# Iron Ore Mining News in Canada Canonical page: https://atlas-extractions.minestarters.com/news?commodities=iron_ore®ions=canada Atlas summarizes and classifies mining-industry stories from third-party publishers. Follow each source link for the original reporting. Results: 13 Returned: 10 Coverage: drill results, resource updates, and metallurgy; primary commodity matching; all time unless dates are supplied. Region: Canada (canada) Commodity: Iron Ore (iron_ore) Applied filters: {"regions":["canada"],"commodities":["iron_ore"],"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=iron_ore®ions=canada&page=2&page_size=10) ## Iron Bear strengthens grip on advanced asset - Atlas analysis: [Read analysis](https://atlas-extractions.minestarters.com/news/iron-bear-strengthens-grip-on-advanced-asset--7d8e4dfc-bfb6-4193-9ca1-ee278f3e31f1) · [Markdown](https://atlas-extractions.minestarters.com/news/iron-bear-strengthens-grip-on-advanced-asset--7d8e4dfc-bfb6-4193-9ca1-ee278f3e31f1.md) - Original announcement: 2026-09-24T04:31:28.235Z - Atlas analysis published: Unknown date - Atlas analysis updated: Unknown date - Company: Iron Bear Resources Ltd (IBR) - Original source: [miningjournal](https://www.mining-journal.com/resourcestocks/resourcestocks-articles/4537274/iron-bear-strengthens-grip-advanced-asset) - Atlas sentiment: 0.51 - Atlas tags: PFS Complete, Probable Reserve Iron Bear Resources has completed a pre-feasibility study for its flagship magnetite project in Canada's Labrador Trough, reporting a 3.3Bt reserve at 29.1% Fe. The PFS indicates a post-tax unleveraged NPV8 of US$9 billion and an IRR of over 15%, with plans to publish an optimized version in November. ## SAGA Metals Drills 470 m at 36.72% Fe2O3, 5.40% TiO2, 0.245% V2O5 Including 69.2 m at 51.03% Fe2O3, 8.55% TiO2, 0.334% V2O5 at Radar Critical Minerals Project in Labrador - Atlas analysis: [Read analysis](https://atlas-extractions.minestarters.com/news/saga-metals-drills-470-m-at-36-72-fe2o3-5-40-tio2-0-245-v2o5-including-69-2-m-at--4f1b8c57-9120-4837-85f7-95eb8972a497) · [Markdown](https://atlas-extractions.minestarters.com/news/saga-metals-drills-470-m-at-36-72-fe2o3-5-40-tio2-0-245-v2o5-including-69-2-m-at--4f1b8c57-9120-4837-85f7-95eb8972a497.md) - Original announcement: 2026-09-15T11:30:00.000Z - Atlas analysis published: Unknown date - Atlas analysis updated: Unknown date - Company: SAGA Metals Corp. (SAGA.V) - Original source: [orestocks](https://orestocks.com/company/SAGA.V/press-releases/4530150878414872) - Atlas sentiment: 0.738 - Atlas tags: None SAGA Metals Corp. announced new assay results from its maiden Mineral Resource Estimate drill program at the Trapper Zone within the Radar Critical Minerals Project in Labrador, Canada. Key intercepts include 470.0 m at 36.72% Fe2O3, 5.40% TiO2, and 0.245% V2O5 in hole R-0072, with sub-intervals showing even higher grades. These broad, high-grade results for critical minerals iron, titanium, and vanadium confirm significant continuity and are expected to support a robust maiden MRE. ## SAGA Metals Reports Assays from R-0064 to R-0071 with Intercepts Including 52.52% Fe2O3, 7.58% TiO2, 0.428% V2O5 from 2026 Drilling at Radar Critical Minerals Project in Labrador - Atlas analysis: [Read analysis](https://atlas-extractions.minestarters.com/news/saga-metals-reports-assays-from-r-0064-to-r-0071-with-intercepts-including-52-52--3bb373e7-f315-4fcd-8a0c-aa856ecff59c) · [Markdown](https://atlas-extractions.minestarters.com/news/saga-metals-reports-assays-from-r-0064-to-r-0071-with-intercepts-including-52-52--3bb373e7-f315-4fcd-8a0c-aa856ecff59c.md) - Original announcement: 2026-09-10T11:30:00.000Z - Atlas analysis published: Unknown date - Atlas analysis updated: Unknown date - Company: SAGA Metals Corp. (SAGA) - Original source: [tmx](https://money.tmx.com/en/quote/SAGA/news/7685740666099509/saga-metals-reports-assays-from-r-0064-to-r-0071-with-intercepts-including-52-52) - Atlas sentiment: 0.691 - Atlas tags: None SAGA Metals Corp. reported new assay results from eight diamond drill holes (R-0064 to R-0071) at its Radar Critical Minerals Project in Labrador, Canada, as part of an ongoing maiden Mineral Resource Estimate program. The results show consistent broad intercepts of high-grade iron, titanium, and vanadium, including up to 52.52% Fe2O3, 7.58% TiO2, and 0.428% V2O5 over 23.3 meters in hole R-0066. These new assays, combined with previously reported results, continue to define a large, consistent oxide system, supporting the potential for a sizable mineral resource. ## SAGA Metals Completes Mineral Resource Estimate Drill Program at Radar Critical Minerals Project in Labrador - Atlas analysis: [Read analysis](https://atlas-extractions.minestarters.com/news/saga-metals-completes-mineral-resource-estimate-drill-program-at-radar-critical--fdb94cd5-496b-4d5a-9593-a63c2ba5a79b) · [Markdown](https://atlas-extractions.minestarters.com/news/saga-metals-completes-mineral-resource-estimate-drill-program-at-radar-critical--fdb94cd5-496b-4d5a-9593-a63c2ba5a79b.md) - Original announcement: 2026-08-25T11:30:00.000Z - Atlas analysis published: Unknown date - Atlas analysis updated: Unknown date - Company: SAGA Metals Corp. (SAGA) - Original source: [tmx](https://money.tmx.com/en/quote/SAGA/news/6485481502769378/saga-metals-completes-mineral-resource-estimate-drill-program-at-radar-critical-) - Atlas sentiment: 0.738 - Atlas tags: None SAGA Metals Corp. has completed its maiden Mineral Resource Estimate (MRE) drill program at the Trapper Zone of its Radar Critical Minerals Project in Labrador, Canada. The program, the largest in the company's history, involved over 22,000 metres of drilling, with all holes intersecting oxide mineralization containing significant iron, titanium, and vanadium. The company has engaged GeoGlobal LLC to complete the independent NI 43-101 MRE, with assay results for remaining samples expected by mid-September. ## SAGA Metals Reports Assays from R-0061 to R-0063 with Intercepts Including 47.36% Fe2O3, 6.73% TiO2, 0.353% V2O5 from 2026 Drilling at Radar Critical Minerals Project in Labrador - Atlas analysis: [Read analysis](https://atlas-extractions.minestarters.com/news/saga-metals-reports-assays-from-r-0061-to-r-0063-with-intercepts-including-47-36--5125974d-57bd-41a4-a896-259bbe553925) · [Markdown](https://atlas-extractions.minestarters.com/news/saga-metals-reports-assays-from-r-0061-to-r-0063-with-intercepts-including-47-36--5125974d-57bd-41a4-a896-259bbe553925.md) - Original announcement: 2026-08-17T06:00:00.000Z - Atlas analysis published: Unknown date - Atlas analysis updated: Unknown date - Company: SAGA Metals Corp. (SAGA) - Original source: [tmx](https://money.tmx.com/en/quote/SAGA/news/8935928773629922/saga-metals-reports-assays-from-r-0061-to-r-0063-with-intercepts-including-47-36) - Atlas sentiment: -0.053 - Atlas tags: None SAGA Metals Corp. reported assay results from three new drill holes (R-0061 to R-0063) at its Radar Critical Minerals Project in Labrador, Canada, as part of its maiden Mineral Resource Estimate program. While the holes intersected broad zones of oxide mineralization, including a 163-meter intercept in R-0061, the grades for iron, titanium, and vanadium were generally below the project's historical averages. The company also provided a summary of previously reported drill results from R-0008 to R-0060, highlighting consistent mineralization and progress towards the MRE. ## SAGA Metals Reports Assays from R-0058 to R-0060 with Intercepts Including 43.86% Fe2O3, 6.10% TiO2, 0.317% V2O5 from 2026 Drilling at Radar Critical Minerals Project in Labrador and Adds to Its Advisory Board - Atlas analysis: [Read analysis](https://atlas-extractions.minestarters.com/news/saga-metals-reports-assays-from-r-0058-to-r-0060-with-intercepts-including-43-86--70a2e051-9d2f-454f-bc5c-658277a37625) · [Markdown](https://atlas-extractions.minestarters.com/news/saga-metals-reports-assays-from-r-0058-to-r-0060-with-intercepts-including-43-86--70a2e051-9d2f-454f-bc5c-658277a37625.md) - Original announcement: 2026-08-10T06:00:00.000Z - Atlas analysis published: Unknown date - Atlas analysis updated: Unknown date - Company: SAGA Metals Corp. (SAGA) - Original source: [tmx](https://money.tmx.com/en/quote/SAGA/news/5746325836785089/saga-metals-reports-assays-from-r-0058-to-r-0060-with-intercepts-including-43-86) - Atlas sentiment: 0.471 - Atlas tags: None SAGA Metals reports new assay results from three drill holes (R-0058, R-0059, R-0060) at its Radar Critical Minerals Project in Labrador, Canada. The drilling, part of a maiden Mineral Resource Estimate program, returned broad intercepts of iron, titanium, and vanadium oxide mineralization, confirming geological continuity. The company also announced an appointment to its advisory board. ## SAGA Metals Reports Assays from R-0050 to R-0054 with Intercepts Including 53.07% Fe2O3, 7.68% TiO2, 0.384% V2O5 from 2026 Drilling at Trapper South, Radar Critical Minerals Project in Labrador - Atlas analysis: [Read analysis](https://atlas-extractions.minestarters.com/news/saga-metals-reports-assays-from-r-0050-to-r-0054-with-intercepts-including-53-07--90d2c248-4e7f-4057-a79d-68c0017b3c2a) · [Markdown](https://atlas-extractions.minestarters.com/news/saga-metals-reports-assays-from-r-0050-to-r-0054-with-intercepts-including-53-07--90d2c248-4e7f-4057-a79d-68c0017b3c2a.md) - Original announcement: 2026-07-22T11:30:00.000Z - Atlas analysis published: Unknown date - Atlas analysis updated: Unknown date - Company: SAGA Metals Corp. (SAGA) - Original source: [tmx](https://money.tmx.com/en/quote/SAGA/news/6519152297623280/saga-metals-reports-assays-from-r-0050-to-r-0054-with-intercepts-including-53-07) - Atlas sentiment: 0.748 - Atlas tags: None SAGA Metals Corp. announced additional assay results from five drill holes (R-0050 to R-0054) at its Trapper South project in Labrador, Canada, part of an ongoing maiden Mineral Resource Estimate drill program. The results include broad, high-grade intercepts of iron, titanium, and vanadium, with highlights such as 31.9 m at 53.07% Fe2O3, 7.68% TiO2, and 0.384% V2O5 in hole R-0051. The company noted consistent thickness and grade continuity, reinforcing confidence in the project's potential for a sizable mineral resource. ## SAGA Metals Reports Assays from R-0047 to R-0049 with Intercepts Including 53.72% Fe2O3, 7.32% TiO2, 0.431% V2O5 from 2026 Drilling at Trapper South, Radar Critical Minerals Project in Labrador - Atlas analysis: [Read analysis](https://atlas-extractions.minestarters.com/news/saga-metals-reports-assays-from-r-0047-to-r-0049-with-intercepts-including-53-72--47d5c11b-f4e8-4789-ad36-43b48437e92a) · [Markdown](https://atlas-extractions.minestarters.com/news/saga-metals-reports-assays-from-r-0047-to-r-0049-with-intercepts-including-53-72--47d5c11b-f4e8-4789-ad36-43b48437e92a.md) - Original announcement: 2026-07-15T11:30:00.000Z - Atlas analysis published: Unknown date - Atlas analysis updated: Unknown date - Company: SAGA Metals Corp. (SAGA) - Original source: [tmx](https://money.tmx.com/en/quote/SAGA/news/4638968142435442/saga-metals-reports-assays-from-r-0047-to-r-0049-with-intercepts-including-53-72) - Atlas sentiment: 0.604 - Atlas tags: None SAGA Metals announced new assay results from three drill holes (R-0047 to R-0049) at its Trapper South project in Labrador, Canada, part of an ongoing maiden Mineral Resource Estimate program. The results include broad, high-grade intercepts of iron (Fe2O3), titanium (TiO2), and vanadium (V2O5), with a highlight of 16.3 m at 53.72% Fe2O3, 7.29% TiO2, and 0.431% V2O5 in hole R-0048. These new assays, combined with previously reported results from 39 holes, demonstrate consistent mineralization and continuity across the drill grid, strengthening confidence in the project's scale and quality. ## SAGA Metals Increases Drilling Capacity with Second Drill Rig at Radar Critical Minerals Project in Labrador as It Nears Completion of MRE Drilling - Atlas analysis: [Read analysis](https://atlas-extractions.minestarters.com/news/saga-metals-increases-drilling-capacity-with-second-drill-rig-at-radar-critical--4e06be3d-a734-4629-a67a-807b0c746c4f) · [Markdown](https://atlas-extractions.minestarters.com/news/saga-metals-increases-drilling-capacity-with-second-drill-rig-at-radar-critical--4e06be3d-a734-4629-a67a-807b0c746c4f.md) - Original announcement: 2026-06-29T11:30:00.000Z - Atlas analysis published: Unknown date - Atlas analysis updated: Unknown date - Company: SAGA Metals Corp. (SAGA) - Original source: [tmx](https://money.tmx.com/en/quote/SAGA/news/5245486018100481/saga-metals-increases-drilling-capacity-with-second-drill-rig-at-radar-critical-) - Atlas sentiment: 0.582 - Atlas tags: True Width Disclosed, Step-Out Extension, QA/QC Disclosed, Infill Drilling SAGA Metals Corp. has deployed a second drill rig at its Radar Critical Minerals Project in Labrador, doubling its drilling capacity to accelerate the completion of its maiden Mineral Resource Estimate program. The company has completed 13,149 meters across 64 holes, with logging complete up to R-0061. Initial assay results from 39 holes show consistent broad intercepts of iron, titanium, and vanadium oxide mineralization, with true thicknesses reported. ## SAGA Metals Reports Assays from R-0044 to R-0046 with Intercepts Including 58.33% Fe2O3, 8.78% TiO2, 0.415% V2O5 from 2026 Drilling at Trapper South, Radar Critical Minerals Project in Labrador - Atlas analysis: [Read analysis](https://atlas-extractions.minestarters.com/news/saga-metals-reports-assays-from-r-0044-to-r-0046-with-intercepts-including-58-33--3096aabc-2732-4067-b1c7-d53a5dc7ac63) · [Markdown](https://atlas-extractions.minestarters.com/news/saga-metals-reports-assays-from-r-0044-to-r-0046-with-intercepts-including-58-33--3096aabc-2732-4067-b1c7-d53a5dc7ac63.md) - Original announcement: 2026-06-11T11:30:00.000Z - Atlas analysis published: Unknown date - Atlas analysis updated: Unknown date - Company: SAGA Metals Corp. (SAGA) - Original source: [tmx](https://money.tmx.com/en/quote/SAGA/news/4571952444297054/saga-metals-reports-assays-from-r-0044-to-r-0046-with-intercepts-including-58-33) - Atlas sentiment: 0.691 - Atlas tags: None SAGA Metals Corp. announced new assay results from three drill holes (R-0044 to R-0046) at its Trapper South Zone, part of the Radar Critical Minerals Project in Labrador, Canada. The drilling, aimed at a maiden Mineral Resource Estimate, returned broad intercepts of iron, titanium, and vanadium, including 54.0 m at 58.33% Fe2O3, 8.78% TiO2, and 0.415% V2O5 in hole R-0046. The company also re-reported results from 36 previously announced drill holes, highlighting consistent mineralization and continuity across the oxide system. # 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.