# Bahia Metals Delivers 313 Million Tonnes of Inferred Mineral Resources at 0.33% Nickel Total Equivalent for Mangueiros Main Project Canonical Atlas analysis: https://atlas-extractions.minestarters.com/news/bahia-metals-delivers-313-million-tonnes-of-inferred-mineral-resources-at-0-33-n--3845a822-8c4b-4f8a-80b3-228281ce46fe Original source: https://www.globenewswire.com/news-release/2026/08/10/3342272/0/en/bahia-metals-delivers-313-million-tonnes-of-inferred-mineral-resources-at-0-33-nickel-total-equivalent-for-mangueiros-main-project.html Publisher: globenewswire Original announcement: 2026-08-10T00:00:00.000Z Analysis by Minestarters Atlas Atlas analysis published: Unknown date Atlas analysis updated: Unknown date - Company: Bahia Metals Corp - Ticker: BMT - Exchange: Unavailable - Region: Bahia State, Brazil - Primary commodity: Nickel - Secondary commodities: Copper, Cobalt - Document categories: Resource update, Other - Extracted: 2026-09-12 03:08:56 UTC Narrative sentiment: 0.60 · Bullish ## Minestarters Atlas summary Bahia Metals has announced an initial maiden Mineral Resource Estimate for its Mangueiros Main project in Brazil, totaling 313 million tonnes of Inferred resources at 0.33% Nickel Total Equivalent. The resource is constrained within a conceptual open pit and includes significant copper and cobalt credits. Reasoning: The announcement of a maiden 313 Mt Inferred resource is a major milestone, though the lack of Indicated/Measured material limits immediate economic certainty. - Positive factor: Maiden resource establishment - Positive factor: Significant tonnage \(313 Mt\) - Positive factor: Exceeds historical exploration targets - Positive factor: Supports upcoming PEA - Negative factor: 100% Inferred category - Negative factor: Low geological confidence Low confidence — this extraction should be reviewed alongside the original source. Facts used in scoring: 5 ## Classification and evidence **Maiden Resource** Polarity: neutral Definition: First formal MRE for the project — establishes baseline but typically exploration-stage with high Inferred component. No prior estimate exists, so every change band is not applicable. Why it applies: The company announces an initial, pit-constrained Mineral Resource Estimate for Mangueiros Main. Evidence · text > announces an initial, pit-constrained Mineral Resource Estimate **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: The entire resource is classified as Inferred. Evidence · text > 313 million tonnes of Inferred Mineral Resources **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: The MRE was prepared in accordance with NI 43-101 standards. Evidence · text > prepared by P&E Mining Consultants Inc. \(“P&E”\) in accordance with National Instrument 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: Eugene Puritch, P.Eng., is named as the independent Qualified Person. Evidence · text > approved by Eugene Puritch, P.Eng., FEC, CET, President of P&E Mining Consultants Inc. **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 cut-off grade of 0.09% NiSEq is clearly stated. Evidence · text > reported at a 0.09% NiSEq cut-off grade ## Extracted facts Stored fact records: 5. Some facts used in scoring do not have a stored record. ## Resource Estimates (5) ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/bahia-metals-delivers-313-million-tonnes-of-inferred-mineral-resources-at-0-33-n--3845a822-8c4b-4f8a-80b3-228281ce46fe#fact-resource-facts-0) Mangueiros Main · nickel #### Identity - Project: Mangueiros Main - Commodity: nickel - Region: brazil - Reported Region: Bahia State, Brazil - Ticker: BMT #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Eugene Puritch - Resource group id: resource:61acf82aaddbf7528577 - Deposit or zone: Mangueiros Main - Mining method: open\_pit - Material type: sulphide - Ownership percent: 100 % - Resource basis: gross #### Resource Data - Category: inferred - Tonnes: 313000000 - Grade: 0.33 - Grade Unit: % - Cutoff Grade: 0.09 - Cutoff Unit: % NiSEq #### Prior Estimate - Resource Date: 2026-04-22 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-08-10T00:00:00.000Z Reasoning: Initial NiTEq grade reported for the maiden resource. - Positive factor: Maiden resource - Negative factor: Inferred category Evidence · table > 0.33 Context: 313 #### 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 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **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 **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 ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/bahia-metals-delivers-313-million-tonnes-of-inferred-mineral-resources-at-0-33-n--3845a822-8c4b-4f8a-80b3-228281ce46fe#fact-resource-facts-1) Mangueiros Main · copper #### Identity - Project: Mangueiros Main - Commodity: copper - Region: brazil - Reported Region: Bahia State, Brazil - Ticker: BMT #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Eugene Puritch - Resource group id: resource:61acf82aaddbf7528577 - Deposit or zone: Mangueiros Main - Mining method: open\_pit - Material type: sulphide - Ownership percent: 100 % - Resource basis: gross #### Resource Data - Category: inferred - Tonnes: 313000000 - Grade: 0.13 - Grade Unit: % - Cutoff Grade: 0.09 - Cutoff Unit: % NiSEq #### Prior Estimate - Resource Date: 2026-04-22 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-08-10T00:00:00.000Z Reasoning: Initial Cu grade reported for the maiden resource. - Positive factor: Copper credits included - Negative factor: Inferred category Evidence · table > 0.13 Context: 313 #### 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 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **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 **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 ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/bahia-metals-delivers-313-million-tonnes-of-inferred-mineral-resources-at-0-33-n--3845a822-8c4b-4f8a-80b3-228281ce46fe#fact-resource-facts-2) Mangueiros Main · cobalt #### Identity - Project: Mangueiros Main - Commodity: cobalt - Region: brazil - Reported Region: Bahia State, Brazil - Ticker: BMT #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Eugene Puritch - Resource group id: resource:61acf82aaddbf7528577 - Deposit or zone: Mangueiros Main - Mining method: open\_pit - Material type: sulphide - Ownership percent: 100 % - Resource basis: gross #### Resource Data - Category: inferred - Tonnes: 313000000 - Grade: 0.015 - Grade Unit: % - Cutoff Grade: 0.09 - Cutoff Unit: % NiSEq #### Prior Estimate - Resource Date: 2026-04-22 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-08-10T00:00:00.000Z Reasoning: Initial Co grade reported for the maiden resource. - Positive factor: Cobalt credits included - Negative factor: Inferred category Evidence · table > 0.015 Context: 313 #### 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 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **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 **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 ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/bahia-metals-delivers-313-million-tonnes-of-inferred-mineral-resources-at-0-33-n--3845a822-8c4b-4f8a-80b3-228281ce46fe#fact-resource-facts-3) Mangueiros Main · copper #### Identity - Project: Mangueiros Main - Commodity: copper - Region: brazil - Reported Region: Bahia State, Brazil - Ticker: BMT #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Eugene Puritch - Resource group id: resource:e8afaad768e76dfebf72 - Deposit or zone: Mangueiros Main - Mining method: open\_pit - Material type: sulphide - Ownership percent: 100 % - Resource basis: gross #### Resource Data - Category: inferred - Tonnes: 313 - Grade: 0.13 - Grade Unit: % - Contained Metal: 411 - Contained Unit: kt - Cutoff Grade: 0.09 - Cutoff Unit: % NiSEq #### Prior Estimate - Resource Date: 2026-04-22 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-08-10T00:00:00.000Z Reasoning: Initial NiS grade reported for the maiden resource. \(Expanded from multi-commodity resource table for completeness.\) - Positive factor: Maiden resource - Negative factor: Inferred category Evidence · table > 0.13 Context: 313 #### 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 **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 ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/bahia-metals-delivers-313-million-tonnes-of-inferred-mineral-resources-at-0-33-n--3845a822-8c4b-4f8a-80b3-228281ce46fe#fact-resource-facts-4) Mangueiros Main · cobalt #### Identity - Project: Mangueiros Main - Commodity: cobalt - Region: brazil - Reported Region: Bahia State, Brazil - Ticker: BMT #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Eugene Puritch - Resource group id: resource:e8afaad768e76dfebf72 - Deposit or zone: Mangueiros Main - Mining method: open\_pit - Material type: sulphide - Ownership percent: 100 % - Resource basis: gross #### Resource Data - Category: inferred - Tonnes: 313 - Grade: 0.015 - Grade Unit: % - Contained Metal: 46 - Contained Unit: kt - Cutoff Grade: 0.09 - Cutoff Unit: % NiSEq #### Prior Estimate - Resource Date: 2026-04-22 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-08-10T00:00:00.000Z Reasoning: Initial NiS grade reported for the maiden resource. \(Expanded from multi-commodity resource table for completeness.\) - Positive factor: Maiden resource - Negative factor: Inferred category Evidence · table > 0.015 Context: 313 #### 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 **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.