Aftermath Silver Files Technical Report
Original announcement by tmx on
- Company
- Aftermath Silver Ltd.
- Ticker
- AAG
- Exchange
- TSX
- Region
- Department of Puno in southern Peru
- Primary commodity
- Manganese
- Secondary commodities
- Silver, Copper, Zinc
- Document categories
- Resource update
- Extracted
- 2026-09-19 08:25:16 UTC
Analysis by Minestarters Atlas
Minestarters Atlas analysis
Summary
Aftermath Silver has filed a new NI 43-101 compliant technical report for its Berenguela silver-copper-manganese project in Peru, with an effective date of November 30, 2025. The report outlines a significant Mineral Resource Estimate, including 51.55 Mt of Measured and Indicated resources, and identifies high-purity manganese sulphate monohydrate (HPMSM) as the primary economic driver. The company plans to advance engineering work towards a preliminary feasibility study in 2026.
Reasoning: The document announces the filing of a new NI 43-101 compliant Mineral Resource Estimate for the Berenguela project, which includes significant Measured and Indicated resources for silver, copper, manganese, and zinc. The focus on battery-grade manganese sulphate as the primary economic driver is a positive development, and the estimate is recent with clear QP sign-off.
Positive factors
- New Mineral Resource Estimate filed for a polymetallic deposit, establishing a baseline for future development.
- High confidence in the resource with a significant Measured and Indicated component (51.55 Mt).
- The primary economic driver is high-purity manganese sulphate monohydrate (HPMSM), indicating a focus on battery metals.
- The report is NI 43-101 compliant with multiple Qualified Persons named.
Negative factors
- No explicit contained metal for HPMSM, only for elemental Mn, which is not the primary product.
Facts used in scoring: 16
Classification and evidence
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: A current resource fact retains the disclosed cut-off grade
Extracted facts
Stored fact records: 16. Some facts used in scoring do not have a stored record.
Resource Estimates (16)
measuredBerenguela · silverTonnes: 8490000Grade: 101Grade Unit: g/tContained Metal: 27.7Contained Unit: mozView all detailsHide details
Identity
- Project
- Berenguela
- Commodity
- silver
- Region
- peru
- Reported Region
- Department of Puno in southern Peru
- Ticker
- AAG
Resource scope
- Estimate type
- resource
- Effective date
- 2025-11-30T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Dinara Nussipakynova, D. Evangelista, B. Arthur
- Resource group id
- resource:c03d9736fe2992fd4afd
- Mining method
- open_pit
Resource Data
- Category
- measured
- Tonnes
- 8490000
- Grade
- 101
- Grade Unit
- g/t
- Contained Metal
- 27.7
- Contained Unit
- moz
- Cutoff Grade
- 137.4
- Cutoff Unit
- USD NSR
Prior Estimate
- Resource Date
- 2025-11-30
Metal Equivalent
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-01-16T00:00:00.000Z
Reasoning: This represents a high-confidence Measured resource for silver, contributing significantly to the project's overall value.
Positive factors
- High confidence Measured category for silver.
- Significant contained silver ounces.
Evidence · table
“101”
Context: 8.49
Tags used in scoring
Measured Resourcepositive
Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves.
Why it applies: category is "measured"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
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: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
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
measuredBerenguela · manganeseTonnes: 8490000Grade: 8.97Grade Unit: %Contained Metal: 0.76Contained Unit: mtView all detailsHide details
Identity
- Project
- Berenguela
- Commodity
- manganese
- Region
- peru
- Reported Region
- Department of Puno in southern Peru
- Ticker
- AAG
Resource scope
- Estimate type
- resource
- Effective date
- 2025-11-30T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Dinara Nussipakynova, D. Evangelista, B. Arthur
- Resource group id
- resource:c03d9736fe2992fd4afd
- Mining method
- open_pit
Resource Data
- Category
- measured
- Tonnes
- 8490000
- Grade
- 8.97
- Grade Unit
- %
- Contained Metal
- 0.76
- Contained Unit
- mt
- Cutoff Grade
- 137.4
- Cutoff Unit
- USD NSR
Prior Estimate
- Resource Date
- 2025-11-30
Metal Equivalent
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-01-16T00:00:00.000Z
Reasoning: This represents a high-confidence Measured resource for manganese, which is highlighted as the primary economic driver of the project.
Positive factors
- High confidence Measured category for manganese, the primary economic driver.
- Significant contained manganese tonnes.
Evidence · table
“8.97”
Context: 8.49
Tags used in scoring
Measured Resourcepositive
Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves.
Why it applies: category is "measured"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
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: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
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
measuredBerenguela · copperTonnes: 8490000Grade: 0.89Grade Unit: %Contained Metal: 166.9Contained Unit: mlbView all detailsHide details
Identity
- Project
- Berenguela
- Commodity
- copper
- Region
- peru
- Reported Region
- Department of Puno in southern Peru
- Ticker
- AAG
Resource scope
- Estimate type
- resource
- Effective date
- 2025-11-30T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Dinara Nussipakynova, D. Evangelista, B. Arthur
- Resource group id
- resource:c03d9736fe2992fd4afd
- Mining method
- open_pit
Resource Data
- Category
- measured
- Tonnes
- 8490000
- Grade
- 0.89
- Grade Unit
- %
- Contained Metal
- 166.9
- Contained Unit
- mlb
- Cutoff Grade
- 137.4
- Cutoff Unit
- USD NSR
Prior Estimate
- Resource Date
- 2025-11-30
Metal Equivalent
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-01-16T00:00:00.000Z
Reasoning: This represents a high-confidence Measured resource for copper, adding to the polymetallic nature of the project.
Positive factors
- High confidence Measured category for copper.
- Significant contained copper pounds.
Evidence · table
“0.89”
Context: 8.49
Tags used in scoring
Measured Resourcepositive
Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves.
Why it applies: category is "measured"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
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: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
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
measuredBerenguela · zincTonnes: 8490000Grade: 0.32Grade Unit: %Contained Metal: 60Contained Unit: mlbView all detailsHide details
Identity
- Project
- Berenguela
- Commodity
- zinc
- Region
- peru
- Reported Region
- Department of Puno in southern Peru
- Ticker
- AAG
Resource scope
- Estimate type
- resource
- Effective date
- 2025-11-30T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Dinara Nussipakynova, D. Evangelista, B. Arthur
- Resource group id
- resource:c03d9736fe2992fd4afd
- Mining method
- open_pit
Resource Data
- Category
- measured
- Tonnes
- 8490000
- Grade
- 0.32
- Grade Unit
- %
- Contained Metal
- 60
- Contained Unit
- mlb
- Cutoff Grade
- 137.4
- Cutoff Unit
- USD NSR
Prior Estimate
- Resource Date
- 2025-11-30
Metal Equivalent
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-01-16T00:00:00.000Z
Reasoning: This represents a high-confidence Measured resource for zinc, further diversifying the project's metal content.
Positive factors
- High confidence Measured category for zinc.
- Contributes to the polymetallic nature of the project.
Evidence · table
“0.32”
Context: 8.49
Tags used in scoring
Measured Resourcepositive
Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves.
Why it applies: category is "measured"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
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: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
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
indicatedBerenguela · silverTonnes: 43060000Grade: 68.5Grade Unit: g/tContained Metal: 94.9Contained Unit: mozView all detailsHide details
Identity
- Project
- Berenguela
- Commodity
- silver
- Region
- peru
- Reported Region
- Department of Puno in southern Peru
- Ticker
- AAG
Resource scope
- Estimate type
- resource
- Effective date
- 2025-11-30T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Dinara Nussipakynova, D. Evangelista, B. Arthur
- Resource group id
- resource:433fc36fa09e7212d00a
- Mining method
- open_pit
Resource Data
- Category
- indicated
- Tonnes
- 43060000
- Grade
- 68.5
- Grade Unit
- g/t
- Contained Metal
- 94.9
- Contained Unit
- moz
- Cutoff Grade
- 137.4
- Cutoff Unit
- USD NSR
Prior Estimate
- Resource Date
- 2025-11-30
Metal Equivalent
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-01-16T00:00:00.000Z
Reasoning: This represents a substantial Indicated resource for silver, which significantly increases the project's overall silver endowment and confidence.
Positive factors
- Significant Indicated resource for silver, adding to overall confidence.
- Large contained silver ounces.
Evidence · table
“68.5”
Context: 43.06
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
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: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
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
indicatedBerenguela · manganeseTonnes: 43060000Grade: 5.04Grade Unit: %Contained Metal: 2.17Contained Unit: mtView all detailsHide details
Identity
- Project
- Berenguela
- Commodity
- manganese
- Region
- peru
- Reported Region
- Department of Puno in southern Peru
- Ticker
- AAG
Resource scope
- Estimate type
- resource
- Effective date
- 2025-11-30T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Dinara Nussipakynova, D. Evangelista, B. Arthur
- Resource group id
- resource:433fc36fa09e7212d00a
- Mining method
- open_pit
Resource Data
- Category
- indicated
- Tonnes
- 43060000
- Grade
- 5.04
- Grade Unit
- %
- Contained Metal
- 2.17
- Contained Unit
- mt
- Cutoff Grade
- 137.4
- Cutoff Unit
- USD NSR
Prior Estimate
- Resource Date
- 2025-11-30
Metal Equivalent
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-01-16T00:00:00.000Z
Reasoning: This represents a substantial Indicated resource for manganese, reinforcing the project's primary economic focus on battery metals.
Positive factors
- Significant Indicated resource for manganese, supporting the primary economic driver.
- Large contained manganese tonnes.
Evidence · table
“5.04”
Context: 43.06
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
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: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
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
indicatedBerenguela · copperTonnes: 43060000Grade: 0.58Grade Unit: %Contained Metal: 550.2Contained Unit: mlbView all detailsHide details
Identity
- Project
- Berenguela
- Commodity
- copper
- Region
- peru
- Reported Region
- Department of Puno in southern Peru
- Ticker
- AAG
Resource scope
- Estimate type
- resource
- Effective date
- 2025-11-30T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Dinara Nussipakynova, D. Evangelista, B. Arthur
- Resource group id
- resource:433fc36fa09e7212d00a
- Mining method
- open_pit
Resource Data
- Category
- indicated
- Tonnes
- 43060000
- Grade
- 0.58
- Grade Unit
- %
- Contained Metal
- 550.2
- Contained Unit
- mlb
- Cutoff Grade
- 137.4
- Cutoff Unit
- USD NSR
Prior Estimate
- Resource Date
- 2025-11-30
Metal Equivalent
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-01-16T00:00:00.000Z
Reasoning: This represents a substantial Indicated resource for copper, enhancing the project's overall metal endowment.
Positive factors
- Significant Indicated resource for copper, contributing to the polymetallic nature.
Evidence · table
“0.58”
Context: 43.06
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
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: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
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
indicatedBerenguela · zincTonnes: 43060000Grade: 0.33Grade Unit: %Contained Metal: 312.5Contained Unit: mlbView all detailsHide details
Identity
- Project
- Berenguela
- Commodity
- zinc
- Region
- peru
- Reported Region
- Department of Puno in southern Peru
- Ticker
- AAG
Resource scope
- Estimate type
- resource
- Effective date
- 2025-11-30T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Dinara Nussipakynova, D. Evangelista, B. Arthur
- Resource group id
- resource:433fc36fa09e7212d00a
- Mining method
- open_pit
Resource Data
- Category
- indicated
- Tonnes
- 43060000
- Grade
- 0.33
- Grade Unit
- %
- Contained Metal
- 312.5
- Contained Unit
- mlb
- Cutoff Grade
- 137.4
- Cutoff Unit
- USD NSR
Prior Estimate
- Resource Date
- 2025-11-30
Metal Equivalent
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-01-16T00:00:00.000Z
Reasoning: This represents a substantial Indicated resource for zinc, adding to the polymetallic nature of the project.
Positive factors
- Significant Indicated resource for zinc, further diversifying the project's metal content.
Evidence · table
“0.33”
Context: 43.06
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
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: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
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
indicatedBerenguela · silverTonnes: 51550000Grade: 73.9Grade Unit: g/tContained Metal: 122.5Contained Unit: mozView all detailsHide details
Identity
- Project
- Berenguela
- Commodity
- silver
- Region
- peru
- Reported Region
- Department of Puno in southern Peru
- Ticker
- AAG
Resource scope
- Estimate type
- resource
- Effective date
- 2025-11-30T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Dinara Nussipakynova, D. Evangelista, B. Arthur
- Resource group id
- resource:b38f18a5638275f344f4
- Mining method
- open_pit
Resource Data
- Category
- indicated
- Tonnes
- 51550000
- Grade
- 73.9
- Grade Unit
- g/t
- Contained Metal
- 122.5
- Contained Unit
- moz
- Cutoff Grade
- 137.4
- Cutoff Unit
- USD NSR
Prior Estimate
- Resource Date
- 2025-11-30
Metal Equivalent
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-01-16T00:00:00.000Z
Reasoning: This combined Measured and Indicated resource for silver represents a very high-confidence and substantial silver endowment for the project.
Positive factors
- Very large Measured and Indicated resource for silver, providing high confidence and scale.
- Significant contained silver ounces.
Evidence · table
“73.9”
Context: 51.55
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
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: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
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
indicatedBerenguela · manganeseTonnes: 51550000Grade: 5.69Grade Unit: %Contained Metal: 2.93Contained Unit: mtView all detailsHide details
Identity
- Project
- Berenguela
- Commodity
- manganese
- Region
- peru
- Reported Region
- Department of Puno in southern Peru
- Ticker
- AAG
Resource scope
- Estimate type
- resource
- Effective date
- 2025-11-30T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Dinara Nussipakynova, D. Evangelista, B. Arthur
- Resource group id
- resource:b38f18a5638275f344f4
- Mining method
- open_pit
Resource Data
- Category
- indicated
- Tonnes
- 51550000
- Grade
- 5.69
- Grade Unit
- %
- Contained Metal
- 2.93
- Contained Unit
- mt
- Cutoff Grade
- 137.4
- Cutoff Unit
- USD NSR
Prior Estimate
- Resource Date
- 2025-11-30
Metal Equivalent
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-01-16T00:00:00.000Z
Reasoning: This combined Measured and Indicated resource for manganese represents a very high-confidence and substantial endowment for the project's primary economic driver.
Positive factors
- Very large Measured and Indicated resource for manganese, reinforcing its role as the primary economic driver.
- Significant contained manganese tonnes.
Evidence · table
“5.69”
Context: 51.55
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
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: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
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
indicatedBerenguela · copperTonnes: 51550000Grade: 0.63Grade Unit: %Contained Metal: 717.1Contained Unit: mlbView all detailsHide details
Identity
- Project
- Berenguela
- Commodity
- copper
- Region
- peru
- Reported Region
- Department of Puno in southern Peru
- Ticker
- AAG
Resource scope
- Estimate type
- resource
- Effective date
- 2025-11-30T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Dinara Nussipakynova, D. Evangelista, B. Arthur
- Resource group id
- resource:b38f18a5638275f344f4
- Mining method
- open_pit
Resource Data
- Category
- indicated
- Tonnes
- 51550000
- Grade
- 0.63
- Grade Unit
- %
- Contained Metal
- 717.1
- Contained Unit
- mlb
- Cutoff Grade
- 137.4
- Cutoff Unit
- USD NSR
Prior Estimate
- Resource Date
- 2025-11-30
Metal Equivalent
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-01-16T00:00:00.000Z
Reasoning: This combined Measured and Indicated resource for copper provides a high-confidence and substantial contribution to the project's metal content.
Positive factors
- Large Measured and Indicated resource for copper, adding to the polymetallic nature.
Evidence · table
“0.63”
Context: 51.55
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
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: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
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
indicatedBerenguela · zincTonnes: 51550000Grade: 0.33Grade Unit: %Contained Metal: 372.4Contained Unit: mlbView all detailsHide details
Identity
- Project
- Berenguela
- Commodity
- zinc
- Region
- peru
- Reported Region
- Department of Puno in southern Peru
- Ticker
- AAG
Resource scope
- Estimate type
- resource
- Effective date
- 2025-11-30T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Dinara Nussipakynova, D. Evangelista, B. Arthur
- Resource group id
- resource:b38f18a5638275f344f4
- Mining method
- open_pit
Resource Data
- Category
- indicated
- Tonnes
- 51550000
- Grade
- 0.33
- Grade Unit
- %
- Contained Metal
- 372.4
- Contained Unit
- mlb
- Cutoff Grade
- 137.4
- Cutoff Unit
- USD NSR
Prior Estimate
- Resource Date
- 2025-11-30
Metal Equivalent
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-01-16T00:00:00.000Z
Reasoning: This combined Measured and Indicated resource for zinc provides a high-confidence and substantial contribution to the project's metal content.
Positive factors
- Large Measured and Indicated resource for zinc, further diversifying the project's metal content.
Evidence · table
“0.33”
Context: 51.55
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
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: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
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
inferredBerenguela · silverTonnes: 14330000Grade: 47.6Grade Unit: g/tContained Metal: 22Contained Unit: mozView all detailsHide details
Identity
- Project
- Berenguela
- Commodity
- silver
- Region
- peru
- Reported Region
- Department of Puno in southern Peru
- Ticker
- AAG
Resource scope
- Estimate type
- resource
- Effective date
- 2025-11-30T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Dinara Nussipakynova, D. Evangelista, B. Arthur
- Resource group id
- resource:260921fd55cb3cdca0ab
- Mining method
- open_pit
Resource Data
- Category
- inferred
- Tonnes
- 14330000
- Grade
- 47.6
- Grade Unit
- g/t
- Contained Metal
- 22
- Contained Unit
- moz
- Cutoff Grade
- 137.4
- Cutoff Unit
- USD NSR
Prior Estimate
- Resource Date
- 2025-11-30
Metal Equivalent
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-01-16T00:00:00.000Z
Reasoning: This Inferred resource for silver indicates additional potential but requires further drilling to upgrade confidence.
Positive factors
- Adds to the overall silver potential of the project.
Negative factors
- Inferred category has lower geological confidence.
Evidence · table
“47.6”
Context: 14.33
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
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: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
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
inferredBerenguela · manganeseTonnes: 14330000Grade: 3.28Grade Unit: %Contained Metal: 0.47Contained Unit: mtView all detailsHide details
Identity
- Project
- Berenguela
- Commodity
- manganese
- Region
- peru
- Reported Region
- Department of Puno in southern Peru
- Ticker
- AAG
Resource scope
- Estimate type
- resource
- Effective date
- 2025-11-30T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Dinara Nussipakynova, D. Evangelista, B. Arthur
- Resource group id
- resource:260921fd55cb3cdca0ab
- Mining method
- open_pit
Resource Data
- Category
- inferred
- Tonnes
- 14330000
- Grade
- 3.28
- Grade Unit
- %
- Contained Metal
- 0.47
- Contained Unit
- mt
- Cutoff Grade
- 137.4
- Cutoff Unit
- USD NSR
Prior Estimate
- Resource Date
- 2025-11-30
Metal Equivalent
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-01-16T00:00:00.000Z
Reasoning: This Inferred resource for manganese indicates additional potential but requires further drilling to upgrade confidence.
Positive factors
- Adds to the overall manganese potential of the project.
Negative factors
- Inferred category has lower geological confidence.
Evidence · table
“3.28”
Context: 14.33
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
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: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
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
inferredBerenguela · copperTonnes: 14330000Grade: 0.37Grade Unit: %Contained Metal: 118.4Contained Unit: mlbView all detailsHide details
Identity
- Project
- Berenguela
- Commodity
- copper
- Region
- peru
- Reported Region
- Department of Puno in southern Peru
- Ticker
- AAG
Resource scope
- Estimate type
- resource
- Effective date
- 2025-11-30T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Dinara Nussipakynova, D. Evangelista, B. Arthur
- Resource group id
- resource:260921fd55cb3cdca0ab
- Mining method
- open_pit
Resource Data
- Category
- inferred
- Tonnes
- 14330000
- Grade
- 0.37
- Grade Unit
- %
- Contained Metal
- 118.4
- Contained Unit
- mlb
- Cutoff Grade
- 137.4
- Cutoff Unit
- USD NSR
Prior Estimate
- Resource Date
- 2025-11-30
Metal Equivalent
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-01-16T00:00:00.000Z
Reasoning: This Inferred resource for copper indicates additional potential but requires further drilling to upgrade confidence.
Positive factors
- Adds to the overall copper potential of the project.
Negative factors
- Inferred category has lower geological confidence.
Evidence · table
“0.37”
Context: 14.33
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
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: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
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
inferredBerenguela · zincTonnes: 14330000Grade: 0.25Grade Unit: %Contained Metal: 80Contained Unit: mlbView all detailsHide details
Identity
- Project
- Berenguela
- Commodity
- zinc
- Region
- peru
- Reported Region
- Department of Puno in southern Peru
- Ticker
- AAG
Resource scope
- Estimate type
- resource
- Effective date
- 2025-11-30T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Dinara Nussipakynova, D. Evangelista, B. Arthur
- Resource group id
- resource:260921fd55cb3cdca0ab
- Mining method
- open_pit
Resource Data
- Category
- inferred
- Tonnes
- 14330000
- Grade
- 0.25
- Grade Unit
- %
- Contained Metal
- 80
- Contained Unit
- mlb
- Cutoff Grade
- 137.4
- Cutoff Unit
- USD NSR
Prior Estimate
- Resource Date
- 2025-11-30
Metal Equivalent
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-01-16T00:00:00.000Z
Reasoning: This Inferred resource for zinc indicates additional potential but requires further drilling to upgrade confidence.
Positive factors
- Adds to the overall zinc potential of the project.
Negative factors
- Inferred category has lower geological confidence.
Evidence · table
“0.25”
Context: 14.33
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
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: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
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.