# Mining News in Yukon

Canonical page: https://atlas-extractions.minestarters.com/news?regions=canada_yt

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

Results: 320
Returned: 10
Coverage: drill results, resource updates, and metallurgy; primary commodity matching; all time unless dates are supplied.
Region: Yukon (canada_yt)
Applied filters: {"regions":["canada_yt"],"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?regions=canada_yt&page=2&page_size=10)

## Gold Strike Completes 2026 Drill Program at the Florin Gold Project, Yukon

- Atlas analysis: [Read analysis](https://atlas-extractions.minestarters.com/news/gold-strike-completes-2026-drill-program-at-the-florin-gold-project-yukon--9b832b93-8bcb-4160-86d1-f6041cf2558f) · [Markdown](https://atlas-extractions.minestarters.com/news/gold-strike-completes-2026-drill-program-at-the-florin-gold-project-yukon--9b832b93-8bcb-4160-86d1-f6041cf2558f.md)
- Original announcement: 2026-09-24T10:30:00.000Z
- Atlas analysis published: Unknown date
- Atlas analysis updated: Unknown date
- Company: Gold Strike Resources Corp. (GSR.V)
- Original source: [orestocks](https://orestocks.com/company/GSR.V/press-releases/4520803832651594)
- Atlas sentiment: 0.071
- Atlas tags: Step-Out Extension, Exploration Drilling, No Assays Reported, QA/QC Disclosed, QP/CP Signed, Cut-off Disclosed

Gold Strike Resources Corp. has completed its 2026 drill program at the Florin Gold Project in Yukon, consisting of 11 diamond drill holes totaling 4,014 meters. The program targeted both extensions of the existing Florin inferred resource and new exploration zones, with visual observations indicating potential gold mineralization. The company also secured a new five-year, 60,000-meter drill permit, and is awaiting assay results from the completed program.

## Selkirk Copper’s Minto posts $494M value, nearly triple its build costs

- Atlas analysis: [Read analysis](https://atlas-extractions.minestarters.com/news/selkirk-copper-s-minto-posts-494m-value-nearly-triple-its-build-costs--cdc01c61-0dda-4880-8aeb-6ab6c487a8f5) · [Markdown](https://atlas-extractions.minestarters.com/news/selkirk-copper-s-minto-posts-494m-value-nearly-triple-its-build-costs--cdc01c61-0dda-4880-8aeb-6ab6c487a8f5.md)
- Original announcement: 2026-09-23T13:57:33.000Z
- Atlas analysis published: Unknown date
- Atlas analysis updated: Unknown date
- Company: Selkirk Copper Mines (SCMI)
- Original source: [miningcom](https://www.mining.com/selkirk-coppers-minto-posts-494m-value-nearly-triple-its-build-costs/)
- Atlas sentiment: 0.169
- Atlas tags: PEA Only, High IRR, Fast Payback, Resource Update

Selkirk Copper Mines has released a Preliminary Economic Assessment (PEA) for its Minto project in Yukon, projecting an NPV of $494 million and a 47.8% post-tax IRR. Despite the strong economics, shares fell 18% as investors weighed the exclusion of certain restart costs and upcoming permitting requirements.

## C$186M Capex Makes Selkirk Copper's Minto a Leveraged Copper Call

- Atlas analysis: [Read analysis](https://atlas-extractions.minestarters.com/news/c-186m-capex-makes-selkirk-copper-s-minto-a-leveraged-copper-call--d8c1be7c-1527-4ff0-85f0-71a6b038948b) · [Markdown](https://atlas-extractions.minestarters.com/news/c-186m-capex-makes-selkirk-copper-s-minto-a-leveraged-copper-call--d8c1be7c-1527-4ff0-85f0-71a6b038948b.md)
- Original announcement: 2026-09-23T00:00:00.000Z
- Atlas analysis published: Unknown date
- Atlas analysis updated: Unknown date
- Company: Selkirk Copper Mines Inc. (SCMI)
- Original source: [cruxinvestor](https://www.cruxinvestor.com/posts/c-186m-capex-makes-selkirk-coppers-minto-a-leveraged-copper-call)
- Atlas sentiment: 0.514
- Atlas tags: PEA Only, High IRR, Fast Payback, Inferred Heavy Feed, Resource Update

Selkirk Copper has released a Preliminary Economic Assessment (PEA) for its Minto copper-gold-silver project in Yukon, modeling a restart of open-pit and underground mining. The study reports an after-tax NPV7% of C$494 million and a 47.8% IRR at planning prices, supported by a relatively low initial capital requirement of C$185.9 million due to existing infrastructure.

## Selkirk Copper’s $494M value for Minto mine nearly triple its costs

- Atlas analysis: [Read analysis](https://atlas-extractions.minestarters.com/news/selkirk-copper-s-494m-value-for-minto-mine-nearly-triple-its-costs--0be43378-0321-402f-90d1-725d9dbbf603) · [Markdown](https://atlas-extractions.minestarters.com/news/selkirk-copper-s-494m-value-for-minto-mine-nearly-triple-its-costs--0be43378-0321-402f-90d1-725d9dbbf603.md)
- Original announcement: 2026-09-22T15:26:01.000Z
- Atlas analysis published: Unknown date
- Atlas analysis updated: Unknown date
- Company: Selkirk Copper Mines (SCMI)
- Original source: [northernminer](https://www.northernminer.com/news/selkirk-coppers-494m-value-for-minto-mine-nearly-triple-its-costs/1003895034/)
- Atlas sentiment: -0.171
- Atlas tags: PEA Only, Aggressive Pricing, Resource Update

Selkirk Copper Mines has released a Preliminary Economic Assessment (PEA) for its Minto project in Yukon, reporting a post-tax NPV of $494M and an IRR of 47.8%. Despite the strong headline figures, the market reacted negatively, with shares dropping 18% as investors noted the exclusion of $409M in sustaining capital and high metal price assumptions.

## Selkirk Copper’s $494M value for Minto nearly triple its costs

- Atlas analysis: [Read analysis](https://atlas-extractions.minestarters.com/news/selkirk-copper-s-494m-value-for-minto-nearly-triple-its-costs--a9a1ec77-8485-435a-ab47-80c90050d192) · [Markdown](https://atlas-extractions.minestarters.com/news/selkirk-copper-s-494m-value-for-minto-nearly-triple-its-costs--a9a1ec77-8485-435a-ab47-80c90050d192.md)
- Original announcement: 2026-09-22T15:26:01.000Z
- Atlas analysis published: Unknown date
- Atlas analysis updated: Unknown date
- Company: Selkirk Copper Mines (SCMI)
- Original source: [miningcom](https://www.mining.com/selkirk-coppers-494m-value-for-minto-nearly-triple-its-costs/)
- Atlas sentiment: 0.165
- Atlas tags: PEA Only, Inferred Heavy Feed

Selkirk Copper Mines has released a Preliminary Economic Assessment (PEA) for its Minto project in Yukon, reporting a post-tax NPV of US$353 million and an IRR of 47.8%. While the economics appear strong with a 1.9-year payback, the study uses high metal price assumptions and excludes $409 million in sustaining capital.

## Stakeholder Confirms Bedrock Gold Across Multiple Large-Scale Targets at Ballarat, Unlocking Significant New Potential in the Heart of the White Gold District

- Atlas analysis: [Read analysis](https://atlas-extractions.minestarters.com/news/stakeholder-confirms-bedrock-gold-across-multiple-large-scale-targets-at-ballara--50e7bf4f-6593-47c8-a4f3-c90f77aac579) · [Markdown](https://atlas-extractions.minestarters.com/news/stakeholder-confirms-bedrock-gold-across-multiple-large-scale-targets-at-ballara--50e7bf4f-6593-47c8-a4f3-c90f77aac579.md)
- Original announcement: 2026-09-22T13:00:00.000Z
- Atlas analysis published: Unknown date
- Atlas analysis updated: Unknown date
- Company: Stakeholder Gold Corp. (SRC)
- Original source: [newsfile](https://www.newsfilecorp.com/release/315272/Stakeholder-Confirms-Bedrock-Gold-Across-Multiple-LargeScale-Targets-at-Ballarat-Unlocking-Significant-New-Potential-in-the-Heart-of-the-White-Gold-District)
- Atlas sentiment: 0.317
- Atlas tags: None

Stakeholder Gold Corp. announced encouraging gold assay results from its 2026 diamond drill program at the Ballarat Project in the Yukon Territory, confirming bedrock gold mineralization across multiple large-scale targets. Drilling intersected gold in seven of nine holes, including up to 1.20 g/t Au at Skye North, 0.92 g/t Au at East Zone, and 0.58 g/t Au at NW Zone, validating the company's exploration model. The results establish multiple priority areas for follow-up, with extensive gold-bearing trends remaining largely untested, and a new epithermal vein-hosted gold system model identified.

## Stakeholder Confirms Bedrock Gold Across Multiple Large-Scale Targets at Ballarat, Unlocking Significant New Potential in the Heart of the White Gold District

- Atlas analysis: [Read analysis](https://atlas-extractions.minestarters.com/news/stakeholder-confirms-bedrock-gold-across-multiple-large-scale-targets-at-ballara--5e836761-cec0-451f-8ea9-6b1453275912) · [Markdown](https://atlas-extractions.minestarters.com/news/stakeholder-confirms-bedrock-gold-across-multiple-large-scale-targets-at-ballara--5e836761-cec0-451f-8ea9-6b1453275912.md)
- Original announcement: 2026-09-22T13:00:00.000Z
- Atlas analysis published: Unknown date
- Atlas analysis updated: Unknown date
- Company: Stakeholder Gold Corp. (SRC.V)
- Original source: [orestocks](https://orestocks.com/company/SRC.V/press-releases/4511398900052684)
- Atlas sentiment: 0.145
- Atlas tags: QA/QC Disclosed, QP/CP Signed, Apparent Width Only, Cut-off Disclosed, Epithermal Deposit, Nearology Play

Stakeholder Gold Corp. announced encouraging gold assay results from nine diamond drill holes at its Ballarat Project in the White Gold District of the Yukon Territory. The program confirmed bedrock gold mineralization in seven of nine holes across three target areas, with highlights including 1.20 g/t Au over 1 metre at Skye North and 0.92 g/t Au over 1 metre at East Zone. The company noted that extensive gold-bearing trends remain largely untested, and new exploration models based on epithermal veining are being pursued, with metallic-screen assays underway to investigate coarse gold effects.

## Selkirk Copper Announces Positive PEA for the Minto Project, Delivering After-Tax NPV of C$494M with 48% IRR

- Atlas analysis: [Read analysis](https://atlas-extractions.minestarters.com/news/selkirk-copper-announces-positive-pea-for-the-minto-project-delivering-after-tax--8aa66a49-aaf0-42e4-8fcc-c6bdfaf285b8) · [Markdown](https://atlas-extractions.minestarters.com/news/selkirk-copper-announces-positive-pea-for-the-minto-project-delivering-after-tax--8aa66a49-aaf0-42e4-8fcc-c6bdfaf285b8.md)
- Original announcement: 2026-09-22T11:00:00.000Z
- Atlas analysis published: Unknown date
- Atlas analysis updated: Unknown date
- Company: Selkirk Copper Mines Inc. (SCMI.V)
- Original source: [orestocks](https://orestocks.com/company/SCMI.V/press-releases/6638301159061344)
- Atlas sentiment: 0.748
- Atlas tags: None

Selkirk Copper announced a positive Preliminary Economic Assessment (PEA) for its Minto Project in Yukon, Canada, outlining robust economics with an after-tax NPV of C$494 million and an IRR of 47.8% at planning prices. The study highlights a 13-year mine life, leveraging existing infrastructure for a capital-efficient restart targeting concentrate production by H2 2028. The PEA is supported by an updated 2026 Mineral Resource Estimate showing a significant increase in Measured & Indicated resources, though it includes Inferred resources which are considered speculative.

## Selkirk Copper Announces Positive PEA for the Minto Project, Delivering After-Tax NPV of C$494M with 48% IRR

- Atlas analysis: [Read analysis](https://atlas-extractions.minestarters.com/news/selkirk-copper-announces-positive-pea-for-the-minto-project-delivering-after-tax--c53139e1-57dd-4682-9081-4e66e413d7e4) · [Markdown](https://atlas-extractions.minestarters.com/news/selkirk-copper-announces-positive-pea-for-the-minto-project-delivering-after-tax--c53139e1-57dd-4682-9081-4e66e413d7e4.md)
- Original announcement: 2026-09-22T11:00:00.000Z
- Atlas analysis published: Unknown date
- Atlas analysis updated: Unknown date
- Company: Selkirk Copper Mines Inc. (SCMI)
- Original source: [newsfile](https://www.newsfilecorp.com/release/315393/Selkirk-Copper-Announces-Positive-PEA-for-the-Minto-Project-Delivering-AfterTax-NPV-of-C494M-with-48-IRR)
- Atlas sentiment: 0.748
- Atlas tags: PEA Only, High IRR, Fast Payback, Inferred Heavy Feed, Resource Governance Undisclosed, Conservative Pricing, No Price Sensitivity, No Discount Rate Sensitivity, QP/CP Signed, JORC Compliant, NI 43-101 Compliant, Resource Update, Tonnage Growth, Contained Metal Growth, High Recovery, Mill Route, Gravity Route

Selkirk Copper announced a positive Preliminary Economic Assessment (PEA) for its Minto Project in Yukon, Canada, outlining a C$494 million after-tax NPV at a 7% discount rate and a 47.8% after-tax IRR with a 1.9-year payback period. The study leverages existing infrastructure for a low-cost restart and incorporates a significantly updated 2026 Mineral Resource Estimate showing substantial increases in contained copper, gold, and silver. The PEA is preliminary, includes Inferred resources, and uses an AACE Class 5 cost estimate, indicating a high level of uncertainty, but highlights the project's robust economics and potential for concentrate production by 2028.

## Blue Jay Gold Reports 67% Antimony Concentrate at 94% Recovery from Becker-Cochran: Concentrates Submitted for Metal Refining Tests

- Atlas analysis: [Read analysis](https://atlas-extractions.minestarters.com/news/blue-jay-gold-reports-67-antimony-concentrate-at-94-recovery-from-becker-cochran--3d62e33b-4c35-4dc6-a0a4-55bd24ffa0f5) · [Markdown](https://atlas-extractions.minestarters.com/news/blue-jay-gold-reports-67-antimony-concentrate-at-94-recovery-from-becker-cochran--3d62e33b-4c35-4dc6-a0a4-55bd24ffa0f5.md)
- Original announcement: 2026-09-21T12:00:00.000Z
- Atlas analysis published: Unknown date
- Atlas analysis updated: Unknown date
- Company: Blue Jay Gold Corp (JAY)
- Original source: [globenewswire](https://www.globenewswire.com/news-release/2026/09/21/3365421/0/en/blue-jay-gold-reports-67-antimony-concentrate-at-94-recovery-from-becker-cochran-concentrates-submitted-for-metal-refining-tests.html)
- Atlas sentiment: 0.686
- Atlas tags: High Recovery, Bench Scale Only, QA/QC Disclosed, Single Domain Only, Mill Route

Blue Jay Gold has reported successful maiden metallurgical flotation test results from the Becker-Cochran antimony occurrence at the Steller Project in Yukon. The tests produced a high-grade 66.9% Sb concentrate with a 93.9% recovery using a conventional flotation flowsheet.

# 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.