysis: [Read analysis](https://atlas-extractions.minestarters.com/news/emerita-announces-renewal-of-the-nuevo-tintillo-property-permit-and-changes-to-b--fbc569ef-05e7-4009-b83e-df26fb79e207) · [Markdown](https://atlas-extractions.minestarters.com/news/emerita-announces-renewal-of-the-nuevo-tintillo-property-permit-and-changes-to-b--fbc569ef-05e7-4009-b83e-df26fb79e207.md) - Original announcement: 2026-04-15T21:06:11.000Z - Atlas analysis published: Unknown date - Atlas analysis updated: Unknown date - Company: Emerita Resources Corp. (EMO) - Original source: [tmx](https://money.tmx.com/en/quote/EMO/news/8860305670703158/emerita-announces-renewal-of-the-nuevo-tintillo-property-permit-and-changes-to-b) - Atlas sentiment: 0.236 - Atlas tags: QA/QC Disclosed, NI 43-101 Compliant Emerita Resources Corp. has secured a three-year renewal of its Investigation Permit for the Nuevo Tintillo property in Spain. The company also reported new surface prospecting results showing gold and silver mineralization along a 400m trend and announced the appointment of David Patterson to its Board of Directors. # 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.