# Arizona Metals Announces Results of Preliminary Economic Assessment for the Kay Mine Project Canonical Atlas analysis: https://atlas-extractions.minestarters.com/news/arizona-metals-announces-results-of-preliminary-economic-assessment-for-the-kay--26ca7e85-ede3-4b56-a029-8117640f0d5f Original source: https://money.tmx.com/en/quote/AMC/news/7716516188732720/arizona-metals-announces-results-of-preliminary-economic-assessment-for-the-kay- Publisher: tmx Original announcement: 2026-04-30T10:00:00.000Z Analysis by Minestarters Atlas Atlas analysis published: Unknown date Atlas analysis updated: Unknown date - Company: Arizona Metals Corp. - Ticker: AMC - Exchange: TSX - Region: Arizona, USA - Primary commodity: Copper - Secondary commodities: Zinc, Gold, Silver, Lead - Document categories: Resource update, Metallurgy, Other - Extracted: 2026-09-15 10:45:40 UTC Narrative sentiment: -0.70 · Bearish ## Minestarters Atlas summary Arizona Metals Corp. announced the results of a Preliminary Economic Assessment \(PEA\) for its Kay Mine Project, revealing a negative after-tax NPV of US$-6 million and a low IRR of 4.9% in the base case. The study, based on a June 2025 mineral resource estimate, outlines a 10-year mine life with significant payable production of copper, zinc, gold, and silver, but requires an initial capital expenditure of $609 million. While the company emphasizes potential upside under higher metal prices and future resource growth, the current base case economics are unfavorable. Reasoning: The Preliminary Economic Assessment for the Kay Mine Project reveals negative after-tax NPV and a very low IRR in the base case, suggesting the project is not economically viable under current assumptions. While the company highlights potential upside under higher metal prices and future resource growth, the base case economics are unfavorable, and significant capital is required. - Positive factor: PEA completed, providing a baseline for project evaluation - Positive factor: High proportion of Indicated mineral resources \(92% of MRE tonnes\) underpinning the study - Positive factor: Project remains open along strike and at depth, indicating potential for resource growth - Positive factor: Spot Case sensitivity demonstrates significant upside under more favorable commodity price assumptions - Positive factor: Located in Arizona, a mining-friendly jurisdiction with access to infrastructure and skilled labor - Positive factor: Underground mining design limits the surface footprint, addressing environmental concerns - Positive factor: Qualified Persons \(QPs\) signed off on both the MRE and PEA, ensuring adherence to NI 43-101 standards - Positive factor: High average recoveries for copper \(92%\), gold \(86%\), silver \(85%\), and zinc \(80%\) - Negative factor: Negative after-tax NPV of US$-6 million and very low IRR of 4.9% in the base case, indicating economic unviability - Negative factor: PEA includes Inferred mineral resources, which are considered too speculative geologically for economic considerations - Negative factor: Significant initial capital cost of US$609 million for a project with negative base case economics - Negative factor: Reliance on a 'Spot Case' with higher metal prices to demonstrate positive economics, rather than the base case - Negative factor: Permitting process is in early stages, with numerous anticipated permits still required - Negative factor: Potential for community impacts due to project's proximity to residential areas in Black Canyon City Low confidence — this extraction should be reviewed alongside the original source. Facts used in scoring: 17 ## Classification and evidence **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: The document announces the results of a Preliminary Economic Assessment \(PEA\) for the Kay Mine Project. Evidence · text > Arizona Metals Announces Results of Preliminary Economic Assessment for the Kay Mine Project **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: The PEA and the underlying mineral resource estimate were prepared in accordance with National Instrument 43-101. Evidence · text > prepared in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects \("NI 43-101"\) **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 technical content of the PEA and MRE has been reviewed and approved by named independent Qualified Persons. Evidence · text > Scientific and technical information related to the 2025 MRE and 2026 PEA contained in this news release has been reviewed and verified by: Allan Armitage Ph.D., P.Geo, SGS Canada Inc. – Geological services, 2025MRE Ben Eggers, MAIG, P.Geo, SGS Canada Inc. – Geological services, 2025MRE Hind Zniber El Mouhabbis, P. Eng., G Mining Services, Economic analysis, 2026 PEA Carl Michaud, P.Eng., MBA , G Mining Services, UG Mining, 2026 PEA Sunil Koppalkar, P.Eng., G Mining Services, Process, 2026 PEA Nicolas Vanier-Larrivée, P. Eng., G Mining Services, Infrastructure, 2026 PEA Richard DeLong, P. Geo., WestLand Engineering & Environmental Services, Environment, 2026 PEA Eric J. Mears, R.G., C.P.G., HALEY & ALDRICH, Inc., Closure, 2026 PEA **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: The mineral resource estimate includes 0.86 Mt grading 2.44% CuEq in the Inferred category. Evidence · table > 0.86 Context: Inferred **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: The mineral resource estimate is reported at a base-case cut-off grade of 1.00% CuEq. Evidence · text > at a base-case cut-off grade of 1.00% CuEq **Negative NPV** Polarity: negative Story-specific tag Definition: No canonical definition is currently available. Why it applies: The Preliminary Economic Assessment reports an After-Tax NPV 5% of US$-6 million in the base case. Evidence · table > -6 Context: After-Tax NPV 5% **Low IRR** Polarity: negative Story-specific tag Definition: IRR below the moderate tier. Why it applies: The Preliminary Economic Assessment reports an After-Tax IRR of 4.9% in the base case. Evidence · table > 4.9 Context: After-Tax IRR **High Initial Capex** Polarity: negative Story-specific tag Definition: No canonical definition is currently available. Why it applies: The project requires a substantial initial capital expenditure of US$609 million. Evidence · table > 609 Context: Initial Capital **Spot Price Reliance** Polarity: negative Story-specific tag Definition: No canonical definition is currently available. Why it applies: The company highlights a 'Spot Case' with significantly higher metal prices to demonstrate positive economics, implying the base case is weak. Evidence · text > Spot Case\*\* After-Tax NPV 5% of US$445 million and IRR of 14.9% at US$6.05/lb copper, US$1.57/lb zinc, US$4,745/oz gold and US$77.48/oz silver. **Underground Mining** Polarity: neutral Story-specific tag Definition: No canonical definition is currently available. Why it applies: The PEA outlines an underground mining operation using long hole open stoping. Evidence · text > The underground operation consists of a single mine accessed via one surface portal located south of the surface infrastructure area. The selected mining method consists of long hole open stoping \(LHOS\), specifically sublevel transverse stoping and sublevel longitudinal stoping. **VMS Deposit** Polarity: neutral Story-specific tag Definition: No canonical definition is currently available. Why it applies: The Kay Mine Project is explicitly described as a steeply dipping VMS deposit. Evidence · text > The Kay Mine Project is a steeply dipping VMS deposit **High Recovery** Polarity: positive Definition: Recovery at or above the exceptional band for the commodity and processing route. Why it applies: The PEA reports high average recoveries for copper \(92%\), gold \(86%\), silver \(85%\), and zinc \(80%\). Evidence · table > 92 Context: Copper **Permitting Risk** Polarity: negative Story-specific tag Definition: No canonical definition is currently available. Why it applies: The company does not yet hold permits for mining operations, and many permits are still required. Evidence · text > At present, AMC does not hold permits for mining operations on the project. The following is a table of permits that will likely be required: **Heap Leach Route** Polarity: neutral Definition: Processing via heap leach — lower CAPEX and OPEX, lower recovery expected. Why it applies: the document describes a heap\_leach route \("heap-leach"\) **Mill Route** Polarity: neutral Definition: Processing via mill or concentrator \(CIL, CIP, tank leach, flotation\). Why it applies: the document describes a flotation route \("flotation"\) **POX/BIOX Route** Polarity: neutral Definition: Pressure or bio-oxidation for refractory ore — high CAPEX and OPEX. Why it applies: the document describes a pox\_biox route \("albion"\) ## Extracted facts Stored fact records: 16. Some facts used in scoring do not have a stored record. ## Resource Estimates (12) ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/arizona-metals-announces-results-of-preliminary-economic-assessment-for-the-kay--26ca7e85-ede3-4b56-a029-8117640f0d5f#fact-resource-facts-5) Kay Mine Project · gold #### Identity - Project: Kay Mine Project - Commodity: gold - Region: usa\_az - Reported Region: Arizona, USA - Ticker: AMC #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Allan Armitage, Ben Eggers - Resource group id: resource:b3704debff7ddd145150 - Deposit or zone: Kay Deposit - Mining method: combined #### Resource Data - Category: indicated - Tonnes: 9280000 - Grade: 1.39 - Grade Unit: g/t - Contained Metal: 415 - Contained Unit: koz - Cutoff Grade: 1 - Cutoff Unit: % CuEq #### Prior Estimate - Resource Date: 2025-06-17 #### Metal Equivalent - Assumptions Disclosed: Yes #### Lab - Laboratory: SGS Geological Services #### Location - Easting: 392910 - Northing: 3769540 - CRS: WGS84 datum, Zone 12S - Loc. Confidence: medium #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-04-30T00:00:00.000Z Reasoning: The indicated gold resource is substantial and contributes positively to the project, with good grade and high confidence reporting standards. - Positive factor: Significant indicated gold resource of 415 koz at a good grade of 1.39 g/t - Positive factor: Resource is NI 43-101 compliant and signed off by Qualified Persons Evidence · table > 1.39 Context: 9.28 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **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: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **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 ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/arizona-metals-announces-results-of-preliminary-economic-assessment-for-the-kay--26ca7e85-ede3-4b56-a029-8117640f0d5f#fact-resource-facts-6) Kay Mine Project · silver #### Identity - Project: Kay Mine Project - Commodity: silver - Region: usa\_az - Reported Region: Arizona, USA - Ticker: AMC #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Allan Armitage, Ben Eggers - Resource group id: resource:b3704debff7ddd145150 - Deposit or zone: Kay Deposit - Mining method: combined #### Resource Data - Category: indicated - Tonnes: 9280000 - Grade: 27.6 - Grade Unit: g/t - Contained Metal: 8253 - Contained Unit: koz - Cutoff Grade: 1 - Cutoff Unit: % CuEq #### Prior Estimate - Resource Date: 2025-06-17 #### Metal Equivalent - Assumptions Disclosed: Yes #### Lab - Laboratory: SGS Geological Services #### Location - Easting: 392910 - Northing: 3769540 - CRS: WGS84 datum, Zone 12S - Loc. Confidence: medium #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-04-30T00:00:00.000Z Reasoning: The indicated silver resource is substantial and contributes positively to the project, with good grade and high confidence reporting standards. - Positive factor: Significant indicated silver resource of 8,253 koz at a good grade of 27.6 g/t - Positive factor: Resource is NI 43-101 compliant and signed off by Qualified Persons Evidence · table > 27.6 Context: 9.28 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **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: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **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 ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/arizona-metals-announces-results-of-preliminary-economic-assessment-for-the-kay--26ca7e85-ede3-4b56-a029-8117640f0d5f#fact-resource-facts-7) Kay Mine Project · copper #### Identity - Project: Kay Mine Project - Commodity: copper - Region: usa\_az - Reported Region: Arizona, USA - Ticker: AMC #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Allan Armitage, Ben Eggers - Resource group id: resource:b3704debff7ddd145150 - Deposit or zone: Kay Deposit - Mining method: combined #### Resource Data - Category: indicated - Tonnes: 9280000 - Grade: 0.97 - Grade Unit: % - Contained Metal: 197.9 - Contained Unit: mlbs - Cutoff Grade: 1 - Cutoff Unit: % CuEq #### Prior Estimate - Resource Date: 2025-06-17 #### Metal Equivalent - Assumptions Disclosed: Yes #### Lab - Laboratory: SGS Geological Services #### Location - Easting: 392910 - Northing: 3769540 - CRS: WGS84 datum, Zone 12S - Loc. Confidence: medium #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-04-30T00:00:00.000Z Reasoning: The indicated copper resource is substantial and contributes positively to the project, with good grade and high confidence reporting standards. - Positive factor: Significant indicated copper resource of 197.9 Mlbs at a good grade of 0.97% - Positive factor: Resource is NI 43-101 compliant and signed off by Qualified Persons Evidence · table > 0.97 Context: 9.28 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **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: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **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 ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/arizona-metals-announces-results-of-preliminary-economic-assessment-for-the-kay--26ca7e85-ede3-4b56-a029-8117640f0d5f#fact-resource-facts-8) Kay Mine Project · lead #### Identity - Project: Kay Mine Project - Commodity: lead - Region: usa\_az - Reported Region: Arizona, USA - Ticker: AMC #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Allan Armitage, Ben Eggers - Resource group id: resource:b3704debff7ddd145150 - Deposit or zone: Kay Deposit - Mining method: combined #### Resource Data - Category: indicated - Tonnes: 9280000 - Grade: 0.33 - Grade Unit: % - Contained Metal: 67.3 - Contained Unit: mlbs - Cutoff Grade: 1 - Cutoff Unit: % CuEq #### Prior Estimate - Resource Date: 2025-06-17 #### Metal Equivalent - Assumptions Disclosed: Yes #### Lab - Laboratory: SGS Geological Services #### Location - Easting: 392910 - Northing: 3769540 - CRS: WGS84 datum, Zone 12S - Loc. Confidence: medium #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-04-30T00:00:00.000Z Reasoning: The indicated lead resource adds to the overall metal endowment of the project, although at a lower grade compared to other metals. - Positive factor: Indicated lead resource of 67.3 Mlbs contributes to the polymetallic nature of the deposit - Positive factor: Resource is NI 43-101 compliant and signed off by Qualified Persons Evidence · table > 0.33 Context: 9.28 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **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: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **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 ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/arizona-metals-announces-results-of-preliminary-economic-assessment-for-the-kay--26ca7e85-ede3-4b56-a029-8117640f0d5f#fact-resource-facts-9) Kay Mine Project · zinc #### Identity - Project: Kay Mine Project - Commodity: zinc - Region: usa\_az - Reported Region: Arizona, USA - Ticker: AMC #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Allan Armitage, Ben Eggers - Resource group id: resource:b3704debff7ddd145150 - Deposit or zone: Kay Deposit - Mining method: combined #### Resource Data - Category: indicated - Tonnes: 9280000 - Grade: 2.39 - Grade Unit: % - Contained Metal: 490.1 - Contained Unit: mlbs - Cutoff Grade: 1 - Cutoff Unit: % CuEq #### Prior Estimate - Resource Date: 2025-06-17 #### Metal Equivalent - Assumptions Disclosed: Yes #### Lab - Laboratory: SGS Geological Services #### Location - Easting: 392910 - Northing: 3769540 - CRS: WGS84 datum, Zone 12S - Loc. Confidence: medium #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-04-30T00:00:00.000Z Reasoning: The indicated zinc resource is substantial and high-grade, making a strong positive contribution to the project's overall metal endowment. - Positive factor: Very significant indicated zinc resource of 490.1 Mlbs at a high grade of 2.39% - Positive factor: Resource is NI 43-101 compliant and signed off by Qualified Persons Evidence · table > 2.39 Context: 9.28 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **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: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **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 ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/arizona-metals-announces-results-of-preliminary-economic-assessment-for-the-kay--26ca7e85-ede3-4b56-a029-8117640f0d5f#fact-resource-facts-10) Kay Mine Project · copper #### Identity - Project: Kay Mine Project - Commodity: copper - Region: usa\_az - Reported Region: Arizona, USA - Ticker: AMC #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Allan Armitage, Ben Eggers - Resource group id: resource:b3704debff7ddd145150 - Deposit or zone: Kay Deposit - Mining method: combined #### Resource Data - Category: indicated - Tonnes: 9280000 - Contained Metal: 650.6 - Contained Unit: mlbs - Cutoff Grade: 1 - Cutoff Unit: % CuEq #### Prior Estimate - Resource Date: 2025-06-17 #### Metal Equivalent - Metal Eq. Grade: 3.18 - Metal Eq. Unit: % CuEq - Assumptions Disclosed: Yes #### Lab - Laboratory: SGS Geological Services #### Location - Easting: 392910 - Northing: 3769540 - CRS: WGS84 datum, Zone 12S - Loc. Confidence: medium #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-04-30T00:00:00.000Z Reasoning: The high indicated copper equivalent grade reflects the strong polymetallic nature of the deposit, and the transparency of assumptions is a positive. - Positive factor: High indicated copper equivalent grade of 3.18% CuEq for a significant tonnage - Positive factor: Assumptions for metal equivalent calculation are disclosed, providing transparency Evidence · table > 3.18 Context: 9.28 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **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: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **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 ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/arizona-metals-announces-results-of-preliminary-economic-assessment-for-the-kay--26ca7e85-ede3-4b56-a029-8117640f0d5f#fact-resource-facts-11) Kay Mine Project · gold #### Identity - Project: Kay Mine Project - Commodity: gold - Region: usa\_az - Reported Region: Arizona, USA - Ticker: AMC #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Allan Armitage, Ben Eggers - Resource group id: resource:2be39e52f1dd24a163e6 - Deposit or zone: Kay Deposit - Mining method: combined #### Resource Data - Category: inferred - Tonnes: 860000 - Grade: 1.06 - Grade Unit: g/t - Contained Metal: 29 - Contained Unit: koz - Cutoff Grade: 1 - Cutoff Unit: % CuEq #### Prior Estimate - Resource Date: 2025-06-17 #### Metal Equivalent - Assumptions Disclosed: Yes #### Lab - Laboratory: SGS Geological Services #### Location - Easting: 392910 - Northing: 3769540 - CRS: WGS84 datum, Zone 12S - Loc. Confidence: medium #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-04-30T00:00:00.000Z Reasoning: The inferred gold resource provides additional potential but carries lower confidence due to its classification, limiting its immediate economic impact. - Positive factor: Inferred gold resource of 29 koz adds to the project's overall potential - Negative factor: Inferred category has lower geological confidence and cannot be converted to reserves Evidence · table > 1.06 Context: 0.86 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **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: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **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 ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/arizona-metals-announces-results-of-preliminary-economic-assessment-for-the-kay--26ca7e85-ede3-4b56-a029-8117640f0d5f#fact-resource-facts-12) Kay Mine Project · silver #### Identity - Project: Kay Mine Project - Commodity: silver - Region: usa\_az - Reported Region: Arizona, USA - Ticker: AMC #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Allan Armitage, Ben Eggers - Resource group id: resource:2be39e52f1dd24a163e6 - Deposit or zone: Kay Deposit - Mining method: combined #### Resource Data - Category: inferred - Tonnes: 860000 - Grade: 15.4 - Grade Unit: g/t - Contained Metal: 423 - Contained Unit: koz - Cutoff Grade: 1 - Cutoff Unit: % CuEq #### Prior Estimate - Resource Date: 2025-06-17 #### Metal Equivalent - Assumptions Disclosed: Yes #### Lab - Laboratory: SGS Geological Services #### Location - Easting: 392910 - Northing: 3769540 - CRS: WGS84 datum, Zone 12S - Loc. Confidence: medium #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-04-30T00:00:00.000Z Reasoning: The inferred silver resource provides additional potential but carries lower confidence due to its classification, limiting its immediate economic impact. - Positive factor: Inferred silver resource of 423 koz adds to the project's overall potential - Negative factor: Inferred category has lower geological confidence and cannot be converted to reserves Evidence · table > 15.4 Context: 0.86 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **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: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **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 ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/arizona-metals-announces-results-of-preliminary-economic-assessment-for-the-kay--26ca7e85-ede3-4b56-a029-8117640f0d5f#fact-resource-facts-13) Kay Mine Project · copper #### Identity - Project: Kay Mine Project - Commodity: copper - Region: usa\_az - Reported Region: Arizona, USA - Ticker: AMC #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Allan Armitage, Ben Eggers - Resource group id: resource:2be39e52f1dd24a163e6 - Deposit or zone: Kay Deposit - Mining method: combined #### Resource Data - Category: inferred - Tonnes: 860000 - Grade: 0.87 - Grade Unit: % - Contained Metal: 16.4 - Contained Unit: mlbs - Cutoff Grade: 1 - Cutoff Unit: % CuEq #### Prior Estimate - Resource Date: 2025-06-17 #### Metal Equivalent - Assumptions Disclosed: Yes #### Lab - Laboratory: SGS Geological Services #### Location - Easting: 392910 - Northing: 3769540 - CRS: WGS84 datum, Zone 12S - Loc. Confidence: medium #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-04-30T00:00:00.000Z Reasoning: The inferred copper resource provides additional potential but carries lower confidence due to its classification, limiting its immediate economic impact. - Positive factor: Inferred copper resource of 16.4 Mlbs adds to the project's overall potential - Negative factor: Inferred category has lower geological confidence and cannot be converted to reserves Evidence · table > 0.87 Context: 0.86 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **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: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **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 ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/arizona-metals-announces-results-of-preliminary-economic-assessment-for-the-kay--26ca7e85-ede3-4b56-a029-8117640f0d5f#fact-resource-facts-14) Kay Mine Project · lead #### Identity - Project: Kay Mine Project - Commodity: lead - Region: usa\_az - Reported Region: Arizona, USA - Ticker: AMC #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Allan Armitage, Ben Eggers - Resource group id: resource:2be39e52f1dd24a163e6 - Deposit or zone: Kay Deposit - Mining method: combined #### Resource Data - Category: inferred - Tonnes: 860000 - Grade: 0.2 - Grade Unit: % - Contained Metal: 3.8 - Contained Unit: mlbs - Cutoff Grade: 1 - Cutoff Unit: % CuEq #### Prior Estimate - Resource Date: 2025-06-17 #### Metal Equivalent - Assumptions Disclosed: Yes #### Lab - Laboratory: SGS Geological Services #### Location - Easting: 392910 - Northing: 3769540 - CRS: WGS84 datum, Zone 12S - Loc. Confidence: medium #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-04-30T00:00:00.000Z Reasoning: The inferred lead resource provides additional potential but carries lower confidence due to its classification, limiting its immediate economic impact. - Positive factor: Inferred lead resource of 3.8 Mlbs contributes to the polymetallic nature of the deposit - Negative factor: Inferred category has lower geological confidence and cannot be converted to reserves Evidence · table > 0.20 Context: 0.86 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **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: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **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 ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/arizona-metals-announces-results-of-preliminary-economic-assessment-for-the-kay--26ca7e85-ede3-4b56-a029-8117640f0d5f#fact-resource-facts-15) Kay Mine Project · zinc #### Identity - Project: Kay Mine Project - Commodity: zinc - Region: usa\_az - Reported Region: Arizona, USA - Ticker: AMC #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Allan Armitage, Ben Eggers - Resource group id: resource:2be39e52f1dd24a163e6 - Deposit or zone: Kay Deposit - Mining method: combined #### Resource Data - Category: inferred - Tonnes: 860000 - Grade: 1.68 - Grade Unit: % - Contained Metal: 31.8 - Contained Unit: mlbs - Cutoff Grade: 1 - Cutoff Unit: % CuEq #### Prior Estimate - Resource Date: 2025-06-17 #### Metal Equivalent - Assumptions Disclosed: Yes #### Lab - Laboratory: SGS Geological Services #### Location - Easting: 392910 - Northing: 3769540 - CRS: WGS84 datum, Zone 12S - Loc. Confidence: medium #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-04-30T00:00:00.000Z Reasoning: The inferred zinc resource provides additional potential but carries lower confidence due to its classification, limiting its immediate economic impact. - Positive factor: Inferred zinc resource of 31.8 Mlbs adds to the project's overall potential - Negative factor: Inferred category has lower geological confidence and cannot be converted to reserves Evidence · table > 1.68 Context: 0.86 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **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: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **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 ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/arizona-metals-announces-results-of-preliminary-economic-assessment-for-the-kay--26ca7e85-ede3-4b56-a029-8117640f0d5f#fact-resource-facts-16) Kay Mine Project · copper #### Identity - Project: Kay Mine Project - Commodity: copper - Region: usa\_az - Reported Region: Arizona, USA - Ticker: AMC #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Allan Armitage, Ben Eggers - Resource group id: resource:2be39e52f1dd24a163e6 - Deposit or zone: Kay Deposit - Mining method: combined #### Resource Data - Category: inferred - Tonnes: 860000 - Contained Metal: 46.1 - Contained Unit: mlbs - Cutoff Grade: 1 - Cutoff Unit: % CuEq #### Prior Estimate - Resource Date: 2025-06-17 #### Metal Equivalent - Metal Eq. Grade: 2.44 - Metal Eq. Unit: % CuEq - Assumptions Disclosed: Yes #### Lab - Laboratory: SGS Geological Services #### Location - Easting: 392910 - Northing: 3769540 - CRS: WGS84 datum, Zone 12S - Loc. Confidence: medium #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-04-30T00:00:00.000Z Reasoning: The inferred copper equivalent grade provides additional potential but carries lower confidence due to its classification, limiting its immediate economic impact. - Positive factor: Inferred copper equivalent grade of 2.44% CuEq adds to the project's overall potential - Positive factor: Assumptions for metal equivalent calculation are disclosed, providing transparency - Negative factor: Inferred category has lower geological confidence and cannot be converted to reserves Evidence · table > 2.44 Context: 0.86 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **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: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **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 ## Metallurgical Results (4) ### flotation [Link to this fact](https://atlas-extractions.minestarters.com/news/arizona-metals-announces-results-of-preliminary-economic-assessment-for-the-kay--26ca7e85-ede3-4b56-a029-8117640f0d5f#fact-metallurgical-facts-1) Kay Mine Project · copper #### Identity - Project: Kay Mine Project - Commodity: copper - Region: usa\_az - Reported Region: Arizona, USA - Ticker: AMC #### Test Work - Program Status: detailed - Test Type: flotation - Processing Route: Cu-Pb flotation, zinc flotation, pyrite flotation, Albion Process, cyanidation, ADR #### Recovery - Recovery: 92 % - Recovery Basis: actual\_test #### Lab - Consultant: G Mining Services Inc. #### Location - Easting: 392910 - Northing: 3769540 - CRS: WGS84 datum, Zone 12S - Loc. Confidence: medium #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-04-30T00:00:00.000Z Reasoning: The reported copper recovery of 92% is very strong for a flotation circuit, indicating efficient metal extraction from the ore. - Positive factor: High copper recovery of 92% is excellent for a flotation circuit - Positive factor: Recovery is based on actual test work, providing confidence in the estimate Evidence · table > 92 Context: Copper #### Tags used in scoring **Mill Route** Polarity: neutral Definition: Processing via mill or concentrator \(CIL, CIP, tank leach, flotation\). Why it applies: processing\_route matches the flotation signal **POX/BIOX Route** Polarity: neutral Definition: Pressure or bio-oxidation for refractory ore — high CAPEX and OPEX. Why it applies: processing\_route matches the pox\_biox signal **High Recovery** Polarity: positive Definition: Recovery at or above the exceptional band for the commodity and processing route. Why it applies: 92% is at or above the exceptional band \(92%\) ### flotation [Link to this fact](https://atlas-extractions.minestarters.com/news/arizona-metals-announces-results-of-preliminary-economic-assessment-for-the-kay--26ca7e85-ede3-4b56-a029-8117640f0d5f#fact-metallurgical-facts-2) Kay Mine Project · zinc #### Identity - Project: Kay Mine Project - Commodity: zinc - Region: usa\_az - Reported Region: Arizona, USA - Ticker: AMC #### Test Work - Program Status: detailed - Test Type: flotation - Processing Route: Cu-Pb flotation, zinc flotation, pyrite flotation, Albion Process, cyanidation, ADR #### Recovery - Recovery: 80 % - Recovery Basis: actual\_test #### Lab - Consultant: G Mining Services Inc. #### Location - Easting: 392910 - Northing: 3769540 - CRS: WGS84 datum, Zone 12S - Loc. Confidence: medium #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-04-30T00:00:00.000Z Reasoning: The reported zinc recovery of 80% is a good result for a flotation circuit, contributing positively to project economics. - Positive factor: Good zinc recovery of 80% for a flotation circuit - Positive factor: Recovery is based on actual test work, providing confidence in the estimate Evidence · table > 80 Context: Zinc #### Tags used in scoring **Mill Route** Polarity: neutral Definition: Processing via mill or concentrator \(CIL, CIP, tank leach, flotation\). Why it applies: processing\_route matches the flotation signal **POX/BIOX Route** Polarity: neutral Definition: Pressure or bio-oxidation for refractory ore — high CAPEX and OPEX. Why it applies: processing\_route matches the pox\_biox signal ### flotation [Link to this fact](https://atlas-extractions.minestarters.com/news/arizona-metals-announces-results-of-preliminary-economic-assessment-for-the-kay--26ca7e85-ede3-4b56-a029-8117640f0d5f#fact-metallurgical-facts-3) Kay Mine Project · gold #### Identity - Project: Kay Mine Project - Commodity: gold - Region: usa\_az - Reported Region: Arizona, USA - Ticker: AMC #### Test Work - Program Status: detailed - Test Type: flotation - Processing Route: Cu-Pb flotation, zinc flotation, pyrite flotation, Albion Process, cyanidation, ADR #### Recovery - Recovery: 86 % - Recovery Basis: actual\_test #### Lab - Consultant: G Mining Services Inc. #### Location - Easting: 392910 - Northing: 3769540 - CRS: WGS84 datum, Zone 12S - Loc. Confidence: medium #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-04-30T00:00:00.000Z Reasoning: The reported gold recovery of 86% is a strong result, especially considering the complex processing route involving pyrite flotation and Albion Process, indicating effective gold extraction. - Positive factor: Strong gold recovery of 86% through the combined pyrite flotation, Albion Process, and cyanidation circuit - Positive factor: Recovery is based on actual test work, providing confidence in the estimate Evidence · table > 86 Context: Gold #### Tags used in scoring **Mill Route** Polarity: neutral Definition: Processing via mill or concentrator \(CIL, CIP, tank leach, flotation\). Why it applies: processing\_route matches the flotation signal **POX/BIOX Route** Polarity: neutral Definition: Pressure or bio-oxidation for refractory ore — high CAPEX and OPEX. Why it applies: processing\_route matches the pox\_biox signal ### flotation [Link to this fact](https://atlas-extractions.minestarters.com/news/arizona-metals-announces-results-of-preliminary-economic-assessment-for-the-kay--26ca7e85-ede3-4b56-a029-8117640f0d5f#fact-metallurgical-facts-4) Kay Mine Project · silver #### Identity - Project: Kay Mine Project - Commodity: silver - Region: usa\_az - Reported Region: Arizona, USA - Ticker: AMC #### Test Work - Program Status: detailed - Test Type: flotation - Processing Route: Cu-Pb flotation, zinc flotation, pyrite flotation, Albion Process, cyanidation, ADR #### Recovery - Recovery: 85 % - Recovery Basis: actual\_test #### Lab - Consultant: G Mining Services Inc. #### Location - Easting: 392910 - Northing: 3769540 - CRS: WGS84 datum, Zone 12S - Loc. Confidence: medium #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-04-30T00:00:00.000Z Reasoning: The reported silver recovery of 85% is a strong result, indicating efficient silver extraction from the ore. - Positive factor: Strong silver recovery of 85% through the processing circuit - Positive factor: Recovery is based on actual test work, providing confidence in the estimate Evidence · table > 85 Context: Silver #### Tags used in scoring **Mill Route** Polarity: neutral Definition: Processing via mill or concentrator \(CIL, CIP, tank leach, flotation\). Why it applies: processing\_route matches the flotation signal **POX/BIOX Route** Polarity: neutral Definition: Pressure or bio-oxidation for refractory ore — high CAPEX and OPEX. Why it applies: processing\_route matches the pox\_biox signal ## 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.