# Silver Mining News in Idaho

Canonical page: https://atlas-extractions.minestarters.com/news?commodities=silver&regions=usa_id

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

Results: 26
Returned: 10
Coverage: drill results, resource updates, and metallurgy; primary commodity matching; all time unless dates are supplied.
Region: Idaho (usa_id)
Commodity: Silver (silver)
Applied filters: {"regions":["usa_id"],"commodities":["silver"],"commodity_scope":"primary","document_types":["drill_results","resource_update","metallurgy"],"document_type_match":"any"}
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## Sunshine Silver Mining & Refining Expands Silver Valley Land Position by 60% to Approximately 38,000 Acres and Initiates Multi-Year, 45,000-Meter District-Scale Exploration Program

- Atlas analysis: [Read analysis](https://atlas-extractions.minestarters.com/news/sunshine-silver-mining-refining-expands-silver-valley-land-position-by-60-to-app--7ca31efe-22c6-4230-9a2f-52942c568dc0) · [Markdown](https://atlas-extractions.minestarters.com/news/sunshine-silver-mining-refining-expands-silver-valley-land-position-by-60-to-app--7ca31efe-22c6-4230-9a2f-52942c568dc0.md)
- Original announcement: 2026-09-21T11:46:00.188Z
- Atlas analysis published: Unknown date
- Atlas analysis updated: Unknown date
- Company: Sunshine Silver Mining & Refining Company (SSMR)
- Original source: [prnewswire](https://www.prnewswire.com/news-releases/sunshine-silver-mining--refining-expands-silver-valley-land-position-by-60-to-approximately-38-000-acres-and-initiates-multi-year-45-000-meter-district-scale-exploration-program-302884603.html)
- Atlas sentiment: 0.514
- Atlas tags: Step-Out Extension, Nearology Play

Sunshine Silver Mining & Refining has expanded its Silver Valley land position by 60% to approximately 38,000 acres. The company is also initiating a multi-year, 45,000-meter surface exploration drilling program targeting three high-priority areas: East Sunshine, Rock Creek, and Pine Creek.

## Americas Gold and Silver continue discoveries at Galena Complex with a New Galena Mine vein discovery, Idaho

- Atlas analysis: [Read analysis](https://atlas-extractions.minestarters.com/news/americas-gold-and-silver-continue-discoveries-at-galena-complex-with-a-new-galen--b620d89d-b8fa-4c55-8765-fa79ebdae6b8) · [Markdown](https://atlas-extractions.minestarters.com/news/americas-gold-and-silver-continue-discoveries-at-galena-complex-with-a-new-galen--b620d89d-b8fa-4c55-8765-fa79ebdae6b8.md)
- Original announcement: 2026-09-18T12:33:33.000Z
- Atlas analysis published: Unknown date
- Atlas analysis updated: Unknown date
- Company: Americas Gold and Silver Corp. (USA)
- Original source: [resourceworld](https://resourceworld.com/americas-gold-and-silver-continue-discoveries-at-galena-complex-with-a-new-galena-mine-vein-discovery-idaho/)
- Atlas sentiment: 0.686
- Atlas tags: Bonanza Intercept, Step-Out Extension, Infill Drilling

Americas Gold and Silver Corp. reported high-grade silver-copper-antimony drill results from its Galena Complex in Idaho, including new vein discoveries at the Galena and Crescent mines. The results include exceptional silver grades and significant strike extensions of existing vein systems, providing upside to the current mineral resource.

## Americas Gold and Silver Continues Track Record of Significant Discoveries at the Galena Complex with a New Galena Mine Vein Discovery Grading 1,062 g/t Ag, 0.7% Cu over 1.3 Meters While Crescent Drilling Returns 1,891 g/t Ag, 0.3% Cu over 1.3 Meters and 1,560 g/t Ag, 0.3% Cu over 1.1 Meters

- Atlas analysis: [Read analysis](https://atlas-extractions.minestarters.com/news/americas-gold-and-silver-continues-track-record-of-significant-discoveries-at-th--a50e3b22-926a-4703-837d-038a1724c541) · [Markdown](https://atlas-extractions.minestarters.com/news/americas-gold-and-silver-continues-track-record-of-significant-discoveries-at-th--a50e3b22-926a-4703-837d-038a1724c541.md)
- Original announcement: 2026-09-18T10:30:00.000Z
- Atlas analysis published: Unknown date
- Atlas analysis updated: Unknown date
- Company: Americas Gold and Silver Corporation (USA.TO)
- Original source: [orestocks](https://orestocks.com/company/USA.TO/press-releases/4787208760037560)
- Atlas sentiment: 0.748
- Atlas tags: Bonanza Intercept, True Width Disclosed, QA/QC Disclosed, Step-Out Extension, Infill Drilling, Deleterious Elements Present

Americas Gold and Silver announced high-grade silver, copper, lead, and antimony drill results from its Galena and Crescent Mines in Idaho, USA. The program included new vein discoveries and extensions of existing mineralization, with several intercepts exceeding bonanza grades for silver. The company highlighted the potential for significant upside to future mine plans and confirmed robust QA/QC procedures.

## Thunder Mountain Gold Advances Ag-Au-Cu-Pb-Zn Massive Sulfide Resource Expansion Targets at South Mountain

- Atlas analysis: [Read analysis](https://atlas-extractions.minestarters.com/news/thunder-mountain-gold-advances-ag-au-cu-pb-zn-massive-sulfide-resource-expansion--c9d1766b-dee0-4ed8-a202-d5a3a6b0a1c7) · [Markdown](https://atlas-extractions.minestarters.com/news/thunder-mountain-gold-advances-ag-au-cu-pb-zn-massive-sulfide-resource-expansion--c9d1766b-dee0-4ed8-a202-d5a3a6b0a1c7.md)
- Original announcement: 2026-09-17T11:00:00.000Z
- Atlas analysis published: Unknown date
- Atlas analysis updated: Unknown date
- Company: Thunder Mountain Gold, Inc. (THMG)
- Original source: [newsfile](https://www.newsfilecorp.com/release/314727/Thunder-Mountain-Gold-Advances-AgAuCuPbZn-Massive-Sulfide-Resource-Expansion-Targets-at-South-Mountain)
- Atlas sentiment: 0.623
- Atlas tags: None

Thunder Mountain Gold reports successful initial assay results from its 2026 exploration program at the South Mountain Project in Idaho. Drilling confirmed high-grade silver, gold, copper, lead, and zinc intercepts, including 22.47 meters grading 86 g/t silver with associated base metals. The program expanded near-resource mineralization and identified new massive sulfide mineralization at the Kentucky target, with further assays pending.

## Americas Gold & Silver's 477% TSX30 Run Comes With a Financed Production Base

- Atlas analysis: [Read analysis](https://atlas-extractions.minestarters.com/news/americas-gold-silver-s-477-tsx30-run-comes-with-a-financed-production-base--e8b5a5b0-32a7-4a2b-bff4-42013223f5ae) · [Markdown](https://atlas-extractions.minestarters.com/news/americas-gold-silver-s-477-tsx30-run-comes-with-a-financed-production-base--e8b5a5b0-32a7-4a2b-bff4-42013223f5ae.md)
- Original announcement: 2026-09-15T00:00:00.000Z
- Atlas analysis published: Unknown date
- Atlas analysis updated: Unknown date
- Company: Americas Gold & Silver Corporation (USA)
- Original source: [cruxinvestor](https://www.cruxinvestor.com/posts/americas-gold-silvers-477-tsx30-run-comes-with-a-financed-production-base)
- Atlas sentiment: 0.483
- Atlas tags: Tonnage Growth, Grade Improvement, Mill Route, Single Domain Only

Americas Gold & Silver has achieved significant market performance, driven by a 19% increase in silver resources at the Galena Complex to 87.9 million ounces at 501 g/t. The company also reported 2026 silver production guidance of 3.2-3.6 million ounces and strategic de-risking through the elimination of $76 million in metal obligations.

## Silver Hammer Plans a Fall Surface and Drilling Exploration Program at the Silver Strand Project in Idaho, USA

- Atlas analysis: [Read analysis](https://atlas-extractions.minestarters.com/news/silver-hammer-plans-a-fall-surface-and-drilling-exploration-program-at-the-silve--9598eee9-2904-4bf3-aec4-cc8d4f207dc6) · [Markdown](https://atlas-extractions.minestarters.com/news/silver-hammer-plans-a-fall-surface-and-drilling-exploration-program-at-the-silve--9598eee9-2904-4bf3-aec4-cc8d4f207dc6.md)
- Original announcement: 2026-09-14T15:00:00.000Z
- Atlas analysis published: Unknown date
- Atlas analysis updated: Unknown date
- Company: Silver Hammer Mining Corp. (HAMR)
- Original source: [newsfile](https://www.newsfilecorp.com/release/314179/Silver-Hammer-Plans-a-Fall-Surface-and-Drilling-Exploration-Program-at-the-Silver-Strand-Project-in-Idaho-USA)
- Atlas sentiment: 0.275
- Atlas tags: Nearology Play

Silver Hammer Mining Corp. has announced a fall exploration program at its Silver Strand Project in Idaho, which includes a permitted surface drilling program of up to 2,438 metres across eight holes. The program aims to test areas down strike from historical underground workings and target geophysical anomalies.

## Bunker Hill Intersects Additional High-Grade Silver in the Cate-8 Vein; Individual Drill Samples to 16.3 oz/ton Silver, 41.1% Lead, 7.41% Zinc; Underground Channel Sampling Returns 46 Feet of 8.19% Lead, 2.49 oz/ton Silver, 1.18% Zinc (4.83 oz/ton AgEq) (14.03M at 166 g/t AgEq)

- Atlas analysis: [Read analysis](https://atlas-extractions.minestarters.com/news/bunker-hill-intersects-additional-high-grade-silver-in-the-cate-8-vein-individua--5d0a8251-57a4-49a7-b692-e07c65fbaba0) · [Markdown](https://atlas-extractions.minestarters.com/news/bunker-hill-intersects-additional-high-grade-silver-in-the-cate-8-vein-individua--5d0a8251-57a4-49a7-b692-e07c65fbaba0.md)
- Original announcement: 2026-08-31T00:00:00.000Z
- Atlas analysis published: Unknown date
- Atlas analysis updated: Unknown date
- Company: Bunker Hill Mining Corp. (BNKR)
- Original source: [globenewswire](https://www.globenewswire.com/news-release/2026/08/31/3353140/0/en/bunker-hill-intersects-additional-high-grade-silver-in-the-cate-8-vein-individual-drill-samples-to-16-3-oz-ton-silver-41-1-lead-7-41-zinc-underground-channel-sampling-returns-46-fe.html)
- Atlas sentiment: 0.696
- Atlas tags: Bonanza Intercept, Bonanza Intercept, Bonanza Intercept, QA/QC Disclosed, Metal Equivalent Opaque, Apparent Width Only, Resource Update, Maiden Resource

Bunker Hill Mining Corp. announced additional high-grade silver-polymetallic drill results from its Cate-8 zone at the Bunker Hill Mine in Idaho, with individual samples up to 16.3 oz/ton silver, 41.1% lead, and 7.41% zinc. The ongoing underground exploration program continues to expand the mineralized system, confirming continuity and scale, and is progressing towards an initial resource estimate. The company also reported a 55% growth in tonnage and a 34% increase in contained silver-equivalent ounces for the Cate-8 Exploration Target Estimate and drew US$2 million from its standby credit facility to support mine ramp-up.

## Sunshine Silver Mining & Refining Reports Drill Results Exceeding 1,000 grams per tonne Silver from Multiple Zones including New "10 Vein"

- Atlas analysis: [Read analysis](https://atlas-extractions.minestarters.com/news/sunshine-silver-mining-refining-reports-drill-results-exceeding-1-000-grams-per--478684d9-911c-4701-b28d-bffc4cb74a7c) · [Markdown](https://atlas-extractions.minestarters.com/news/sunshine-silver-mining-refining-reports-drill-results-exceeding-1-000-grams-per--478684d9-911c-4701-b28d-bffc4cb74a7c.md)
- Original announcement: 2026-07-23T12:00:00.000Z
- Atlas analysis published: Unknown date
- Atlas analysis updated: Unknown date
- Company: Sunshine Silver Mining & Refining Company (SSMR)
- Original source: [yahoo_press](https://finance.yahoo.com/markets/commodities/articles/sunshine-silver-mining-refining-reports-120000562.html)
- Atlas sentiment: 0.825
- Atlas tags: Bonanza Intercept, Step-Out Extension

Sunshine Silver Mining & Refining reported high-grade silver drill results exceeding 1,000 g/t from multiple zones at the Sunshine Mine in Idaho. The results include the identification of a new '10 Vein' as part of an ongoing 50,000-metre drilling program.

## Drilling Campaign Doubles Target Size of the Cate-8 Discovery Target

- Atlas analysis: [Read analysis](https://atlas-extractions.minestarters.com/news/drilling-campaign-doubles-target-size-of-the-cate-8-discovery-target--2d379f7a-deb3-40ae-bb1f-7681a89c12aa) · [Markdown](https://atlas-extractions.minestarters.com/news/drilling-campaign-doubles-target-size-of-the-cate-8-discovery-target--2d379f7a-deb3-40ae-bb1f-7681a89c12aa.md)
- Original announcement: 2026-07-15T10:15:00.000Z
- Atlas analysis published: Unknown date
- Atlas analysis updated: Unknown date
- Company: Bunker Hill Mining Corp. (BNKR)
- Original source: [tmx](https://money.tmx.com/en/quote/BNKR/news/5044124415848045/drilling-campaign-doubles-target-size-of-the-cate-8-discovery-target)
- Atlas sentiment: 0.732
- Atlas tags: None

Bunker Hill Mining Corp. announced new high-grade drill results from its Cate-8 discovery target at the Bunker Hill Mine, significantly expanding the target size. The drilling campaign, including intercepts up to 2.47 meters at 719.46 g/t silver equivalent, has doubled the potential tonnage and grades compared to previous estimates. The company aims to complete an initial resource estimate for the Cate-8 Target by year-end 2026, with the potential for inclusion in 2027 production plans.

## Thunder Mountain Gold Launches 2026 Drill Program at South Mountain

- Atlas analysis: [Read analysis](https://atlas-extractions.minestarters.com/news/thunder-mountain-gold-launches-2026-drill-program-at-south-mountain--afffeb7e-2a77-4502-b2d0-19f67675ec04) · [Markdown](https://atlas-extractions.minestarters.com/news/thunder-mountain-gold-launches-2026-drill-program-at-south-mountain--afffeb7e-2a77-4502-b2d0-19f67675ec04.md)
- Original announcement: 2026-06-22T13:30:00.000Z
- Atlas analysis published: Unknown date
- Atlas analysis updated: Unknown date
- Company: Thunder Mountain Gold, Inc. (THM)
- Original source: [tmx](https://money.tmx.com/en/quote/THM/news/6942016809947109/thunder-mountain-gold-launches-2026-drill-program-at-south-mountain)
- Atlas sentiment: 0.226
- Atlas tags: Resource Update

Thunder Mountain Gold has launched a 10,000-foot exploration drilling campaign at the South Mountain Project in Idaho to expand its existing CRD massive sulfide resource. The program targets geophysical anomalies and aims to test new copper-gold targets within the district.

# 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.
