# Platinum Mining News in Brazil Canonical page: https://atlas-extractions.minestarters.com/news?commodities=platinum®ions=brazil 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: Brazil (brazil) Commodity: Platinum (platinum) Applied filters: {"regions":["brazil"],"commodities":["platinum"],"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=platinum®ions=brazil&page=2&page_size=10) ## ValOre Targets Q4 PEA at Pedra Branca Amid Severe PGE Deficit - Atlas analysis: [Read analysis](https://atlas-extractions.minestarters.com/news/valore-targets-q4-pea-at-pedra-branca-amid-severe-pge-deficit--62f67320-87d4-4654-9984-73da52254021) · [Markdown](https://atlas-extractions.minestarters.com/news/valore-targets-q4-pea-at-pedra-branca-amid-severe-pge-deficit--62f67320-87d4-4654-9984-73da52254021.md) - Original announcement: 2026-09-23T00:00:00.000Z - Atlas analysis published: Unknown date - Atlas analysis updated: Unknown date - Company: ValOre Metals Corp. (VO) - Original source: [cruxinvestor](https://www.cruxinvestor.com/posts/valore-targets-q4-pea-at-pedra-branca-amid-severe-pge-deficit) - Atlas sentiment: 0.514 - Atlas tags: Inferred Resource, Maiden Resource, Nearology Play, Heap Leach Route, Mill Route ValOre Metals is advancing its 100%-owned Pedra Branca PGE-gold project in Brazil, targeting a Preliminary Economic Assessment (PEA) in Q4 2026. The project holds an inferred resource of 2.2 Moz 2PGE+Au, which has doubled since acquisition, with additional drilling results pending incorporation. ## Value rises to $1.45B for Bravo’s PGM project in Brazil - Atlas analysis: [Read analysis](https://atlas-extractions.minestarters.com/news/value-rises-to-1-45b-for-bravo-s-pgm-project-in-brazil--28b6dacb-e4ac-4480-9a0f-d17aa1f9e452) · [Markdown](https://atlas-extractions.minestarters.com/news/value-rises-to-1-45b-for-bravo-s-pgm-project-in-brazil--28b6dacb-e4ac-4480-9a0f-d17aa1f9e452.md) - Original announcement: 2026-09-22T15:34:51.000Z - Atlas analysis published: Unknown date - Atlas analysis updated: Unknown date - Company: Bravo Mining (BRVO) - Original source: [northernminer](https://www.northernminer.com/news/value-rises-to-1-45b-for-bravos-pgm-project-in-brazil/1003895039/) - Atlas sentiment: 0.553 - Atlas tags: PFS Complete, Probable Reserve, Resource Update, Mill Route Bravo Mining has released a Pre-Feasibility Study for its Luanga PGM project in Brazil, reporting an after-tax NPV of $1.45 billion and a 35% IRR. The study incorporates a new smelter to enable vertical integration, resulting in 86.7 million tonnes of proven and probable reserves. ## Five Uncounted Zones Could Lift ValOre's 2.2-Million-Ounce Estimate - Atlas analysis: [Read analysis](https://atlas-extractions.minestarters.com/news/five-uncounted-zones-could-lift-valore-s-2-2-million-ounce-estimate--ec0206fe-34ae-437d-b074-5c150b1cc8c6) · [Markdown](https://atlas-extractions.minestarters.com/news/five-uncounted-zones-could-lift-valore-s-2-2-million-ounce-estimate--ec0206fe-34ae-437d-b074-5c150b1cc8c6.md) - Original announcement: 2026-09-18T00:00:00.000Z - Atlas analysis published: Unknown date - Atlas analysis updated: Unknown date - Company: ValOre Metals Corp. (VO) - Original source: [cruxinvestor](https://www.cruxinvestor.com/posts/five-uncounted-zones-could-lift-valores-2-2-million-ounce-estimate) - Atlas sentiment: 0.34 - Atlas tags: Inferred Resource, Resource Update, Stale Estimate ValOre Metals Corp. is preparing a resource update for its Pedra Branca project in Brazil, expected in Q3 2026, which will incorporate 6,000m of drilling from 2023. The current 2022 inferred resource of 2.2 Moz (platinum, palladium, and gold) in 63.3 Mt @ 1.08 g/t is expected to be revised upward. A Preliminary Economic Assessment (PEA) is targeted for Q4 2026. ## Bravo Intercepts 54m at 2.8 g/t PGM+Au + 0.16% Ni, including 5m at 10.7 g/t PGM+Au + 0.40% Ni at Luanga - Atlas analysis: [Read analysis](https://atlas-extractions.minestarters.com/news/bravo-intercepts-54m-at-2-8-g-t-pgm-au-0-16-ni-including-5m-at-10-7-g-t-pgm-au-0--c36681d0-a9ae-4aa5-8a50-ca45e7728fff) · [Markdown](https://atlas-extractions.minestarters.com/news/bravo-intercepts-54m-at-2-8-g-t-pgm-au-0-16-ni-including-5m-at-10-7-g-t-pgm-au-0--c36681d0-a9ae-4aa5-8a50-ca45e7728fff.md) - Original announcement: 2026-09-14T11:32:03.535Z - Atlas analysis published: Unknown date - Atlas analysis updated: Unknown date - Company: Bravo Mining Corp. (BRVO) - Original source: [cnw](https://www.newswire.ca/news-releases/bravo-intercepts-54m-at-2-8-g-t-pgm-au-0-16-ni-including-5m-at-10-7-g-t-pgm-au-0-40-ni-at-luanga-844338907.html) - Atlas sentiment: 0.748 - Atlas tags: None Bravo Mining Corp. announced new drill results from its Luanga PGM+Au+Ni deposit in Brazil, highlighting a significant intercept of 54m at 2.8 g/t PGM+Au and 0.16% Ni, including a higher-grade section of 5m at 10.7 g/t PGM+Au and 0.40% Ni. These results from infill and extensional drilling continue to demonstrate the potential to expand and upgrade the mineral resource, with consistent grades and mineralized thicknesses at depth. The company plans an updated Mineral Resource Estimate in Q1 2027 following a PFS in Q3 2026. ## Bravo Intercepts 54m at 2.8 g/t PGM+Au + 0.16% Ni, including 5m at 10.7 g/t PGM+Au + 0.40% Ni at Luanga - Atlas analysis: [Read analysis](https://atlas-extractions.minestarters.com/news/bravo-intercepts-54m-at-2-8-g-t-pgm-au-0-16-ni-including-5m-at-10-7-g-t-pgm-au-0--4fa277df-1abf-4b4f-a388-84fb17e56031) · [Markdown](https://atlas-extractions.minestarters.com/news/bravo-intercepts-54m-at-2-8-g-t-pgm-au-0-16-ni-including-5m-at-10-7-g-t-pgm-au-0--4fa277df-1abf-4b4f-a388-84fb17e56031.md) - Original announcement: 2026-09-14T10:30:00.000Z - Atlas analysis published: Unknown date - Atlas analysis updated: Unknown date - Company: Bravo Mining Corp. (BRVO) - Original source: [tmx](https://money.tmx.com/en/quote/BRVO/news/6028191774545552/bravo-intercepts-54m-at-2-8-g-t-pgm-au-0-16-ni-including-5m-at-10-7-g-t-pgm-au-0) - Atlas sentiment: 0.701 - Atlas tags: QA/QC Disclosed, QP/CP Signed, Infill Drilling, Step-Out Extension, Apparent Width Only, Bonanza Intercept Bravo Mining Corp. reported strong assay results from infill and step-out drilling at its Luanga PGM+Au+Ni deposit in Brazil, including 53.85m at 2.83 g/t PGM+Au and 0.16% Ni, with a high-grade sub-interval of 5.01m at 10.68 g/t PGM+Au and 0.40% Ni. These results from eight holes demonstrate mineralization continuity at depth and support the upgrade of Inferred resources to the Indicated category for an updated Mineral Resource Estimate targeted for Q1 2027. The company also confirmed robust QA/QC procedures and QP sign-off for the technical information. ## Bravo Mining Reports Expanded Metallurgical Results and Provides Workstream Update - Atlas analysis: [Read analysis](https://atlas-extractions.minestarters.com/news/bravo-mining-reports-expanded-metallurgical-results-and-provides-workstream-upda--172f1b8a-f80f-4b4a-b94d-27071cfbfb13) · [Markdown](https://atlas-extractions.minestarters.com/news/bravo-mining-reports-expanded-metallurgical-results-and-provides-workstream-upda--172f1b8a-f80f-4b4a-b94d-27071cfbfb13.md) - Original announcement: 2026-08-11T10:30:00.000Z - Atlas analysis published: Unknown date - Atlas analysis updated: Unknown date - Company: Bravo Mining Corp. (BRVO) - Original source: [tmx](https://money.tmx.com/en/quote/BRVO/news/5905562631009181/bravo-mining-reports-expanded-metallurgical-results-and-provides-workstream-upda) - Atlas sentiment: 0.478 - Atlas tags: High Recovery, Mill Route, Single Domain Only Bravo Mining reports encouraging metallurgical results from Jameson Cell technology testing at the Luanga PGM+Au+Ni deposit in Brazil. The testing indicates improved recoveries for platinum, palladium, gold, and nickel, alongside higher concentrate grades and significantly lower mass pull compared to conventional flotation. ## Bravo Intercepts 51m at 3.7 g/t PGM+Au + 0.33% Ni, including 23m at 5.6 g/t PGM+Au + 0.44% Ni at Luanga - Atlas analysis: [Read analysis](https://atlas-extractions.minestarters.com/news/bravo-intercepts-51m-at-3-7-g-t-pgm-au-0-33-ni-including-23m-at-5-6-g-t-pgm-au-0--750f9aa9-cfbe-48a6-84e3-78de57531f97) · [Markdown](https://atlas-extractions.minestarters.com/news/bravo-intercepts-51m-at-3-7-g-t-pgm-au-0-33-ni-including-23m-at-5-6-g-t-pgm-au-0--750f9aa9-cfbe-48a6-84e3-78de57531f97.md) - Original announcement: 2026-07-06T10:30:00.000Z - Atlas analysis published: Unknown date - Atlas analysis updated: Unknown date - Company: Bravo Mining Corp. (BRVO) - Original source: [tmx](https://money.tmx.com/en/quote/BRVO/news/7226516947268221/bravo-intercepts-51m-at-3-7-g-t-pgm-au-0-33-ni-including-23m-at-5-6-g-t-pgm-au-0) - Atlas sentiment: 0.368 - Atlas tags: None Bravo Mining Corp. announced high-grade drill assay results from its Luanga PGM+Au+Ni deposit in Brazil, including 51m at 3.7 g/t PGM+Au and 0.33% Ni, with a higher-grade core of 23m at 5.6 g/t PGM+Au and 0.44% Ni. These results extend mineralization to 300m depth and are part of an infill and extensional program aimed at upgrading mineral resources from Inferred to Indicated categories. The company also reported the commencement of a 50-line km Cu-Au induced polarization geophysical program. ## ValOre Metals Completes Non-Brokered Convertible Debenture Financing - Atlas analysis: [Read analysis](https://atlas-extractions.minestarters.com/news/valore-metals-completes-non-brokered-convertible-debenture-financing--300da7a5-83a7-4b38-b961-0aaa1e4d10b0) · [Markdown](https://atlas-extractions.minestarters.com/news/valore-metals-completes-non-brokered-convertible-debenture-financing--300da7a5-83a7-4b38-b961-0aaa1e4d10b0.md) - Original announcement: 2026-05-29T00:33:26.000Z - Atlas analysis published: Unknown date - Atlas analysis updated: Unknown date - Company: ValOre Metals Corp. (VO) - Original source: [tmx](https://money.tmx.com/en/quote/VO/news/8489970081314406/valore-metals-completes-non-brokered-convertible-debenture-financing) - Atlas sentiment: 0.118 - Atlas tags: Inferred Resource, Nearology Play ValOre Metals Corp. has completed a non-brokered private placement of convertible unsecured debentures for CDN$2,000,000. The proceeds are intended for exploration at the Pedra Branca PGE project in Brazil, potential acquisitions, and working capital. ## CEO.CA's Inside the Boardroom: ValOre Metals - from Bioleaching Breakthrough to PGE Revaluation - Atlas analysis: [Read analysis](https://atlas-extractions.minestarters.com/news/ceo-ca-s-inside-the-boardroom-valore-metals-from-bioleaching-breakthrough-to-pge--aaf0f7a9-63f4-4085-a0b8-33d8dedfaff4) · [Markdown](https://atlas-extractions.minestarters.com/news/ceo-ca-s-inside-the-boardroom-valore-metals-from-bioleaching-breakthrough-to-pge--aaf0f7a9-63f4-4085-a0b8-33d8dedfaff4.md) - Original announcement: 2026-04-10T17:11:00.000Z - Atlas analysis published: Unknown date - Atlas analysis updated: Unknown date - Company: ValOre Metals Corp. (VO) - Original source: [tmx](https://money.tmx.com/en/quote/VO/news/6564732410648827/ceo-ca-s-inside-the-boardroom-valore-metals-from-bioleaching-breakthrough-to-pge) - Atlas sentiment: 0.331 - Atlas tags: Mill Route, Single Domain Only ValOre Metals Corp. reports bioleaching metallurgical results from the University of Cape Town showing over 70% extraction of near-surface PGMs at the Pedra Branca project in Brazil. The company also references its 2.2-million-ounce PGE resource as it advances toward a Preliminary Economic Assessment. ## ValOre Reports Positive Leaching Results from Ongoing Metallurgical Program for Pedra Branca PGM Project, Brazil; 73% Platinum and 74% Palladium Achieved Extraction from Weathered Material and 66% Platinum and 79% Palladium from Chromitite; - Atlas analysis: [Read analysis](https://atlas-extractions.minestarters.com/news/valore-reports-positive-leaching-results-from-ongoing-metallurgical-program-for--96c677e6-f07b-4d84-9673-371d48145cb5) · [Markdown](https://atlas-extractions.minestarters.com/news/valore-reports-positive-leaching-results-from-ongoing-metallurgical-program-for--96c677e6-f07b-4d84-9673-371d48145cb5.md) - Original announcement: 2026-03-26T11:00:00.000Z - Atlas analysis published: Unknown date - Atlas analysis updated: Unknown date - Company: ValOre Metals Corp. (VO) - Original source: [tmx](https://money.tmx.com/en/quote/VO/news/7334679181176905/valore-reports-positive-leaching-results-from-ongoing-metallurgical-program-for-) - Atlas sentiment: 0.409 - Atlas tags: Mill Route, Heap Leach Route, Multi-Domain Tested ValOre Metals Corp. reported positive metallurgical test results for its Pedra Branca PGM project in Brazil. Bioleaching achieved up to 73% platinum and 74% palladium recoveries from weathered material, while caustic cracking yielded 66% platinum and 79% palladium from chromitite material. # 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.