# Mining News in Colombia

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

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

Results: 168
Returned: 10
Coverage: drill results, resource updates, and metallurgy; primary commodity matching; all time unless dates are supplied.
Region: Colombia (colombia)
Applied filters: {"regions":["colombia"],"document_types":["drill_results","resource_update","metallurgy"],"document_type_match":"any"}
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## Collective Mining Discovers High-Grade Tungsten and Gold Mineralization in Schist at Depth Outside the Apollo Breccia Body

- Atlas analysis: [Read analysis](https://atlas-extractions.minestarters.com/news/collective-mining-discovers-high-grade-tungsten-and-gold-mineralization-in-schis--3d7266bf-f68d-4da9-8dfe-1674412996b7) · [Markdown](https://atlas-extractions.minestarters.com/news/collective-mining-discovers-high-grade-tungsten-and-gold-mineralization-in-schis--3d7266bf-f68d-4da9-8dfe-1674412996b7.md)
- Original announcement: 2026-09-24T11:30:56.094Z
- Atlas analysis published: Unknown date
- Atlas analysis updated: Unknown date
- Company: Collective Mining Ltd. (CNL)
- Original source: [cnw](https://www.newswire.ca/news-releases/collective-mining-discovers-high-grade-tungsten-and-gold-mineralization-in-schist-at-depth-outside-the-apollo-breccia-body-821581499.html)
- Atlas sentiment: 0.748
- Atlas tags: Bonanza Intercept, Step-Out Extension, QA/QC Disclosed, QP/CP Signed, Metal Equivalent Opaque, Apparent Width Only

Collective Mining announced high-grade tungsten and gold discoveries at its Guayabales Project in Caldas, Colombia, including a new tungsten-gold zone in schist outside the Apollo breccia body. Drill hole APC150-D4 intersected 8.15 meters grading 14.82 g/t AuEq (0.40% WO3, 8.47 g/t Au, 4 g/t Ag), representing a new exploration target. Additionally, multiple high-grade gold-silver-copper veins were discovered, with one intercept of 1.15 meters grading 57.98 g/t AuEq, and mineralization in the Ramp Zone was extended westward.

## JAGUAR URANIUM REPORTS RARE EARTH OXIDES ASSOCIATED WITH URANIUM-PHOSPHATE-VANADIUM MINERALIZATION AT THE BERLIN ASSET IN COLOMBIA

- Atlas analysis: [Read analysis](https://atlas-extractions.minestarters.com/news/jaguar-uranium-reports-rare-earth-oxides-associated-with-uranium-phosphate-vanad--93008555-411e-4c1f-8c21-74ea8aecace5) · [Markdown](https://atlas-extractions.minestarters.com/news/jaguar-uranium-reports-rare-earth-oxides-associated-with-uranium-phosphate-vanad--93008555-411e-4c1f-8c21-74ea8aecace5.md)
- Original announcement: 2026-09-24T11:30:56.094Z
- Atlas analysis published: Unknown date
- Atlas analysis updated: Unknown date
- Company: Jaguar Uranium Corp. (JAGU)
- Original source: [cnw](https://www.newswire.ca/news-releases/jaguar-uranium-reports-rare-earth-oxides-associated-with-uranium-phosphate-vanadium-mineralization-at-the-berlin-asset-in-colombia-828139434.html)
- Atlas sentiment: 0.304
- Atlas tags: Step-Out Extension, QA/QC Disclosed, Apparent Width Only, Nearology Play

Jaguar Uranium has reported rare earth element (REE) enrichment in historical drill core from its Berlin Project in Colombia. Resampling of the uranium-vanadium-phosphate system yielded high TREO intercepts, including up to 3,570 ppm, potentially expanding the project's critical mineral profile.

## JAGUAR URANIUM REPORTS RARE EARTH OXIDES ASSOCIATED WITH URANIUM-PHOSPHATE-VANADIUM MINERALIZATION AT THE BERLIN ASSET IN COLOMBIA

- Atlas analysis: [Read analysis](https://atlas-extractions.minestarters.com/news/jaguar-uranium-reports-rare-earth-oxides-associated-with-uranium-phosphate-vanad--7aa5b318-d256-48da-add9-d90dd63e8033) · [Markdown](https://atlas-extractions.minestarters.com/news/jaguar-uranium-reports-rare-earth-oxides-associated-with-uranium-phosphate-vanad--7aa5b318-d256-48da-add9-d90dd63e8033.md)
- Original announcement: 2026-09-24T10:55:00.000Z
- Atlas analysis published: Unknown date
- Atlas analysis updated: Unknown date
- Company: Jaguar Uranium Corp. (JAGU)
- Original source: [orestocks](https://orestocks.com/company/JAGU/press-releases/6862975961606527)
- Atlas sentiment: 0.317
- Atlas tags: QA/QC Disclosed, Apparent Width Only, Stale Data Re-release, QP/CP Signed

Jaguar Uranium reports high-grade rare earth oxide (TREO and MREO) results from a resampling program of historical drill core at its Berlin Project in Colombia. The results confirm polymetallic mineralization including uranium, vanadium, and phosphate, aligning with critical mineral supply chain initiatives. While the grades are significant, the company notes these are exploration results from selected historical core, true widths are undetermined, and economic viability has not yet been established, with further work planned.

## Collective Mining Discovers High-Grade Tungsten and Gold Mineralization in Schist at Depth Outside the Apollo Breccia Body

- Atlas analysis: [Read analysis](https://atlas-extractions.minestarters.com/news/collective-mining-discovers-high-grade-tungsten-and-gold-mineralization-in-schis--b3ff7122-5129-4b40-bc8d-0d30a23346ee) · [Markdown](https://atlas-extractions.minestarters.com/news/collective-mining-discovers-high-grade-tungsten-and-gold-mineralization-in-schis--b3ff7122-5129-4b40-bc8d-0d30a23346ee.md)
- Original announcement: 2026-09-24T10:30:00.000Z
- Atlas analysis published: Unknown date
- Atlas analysis updated: Unknown date
- Company: Collective Mining Ltd. (CNL.TO)
- Original source: [orestocks](https://orestocks.com/company/CNL.TO/press-releases/6514249812021324)
- Atlas sentiment: 0.632
- Atlas tags: None

Collective Mining has announced significant high-grade tungsten and gold discoveries at its Guayabales Project in Caldas, Colombia. New mineralization was found in schist outside the Apollo breccia body, including 8.15 meters grading 14.82 g/t AuEq. Additionally, thirteen new high-grade veins were discovered within and beyond the Apollo block model, and the Ramp Zone mineralization was extended westward. The company is well-funded with US$93.7 million in cash to continue its aggressive 2026 drilling program.

## Collective Mining to Present at Mining Forum Americas 2026 in Colorado Springs

- Atlas analysis: [Read analysis](https://atlas-extractions.minestarters.com/news/collective-mining-to-present-at-mining-forum-americas-2026-in-colorado-springs--6f24ac3e-2aef-4eed-b16e-08764d20ef3e) · [Markdown](https://atlas-extractions.minestarters.com/news/collective-mining-to-present-at-mining-forum-americas-2026-in-colorado-springs--6f24ac3e-2aef-4eed-b16e-08764d20ef3e.md)
- Original announcement: 2026-09-23T16:00:00.000Z
- Atlas analysis published: Unknown date
- Atlas analysis updated: Unknown date
- Company: Collective Mining Ltd. (CNL)
- Original source: [orestocks](https://orestocks.com/company/CNL.TO/press-releases/7317707394826756)
- Atlas sentiment: 0
- Atlas tags: corporate_event

Collective Mining Ltd. announced that its Executive Chairman, Ari Sussman, will present at the Mining Forum Americas 2026 in Colorado Springs on September 29, 2026. The presentation will be streamed live.

## Andina Copper Intersects High-Grade, Near-Surface Copper in Step-Out Hole

- Atlas analysis: [Read analysis](https://atlas-extractions.minestarters.com/news/andina-copper-intersects-high-grade-near-surface-copper-in-step-out-hole--3e051e56-dcd9-448b-adf0-a2864766a9c2) · [Markdown](https://atlas-extractions.minestarters.com/news/andina-copper-intersects-high-grade-near-surface-copper-in-step-out-hole--3e051e56-dcd9-448b-adf0-a2864766a9c2.md)
- Original announcement: 2026-09-23T11:00:00.000Z
- Atlas analysis published: Unknown date
- Atlas analysis updated: Unknown date
- Company: Andina Copper Corporation (ANDC.CN)
- Original source: [orestocks](https://orestocks.com/company/ANDC.CN/press-releases/5310192813590921)
- Atlas sentiment: 0.686
- Atlas tags: Step-Out Extension, QA/QC Disclosed, Apparent Width Only

Andina Copper Corporation reported significant step-out drill results from its Cobrasco porphyry copper-molybdenum project in Colombia. Drillhole CDH013 intersected 322m at 0.51% Cu, expanding the mineralized footprint to approximately 1,300m x 550-700m.

## Copper Giant Intersects 103 Metres of 1.07% CuEq* (0.57% Cu and 0.095% Mo) Within 804 Metres of 0.56% CuEq* at Mocoa

- Atlas analysis: [Read analysis](https://atlas-extractions.minestarters.com/news/copper-giant-intersects-103-metres-of-1-07-cueq-0-57-cu-and-0-095-mo-within-804--88ad99da-40fd-4674-b7fd-26cd9ee225eb) · [Markdown](https://atlas-extractions.minestarters.com/news/copper-giant-intersects-103-metres-of-1-07-cueq-0-57-cu-and-0-095-mo-within-804--88ad99da-40fd-4674-b7fd-26cd9ee225eb.md)
- Original announcement: 2026-09-22T11:46:02.247Z
- Atlas analysis published: Unknown date
- Atlas analysis updated: Unknown date
- Company: Copper Giant Resources Corp. (CGNT)
- Original source: [cnw](https://www.newswire.ca/news-releases/copper-giant-intersects-103-metres-of-1-07-cueq-0-57-cu-and-0-095-mo-within-804-metres-of-0-56-cueq-at-mocoa-833112599.html)
- Atlas sentiment: 0.623
- Atlas tags: Bonanza Intercept, True Width Disclosed, QA/QC Disclosed, Compositing Transparent, Step-Out Extension, Infill Drilling, Metal Equivalent Opaque, QP/CP Signed

Copper Giant Resources Corp. announced strong drill results from its Mocoa copper-molybdenum porphyry project in Colombia. Highlights include 804 metres of 0.56% CuEq* in hole MD-073, with a high-grade core of 103 metres at 1.07% CuEq*, more than double the current resource average. Drilling extended mineralization at depth and to the southeast, and a fourth drill rig is being deployed to test the western flank of the porphyry system. The company emphasizes its efficient directional drilling strategy and confirmed that the Preliminary Economic Assessment (PEA) remains on track for Q4 2026.

## Copper Giant Intersects 103 Metres of 1.07% CuEq* (0.57% Cu and 0.095% Mo) Within 804 Metres of 0.56% CuEq* at Mocoa

- Atlas analysis: [Read analysis](https://atlas-extractions.minestarters.com/news/copper-giant-intersects-103-metres-of-1-07-cueq-0-57-cu-and-0-095-mo-within-804--0115b14e-131f-44aa-b86b-ef9583531ea2) · [Markdown](https://atlas-extractions.minestarters.com/news/copper-giant-intersects-103-metres-of-1-07-cueq-0-57-cu-and-0-095-mo-within-804--0115b14e-131f-44aa-b86b-ef9583531ea2.md)
- Original announcement: 2026-09-22T11:30:00.000Z
- Atlas analysis published: Unknown date
- Atlas analysis updated: Unknown date
- Company: Copper Giant Resources Corp. (CGNT.V)
- Original source: [orestocks](https://orestocks.com/company/CGNT.V/press-releases/7719516652868658)
- Atlas sentiment: 0.614
- Atlas tags: Bonanza Intercept, QA/QC Disclosed, QP/CP Signed, Metal Equivalent Opaque, Apparent Width Only, Cut-off Undisclosed, Infill Drilling, Step-Out Extension, Cut-off Disclosed, Resource Update

Copper Giant Resources Corp. announced high-grade drill results from its Mocoa copper-molybdenum porphyry project in Colombia, including 103 metres of 1.07% CuEq within a broader 804-metre interval of 0.56% CuEq from infill hole MD-073. These results, which are more than double the current resource average, confirm and extend the existing resource model. The company also reported that a fourth drill rig is on site to test the western flank of the porphyry system, and a Preliminary Economic Assessment (PEA) remains on track for Q4 2026 delivery.

## Quimbaya Gold Mobilizes Additional Drill Rig and Commences Phase 2 Drilling at Tahami South

- Atlas analysis: [Read analysis](https://atlas-extractions.minestarters.com/news/quimbaya-gold-mobilizes-additional-drill-rig-and-commences-phase-2-drilling-at-t--2b5fc6c4-7bbd-45e5-a46d-ba1b72493e87) · [Markdown](https://atlas-extractions.minestarters.com/news/quimbaya-gold-mobilizes-additional-drill-rig-and-commences-phase-2-drilling-at-t--2b5fc6c4-7bbd-45e5-a46d-ba1b72493e87.md)
- Original announcement: 2026-09-22T11:30:00.000Z
- Atlas analysis published: Unknown date
- Atlas analysis updated: Unknown date
- Company: Quimbaya Gold Inc. (QIM.CN)
- Original source: [orestocks](https://orestocks.com/company/QIM.CN/press-releases/8994138434549295)
- Atlas sentiment: 0.429
- Atlas tags: QA/QC Disclosed, QP/CP Signed, Apparent Width Only, Metal Equivalent Opaque, Compositing Transparent, Step-Out Extension

Quimbaya Gold has mobilized an additional drill rig and commenced Phase 2 drilling at its Tahami South project in Colombia, targeting high-grade silver and gold vein systems. The program follows successful Phase 1 drilling, which returned significant intercepts, and aims to define the geometry and continuity of mineralization. Nine new intercepts are reported for the first time, alongside previously disclosed high-grade results.

## Tiger Gold Drills 342 m @ 0.5 g/t Au and 333.6 m @ 0.5 g/t Au at Tesorito

- Atlas analysis: [Read analysis](https://atlas-extractions.minestarters.com/news/tiger-gold-drills-342-m-0-5-g-t-au-and-333-6-m-0-5-g-t-au-at-tesorito--75141661-8f60-47df-9e07-b013a771291f) · [Markdown](https://atlas-extractions.minestarters.com/news/tiger-gold-drills-342-m-0-5-g-t-au-and-333-6-m-0-5-g-t-au-at-tesorito--75141661-8f60-47df-9e07-b013a771291f.md)
- Original announcement: 2026-09-22T10:00:00.000Z
- Atlas analysis published: Unknown date
- Atlas analysis updated: Unknown date
- Company: Tiger Gold Corp. (TIGR)
- Original source: [newsfile](https://www.newsfilecorp.com/release/315377/Tiger-Gold-Drills-342-m-0.5-gt-Au-and-333.6-m-0.5-gt-Au-at-Tesorito)
- Atlas sentiment: 0.614
- Atlas tags: QA/QC Disclosed, True Width Disclosed, Infill Drilling, Compositing Transparent, Cut-off Disclosed

Tiger Gold Corp. announced positive infill drill results from its Tesorito gold deposit in Colombia, with several broad, high-grade intercepts exceeding current model estimates. The drilling confirms and extends a significant gold trend, supporting an anticipated resource upgrade in Q1 2027. The company also provided detailed QA/QC information and true width estimates for all reported intervals.

# 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.