# AbraSilver's Definitive Feasibility Study Positions Diablillos Among the Premier Undeveloped Silver-Gold Projects Globally with CAD$4.2B After-Tax NPV5% & 42% IRR Canonical Atlas analysis: https://atlas-extractions.minestarters.com/news/abrasilver-s-definitive-feasibility-study-positions-diablillos-among-the-premier--395f479d-c8dc-4476-b91a-d1cbbd31eacd Original source: https://money.tmx.com/en/quote/ABRA/news/5716627007352047/abrasilver-s-definitive-feasibility-study-positions-diablillos-among-the-premier Publisher: tmx Original announcement: 2026-06-22T21:15:00.000Z Analysis by Minestarters Atlas Atlas analysis published: Unknown date Atlas analysis updated: Unknown date - 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 Narrative sentiment: 0.90 · Bullish ## Minestarters Atlas 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 factor: Definitive Feasibility Study completed, indicating high project maturity. - Positive factor: Strong after-tax NPV5% of CAD$4.2 billion and IRR of 41.9% at base case prices. - Positive factor: Very fast payback period of 1.7 years. - Positive factor: Low All-in Sustaining Cash Costs \(AISC\) of $20/oz AgEq positions the project among the lowest-cost primary silver projects globally. - Positive factor: Robust after-tax NPV-to-Capex ratio of 4.2x. - Positive factor: Significant increase in Proven and Probable Mineral Reserves to 77.9 Mt. - Positive factor: Project benefits from Argentina's large investment incentive regime \(RIGI\) with favorable tax and royalty rates. - Positive factor: Multiple Qualified Persons from reputable firms signed off on the study. - Negative factor: The study's base date for economic parameters is not explicitly stated, which can affect staleness assessment. - Negative factor: The cost basis \(by-product vs. co-product\) for AISC is not explicitly stated, which can affect comparability. - Negative factor: 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 ## Classification and evidence No classification tags are available. ## Extracted facts Stored fact records: 6. Some facts used in scoring do not have a stored record. ## Resource Estimates (6) ### proven [Link to this fact](https://atlas-extractions.minestarters.com/news/abrasilver-s-definitive-feasibility-study-positions-diablillos-among-the-premier--395f479d-c8dc-4476-b91a-d1cbbd31eacd#fact-resource-facts-1) Diablillos · silver #### 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 factor: High confidence Proven category. - Positive factor: Significant contained silver and silver equivalent ounces. - Positive factor: Estimate is recent \(effective date May 16, 2026\). - Positive factor: Compliant with NI 43-101 standards and signed off by a Qualified Person. #### Tags used in scoring **Proven Reserve** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: 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 Signed** Polarity: positive Definition: 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 Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: 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-Supporting** Polarity: neutral Definition: 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 ### proven [Link to this fact](https://atlas-extractions.minestarters.com/news/abrasilver-s-definitive-feasibility-study-positions-diablillos-among-the-premier--395f479d-c8dc-4476-b91a-d1cbbd31eacd#fact-resource-facts-2) Diablillos · gold #### 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 factor: High confidence Proven category. - Positive factor: Significant contained gold ounces. - Positive factor: Estimate is recent \(effective date May 16, 2026\). - Positive factor: Compliant with NI 43-101 standards and signed off by a Qualified Person. #### Tags used in scoring **Proven Reserve** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: 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 Signed** Polarity: positive Definition: 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 Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: 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-Supporting** Polarity: neutral Definition: 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 ### probable [Link to this fact](https://atlas-extractions.minestarters.com/news/abrasilver-s-definitive-feasibility-study-positions-diablillos-among-the-premier--395f479d-c8dc-4476-b91a-d1cbbd31eacd#fact-resource-facts-3) Diablillos · silver #### 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 factor: Probable category indicates reasonable geological confidence. - Positive factor: Significant contained silver and silver equivalent ounces. - Positive factor: Estimate is recent \(effective date May 16, 2026\). - Positive factor: Compliant with NI 43-101 standards and signed off by a Qualified Person. #### Tags used in scoring **Probable Reserve** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: 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 Signed** Polarity: positive Definition: 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 Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: 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-Supporting** Polarity: neutral Definition: 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 ### probable [Link to this fact](https://atlas-extractions.minestarters.com/news/abrasilver-s-definitive-feasibility-study-positions-diablillos-among-the-premier--395f479d-c8dc-4476-b91a-d1cbbd31eacd#fact-resource-facts-4) Diablillos · gold #### 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 factor: Probable category indicates reasonable geological confidence. - Positive factor: Significant contained gold ounces. - Positive factor: Estimate is recent \(effective date May 16, 2026\). - Positive factor: Compliant with NI 43-101 standards and signed off by a Qualified Person. #### Tags used in scoring **Probable Reserve** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: 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 Signed** Polarity: positive Definition: 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 Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: 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-Supporting** Polarity: neutral Definition: 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 ### probable [Link to this fact](https://atlas-extractions.minestarters.com/news/abrasilver-s-definitive-feasibility-study-positions-diablillos-among-the-premier--395f479d-c8dc-4476-b91a-d1cbbd31eacd#fact-resource-facts-5) Diablillos · silver #### 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 factor: Total Proven and Probable reserves provide a comprehensive view of the project's scale. - Positive factor: Significant contained silver and silver equivalent ounces. - Positive factor: Estimate is recent \(effective date May 16, 2026\). - Positive factor: Compliant with NI 43-101 standards and signed off by a Qualified Person. - Negative factor: Tonnage decreased from prior indicated resource \(102 Mt to 77.9 Mt\), though this is a conversion from resource to reserve. - Negative factor: 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 Reserve** Polarity: positive Definition: 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 Reserve** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: 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 Signed** Polarity: positive Definition: 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 Decline** Polarity: negative Definition: 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 Decline** Polarity: negative Definition: 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 Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **Grade Improvement** Polarity: positive Definition: Average resource grade improved vs prior estimate — better deposit economics. Why it applies: 73 against 65 previously **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: 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-Supporting** Polarity: neutral Definition: 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 ### probable [Link to this fact](https://atlas-extractions.minestarters.com/news/abrasilver-s-definitive-feasibility-study-positions-diablillos-among-the-premier--395f479d-c8dc-4476-b91a-d1cbbd31eacd#fact-resource-facts-6) Diablillos · gold #### 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 factor: Total Proven and Probable reserves provide a comprehensive view of the project's scale. - Positive factor: Significant contained gold ounces. - Positive factor: Estimate is recent \(effective date May 16, 2026\). - Positive factor: Compliant with NI 43-101 standards and signed off by a Qualified Person. - Negative factor: Tonnage decreased from prior indicated resource \(102 Mt to 77.9 Mt\), though this is a conversion from resource to reserve. - Negative factor: 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 Reserve** Polarity: positive Definition: 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 Reserve** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: 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 Signed** Polarity: positive Definition: 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 Decline** Polarity: negative Definition: 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 Decline** Polarity: negative Definition: 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 Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **Grade Improvement** Polarity: positive Definition: Average resource grade improved vs prior estimate — better deposit economics. Why it applies: 0.7 against 0.62 previously **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: 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-Supporting** Polarity: neutral Definition: 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.