AbraSilver's Definitive Feasibility Study Positions Diablillos Among the Premier Undeveloped Silver-Gold Projects Globally with CAD$4.2B After-Tax NPV5% & 42% IRR
Original announcement by tmx on
- Company
- AbraSilver Resource Corp.
- Ticker
- ABRA
- Exchange
- TSX
- Region
- Argentina
- Primary commodity
- Silver
- Secondary commodities
- Gold
- Document categories
- Resource update, Economic study
- Extracted
- 2026-09-19 07:08:12 UTC
Analysis by Minestarters Atlas
Minestarters Atlas analysis
Summary
AbraSilver Resource Corp. announced the results of a Definitive Feasibility Study (DFS) for its Diablillos silver-gold project, highlighting a robust after-tax NPV5% of CAD$4.2 billion and an IRR of 41.9% with a 1.7-year payback period. The study outlines a 25-year mine life with low All-in Sustaining Cash Costs of $20/oz AgEq, positioning Diablillos as a low-cost producer. The DFS also reports increased Proven and Probable Mineral Reserves of 77.9 Mt, containing 183 Moz Ag and 1.8 Moz Au.
Reasoning: AbraSilver's DFS for the Diablillos project presents exceptionally strong economics with a high NPV, IRR, and rapid payback, supported by a significant increase in mineral reserves and low operating costs. The project benefits from a favorable fiscal regime in Argentina. The study's maturity and the robust financial metrics position Diablillos as a premier undeveloped silver-gold project.
Positive factors
- Definitive Feasibility Study completed, indicating high project maturity.
- Strong after-tax NPV5% of CAD$4.2 billion and IRR of 41.9% at base case prices.
- Very fast payback period of 1.7 years.
- Low All-in Sustaining Cash Costs (AISC) of $20/oz AgEq positions the project among the lowest-cost primary silver projects globally.
- Robust after-tax NPV-to-Capex ratio of 4.2x.
- Significant increase in Proven and Probable Mineral Reserves to 77.9 Mt.
- Project benefits from Argentina's large investment incentive regime (RIGI) with favorable tax and royalty rates.
- Multiple Qualified Persons from reputable firms signed off on the study.
Negative factors
- The study's base date for economic parameters is not explicitly stated, which can affect staleness assessment.
- The cost basis (by-product vs. co-product) for AISC is not explicitly stated, which can affect comparability.
- The effective date for the MRE used in the DFS is May 16, 2026, which is recent, but the prior resource estimate was May 6, 2026, indicating a rapid update cycle.
Facts used in scoring: 7
Extracted facts
Stored fact records: 6. Some facts used in scoring do not have a stored record.
Resource Estimates (6)
provenDiablillos · silverTonnes: 36547000Grade: 104Grade Unit: g/tContained Metal: 122452Contained Unit: kozView all detailsHide details
Identity
- Project
- Diablillos
- Commodity
- silver
- Region
- argentina
- Reported Region
- Argentina
- Ticker
- ABRA
Resource scope
- Estimate type
- reserve
- Effective date
- 2026-05-16T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Miguel Fuentealba
- Resource group id
- resource:626f61b7b998fe4257d0
- Deposit or zone
- all domains
- Mining method
- open_pit
- Material type
- Tank Leach only
- Ownership percent
- 100 %
Resource Data
- Category
- proven
- Tonnes
- 36547000
- Grade
- 104
- Grade Unit
- g/t
- Contained Metal
- 122452
- Contained Unit
- koz
Prior Estimate
- Resource Date
- 2026-05-16
Metal Equivalent
- Metal Eq. Grade
- 178
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-06-22T00:00:00.000Z
Reasoning: The Proven reserve for silver is substantial and contributes significantly to the project's overall value, reflecting high geological confidence.
Positive factors
- High confidence Proven category.
- Significant contained silver and silver equivalent ounces.
- Estimate is recent (effective date May 16, 2026).
- Compliant with NI 43-101 standards and signed off by a Qualified Person.
Tags used in scoring
Proven Reservepositive
Measured Resource with demonstrated economic viability after applying modifying factors.
Why it applies: The reserve is classified as Proven, which is the highest confidence category.
Evidence · table
“Proven”
Context: 36,547
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: The Mineral Reserves were estimated using the Canadian Code of the Canadian Institute of Mining, Metallurgy, and Petroleum (CIM), Definition of Standards for Mineral Resources and Mineral Reserves, prepared by the CIM Standing Committee on Reserve Definitions and adopted by the CIM Council.
Evidence · text
“The Mineral Reserves were estimated using the Canadian Code of the Canadian Institute of Mining, Metallurgy, and Petroleum (CIM), Definition of Standards for Mineral Resources and Mineral Reserves, prepared by the CIM Standing Committee on Reserve Definitions and adopted by the CIM Council.”
QP/CP Signedpositive
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.
Why it applies: The Qualified Person for the Mineral Reserves Estimate is Mr. Miguel Fuentealba, P. Eng.
Evidence · text
“The Qualified Person for the Mineral Reserves Estimate is Mr. Miguel Fuentealba, P. Eng.”
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
PFS-Supportingneutral
Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.
Why it applies: the release names the study this estimate supports
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
provenDiablillos · goldTonnes: 36547000Grade: 0.71Grade Unit: g/tContained Metal: 840Contained Unit: kozView all detailsHide details
Identity
- Project
- Diablillos
- Commodity
- gold
- Region
- argentina
- Reported Region
- Argentina
- Ticker
- ABRA
Resource scope
- Estimate type
- reserve
- Effective date
- 2026-05-16T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Miguel Fuentealba
- Resource group id
- resource:626f61b7b998fe4257d0
- Deposit or zone
- all domains
- Mining method
- open_pit
- Material type
- Tank Leach only
- Ownership percent
- 100 %
Resource Data
- Category
- proven
- Tonnes
- 36547000
- Grade
- 0.71
- Grade Unit
- g/t
- Contained Metal
- 840
- Contained Unit
- koz
Prior Estimate
- Resource Date
- 2026-05-16
Metal Equivalent
- Metal Eq. Grade
- 178
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-06-22T00:00:00.000Z
Reasoning: The Proven reserve for gold is substantial and contributes significantly to the project's overall value, reflecting high geological confidence.
Positive factors
- High confidence Proven category.
- Significant contained gold ounces.
- Estimate is recent (effective date May 16, 2026).
- Compliant with NI 43-101 standards and signed off by a Qualified Person.
Tags used in scoring
Proven Reservepositive
Measured Resource with demonstrated economic viability after applying modifying factors.
Why it applies: The reserve is classified as Proven, which is the highest confidence category.
Evidence · table
“Proven”
Context: 36,547
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: The Mineral Reserves were estimated using the Canadian Code of the Canadian Institute of Mining, Metallurgy, and Petroleum (CIM), Definition of Standards for Mineral Resources and Mineral Reserves, prepared by the CIM Standing Committee on Reserve Definitions and adopted by the CIM Council.
Evidence · text
“The Mineral Reserves were estimated using the Canadian Code of the Canadian Institute of Mining, Metallurgy, and Petroleum (CIM), Definition of Standards for Mineral Resources and Mineral Reserves, prepared by the CIM Standing Committee on Reserve Definitions and adopted by the CIM Council.”
QP/CP Signedpositive
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.
Why it applies: The Qualified Person for the Mineral Reserves Estimate is Mr. Miguel Fuentealba, P. Eng.
Evidence · text
“The Qualified Person for the Mineral Reserves Estimate is Mr. Miguel Fuentealba, P. Eng.”
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
PFS-Supportingneutral
Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.
Why it applies: the release names the study this estimate supports
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
probableDiablillos · silverTonnes: 41364000Grade: 46Grade Unit: g/tContained Metal: 61085Contained Unit: kozView all detailsHide details
Identity
- Project
- Diablillos
- Commodity
- silver
- Region
- argentina
- Reported Region
- Argentina
- Ticker
- ABRA
Resource scope
- Estimate type
- reserve
- Effective date
- 2026-05-16T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Miguel Fuentealba
- Resource group id
- resource:0a9690d650bfb2f78979
- Deposit or zone
- all domains
- Mining method
- open_pit
- Material type
- Tank Leach only
- Ownership percent
- 100 %
Resource Data
- Category
- probable
- Tonnes
- 41364000
- Grade
- 46
- Grade Unit
- g/t
- Contained Metal
- 61085
- Contained Unit
- koz
Prior Estimate
- Resource Date
- 2026-05-16
Metal Equivalent
- Metal Eq. Grade
- 118
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-06-22T00:00:00.000Z
Reasoning: The Probable reserve for silver adds to the overall resource base, providing a solid foundation for future mine planning.
Positive factors
- Probable category indicates reasonable geological confidence.
- Significant contained silver and silver equivalent ounces.
- Estimate is recent (effective date May 16, 2026).
- Compliant with NI 43-101 standards and signed off by a Qualified Person.
Tags used in scoring
Probable Reservepositive
Indicated Resource with demonstrated economic viability after applying modifying factors.
Why it applies: The reserve is classified as Probable, indicating reasonable geological confidence.
Evidence · table
“Probable”
Context: 41,364
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: The Mineral Reserves were estimated using the Canadian Code of the Canadian Institute of Mining, Metallurgy, and Petroleum (CIM), Definition of Standards for Mineral Resources and Mineral Reserves, prepared by the CIM Standing Committee on Reserve Definitions and adopted by the CIM Council.
Evidence · text
“The Mineral Reserves were estimated using the Canadian Code of the Canadian Institute of Mining, Metallurgy, and Petroleum (CIM), Definition of Standards for Mineral Resources and Mineral Reserves, prepared by the CIM Standing Committee on Reserve Definitions and adopted by the CIM Council.”
QP/CP Signedpositive
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.
Why it applies: The Qualified Person for the Mineral Reserves Estimate is Mr. Miguel Fuentealba, P. Eng.
Evidence · text
“The Qualified Person for the Mineral Reserves Estimate is Mr. Miguel Fuentealba, P. Eng.”
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
PFS-Supportingneutral
Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.
Why it applies: the release names the study this estimate supports
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
probableDiablillos · goldTonnes: 41364000Grade: 0.7Grade Unit: g/tContained Metal: 925Contained Unit: kozView all detailsHide details
Identity
- Project
- Diablillos
- Commodity
- gold
- Region
- argentina
- Reported Region
- Argentina
- Ticker
- ABRA
Resource scope
- Estimate type
- reserve
- Effective date
- 2026-05-16T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Miguel Fuentealba
- Resource group id
- resource:0a9690d650bfb2f78979
- Deposit or zone
- all domains
- Mining method
- open_pit
- Material type
- Tank Leach only
- Ownership percent
- 100 %
Resource Data
- Category
- probable
- Tonnes
- 41364000
- Grade
- 0.7
- Grade Unit
- g/t
- Contained Metal
- 925
- Contained Unit
- koz
Prior Estimate
- Resource Date
- 2026-05-16
Metal Equivalent
- Metal Eq. Grade
- 118
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-06-22T00:00:00.000Z
Reasoning: The Probable reserve for gold adds to the overall resource base, providing a solid foundation for future mine planning.
Positive factors
- Probable category indicates reasonable geological confidence.
- Significant contained gold ounces.
- Estimate is recent (effective date May 16, 2026).
- Compliant with NI 43-101 standards and signed off by a Qualified Person.
Tags used in scoring
Probable Reservepositive
Indicated Resource with demonstrated economic viability after applying modifying factors.
Why it applies: The reserve is classified as Probable, indicating reasonable geological confidence.
Evidence · table
“Probable”
Context: 41,364
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: The Mineral Reserves were estimated using the Canadian Code of the Canadian Institute of Mining, Metallurgy, and Petroleum (CIM), Definition of Standards for Mineral Resources and Mineral Reserves, prepared by the CIM Standing Committee on Reserve Definitions and adopted by the CIM Council.
Evidence · text
“The Mineral Reserves were estimated using the Canadian Code of the Canadian Institute of Mining, Metallurgy, and Petroleum (CIM), Definition of Standards for Mineral Resources and Mineral Reserves, prepared by the CIM Standing Committee on Reserve Definitions and adopted by the CIM Council.”
QP/CP Signedpositive
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.
Why it applies: The Qualified Person for the Mineral Reserves Estimate is Mr. Miguel Fuentealba, P. Eng.
Evidence · text
“The Qualified Person for the Mineral Reserves Estimate is Mr. Miguel Fuentealba, P. Eng.”
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
PFS-Supportingneutral
Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.
Why it applies: the release names the study this estimate supports
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
probableDiablillos · silverTonnes: 77911000Grade: 73Grade Unit: g/tContained Metal: 183537Contained Unit: kozView all detailsHide details
Identity
- Project
- Diablillos
- Commodity
- silver
- Region
- argentina
- Reported Region
- Argentina
- Ticker
- ABRA
Resource scope
- Estimate type
- reserve
- Effective date
- 2026-05-16T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Miguel Fuentealba
- Resource group id
- resource:f73a42e71bd31ef561b7
- Deposit or zone
- all domains
- Mining method
- open_pit
- Material type
- Tank Leach only
- Ownership percent
- 100 %
Resource Data
- Category
- probable
- Tonnes
- 77911000
- Grade
- 73
- Grade Unit
- g/t
- Contained Metal
- 183537
- Contained Unit
- koz
Prior Estimate
- Resource Date
- 2026-05-16
- Prior Tonnes
- 102000000
- Prior Grade
- 65
- Prior Contained Metal
- 213000
Metal Equivalent
- Metal Eq. Grade
- 146
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-06-22T00:00:00.000Z
Reasoning: The total Proven and Probable reserve for silver is a key metric for the project's economic viability. While there's a decrease in tonnage and contained metal compared to the prior indicated resource, this is expected during the conversion from resource to reserve through pit optimization.
Positive factors
- Total Proven and Probable reserves provide a comprehensive view of the project's scale.
- Significant contained silver and silver equivalent ounces.
- Estimate is recent (effective date May 16, 2026).
- Compliant with NI 43-101 standards and signed off by a Qualified Person.
Negative factors
- Tonnage decreased from prior indicated resource (102 Mt to 77.9 Mt), though this is a conversion from resource to reserve.
- Contained metal decreased from prior indicated resource (213 Moz to 183.5 Moz), likely due to conversion to reserve and optimization.
Tags used in scoring
Proven Reservepositive
Measured Resource with demonstrated economic viability after applying modifying factors.
Why it applies: The total reserve includes a Proven component.
Evidence · table
“Proven”
Context: 36,547
Probable Reservepositive
Indicated Resource with demonstrated economic viability after applying modifying factors.
Why it applies: The total reserve includes a Probable component.
Evidence · table
“Probable”
Context: 41,364
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: The Mineral Reserves were estimated using the Canadian Code of the Canadian Institute of Mining, Metallurgy, and Petroleum (CIM), Definition of Standards for Mineral Resources and Mineral Reserves, prepared by the CIM Standing Committee on Reserve Definitions and adopted by the CIM Council.
Evidence · text
“The Mineral Reserves were estimated using the Canadian Code of the Canadian Institute of Mining, Metallurgy, and Petroleum (CIM), Definition of Standards for Mineral Resources and Mineral Reserves, prepared by the CIM Standing Committee on Reserve Definitions and adopted by the CIM Council.”
QP/CP Signedpositive
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.
Why it applies: The Qualified Person for the Mineral Reserves Estimate is Mr. Miguel Fuentealba, P. Eng.
Evidence · text
“The Qualified Person for the Mineral Reserves Estimate is Mr. Miguel Fuentealba, P. Eng.”
Tonnage Declinenegative
Resource tonnage decreased vs prior estimate — pit optimization removed marginal material or geological model revised down.
Why it applies: The total Proven and Probable reserve tonnage of 77.9 Mt is lower than the prior indicated resource of 102 Mt.
Evidence · text
“Increased Proven and Probable Mineral Reserves of 77.9 Mt”
Contained Metal Declinenegative
Contained metal decreased vs prior despite tonnage growth — grade dilution exceeds volume gain.
Why it applies: The total contained silver in Proven and Probable reserves (183.5 Moz) is lower than the prior indicated resource (213 Moz).
Evidence · text
“containing 183 Moz Ag and 1.8 Moz Au (366 Moz AgEq)”
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
Grade Improvementpositive
Average resource grade improved vs prior estimate — better deposit economics.
Why it applies: 73 against 65 previously
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
PFS-Supportingneutral
Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.
Why it applies: the release names the study this estimate supports
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
probableDiablillos · goldTonnes: 77911000Grade: 0.7Grade Unit: g/tContained Metal: 1764Contained Unit: kozView all detailsHide details
Identity
- Project
- Diablillos
- Commodity
- gold
- Region
- argentina
- Reported Region
- Argentina
- Ticker
- ABRA
Resource scope
- Estimate type
- reserve
- Effective date
- 2026-05-16T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Miguel Fuentealba
- Resource group id
- resource:f73a42e71bd31ef561b7
- Deposit or zone
- all domains
- Mining method
- open_pit
- Material type
- Tank Leach only
- Ownership percent
- 100 %
Resource Data
- Category
- probable
- Tonnes
- 77911000
- Grade
- 0.7
- Grade Unit
- g/t
- Contained Metal
- 1764
- Contained Unit
- koz
Prior Estimate
- Resource Date
- 2026-05-16
- Prior Tonnes
- 102000000
- Prior Grade
- 0.62
- Prior Contained Metal
- 2000
Metal Equivalent
- Metal Eq. Grade
- 146
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-06-22T00:00:00.000Z
Reasoning: The total Proven and Probable reserve for gold is a key metric for the project's economic viability. While there's a decrease in tonnage and contained metal compared to the prior indicated resource, this is expected during the conversion from resource to reserve through pit optimization.
Positive factors
- Total Proven and Probable reserves provide a comprehensive view of the project's scale.
- Significant contained gold ounces.
- Estimate is recent (effective date May 16, 2026).
- Compliant with NI 43-101 standards and signed off by a Qualified Person.
Negative factors
- Tonnage decreased from prior indicated resource (102 Mt to 77.9 Mt), though this is a conversion from resource to reserve.
- Contained metal decreased from prior indicated resource (2 Moz to 1.76 Moz), likely due to conversion to reserve and optimization.
Tags used in scoring
Proven Reservepositive
Measured Resource with demonstrated economic viability after applying modifying factors.
Why it applies: The total reserve includes a Proven component.
Evidence · table
“Proven”
Context: 36,547
Probable Reservepositive
Indicated Resource with demonstrated economic viability after applying modifying factors.
Why it applies: The total reserve includes a Probable component.
Evidence · table
“Probable”
Context: 41,364
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: The Mineral Reserves were estimated using the Canadian Code of the Canadian Institute of Mining, Metallurgy, and Petroleum (CIM), Definition of Standards for Mineral Resources and Mineral Reserves, prepared by the CIM Standing Committee on Reserve Definitions and adopted by the CIM Council.
Evidence · text
“The Mineral Reserves were estimated using the Canadian Code of the Canadian Institute of Mining, Metallurgy, and Petroleum (CIM), Definition of Standards for Mineral Resources and Mineral Reserves, prepared by the CIM Standing Committee on Reserve Definitions and adopted by the CIM Council.”
QP/CP Signedpositive
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.
Why it applies: The Qualified Person for the Mineral Reserves Estimate is Mr. Miguel Fuentealba, P. Eng.
Evidence · text
“The Qualified Person for the Mineral Reserves Estimate is Mr. Miguel Fuentealba, P. Eng.”
Tonnage Declinenegative
Resource tonnage decreased vs prior estimate — pit optimization removed marginal material or geological model revised down.
Why it applies: The total Proven and Probable reserve tonnage of 77.9 Mt is lower than the prior indicated resource of 102 Mt.
Evidence · text
“Increased Proven and Probable Mineral Reserves of 77.9 Mt”
Contained Metal Declinenegative
Contained metal decreased vs prior despite tonnage growth — grade dilution exceeds volume gain.
Why it applies: The total contained gold in Proven and Probable reserves (1.76 Moz) is lower than the prior indicated resource (2 Moz).
Evidence · text
“containing 183 Moz Ag and 1.8 Moz Au (366 Moz AgEq)”
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
Grade Improvementpositive
Average resource grade improved vs prior estimate — better deposit economics.
Why it applies: 0.7 against 0.62 previously
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
PFS-Supportingneutral
Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.
Why it applies: the release names the study this estimate supports
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
How Atlas produces this analysis
Minestarters Atlas uses automated extraction to summarize mining announcements, identify reported measurements, and classify supporting evidence. Sentiment reflects the extracted narrative and classification rules; it is an interpretation, not a reported measurement. Evidence quotes and context are provided where available. Missing data, low-confidence results, and review flags indicate limitations. Check the original publisher announcement before relying on an interpretation.