Bravo Reports Results of Pre-Feasibility Study for its Luanga Project

Original announcement by cnw on

Company
Bravo Mining Corp.
Ticker
BRVO
Exchange
Unavailable
Region
Pará State, Brazil
Primary commodity
Palladium
Secondary commodities
Platinum, Rhodium, Gold, Nickel, Copper
Document categories
Resource update, Economic study, Metallurgy
Extracted
2026-09-22 09:36:27 UTC

Analysis by Minestarters Atlas

Minestarters Atlas analysis

Summary

Bravo Mining Corp. announced robust results from its Pre-Feasibility Study (PFS) for the Luanga Project, reporting a US$1.45 billion after-tax NPV8% and a 35.1% IRR for the Base Case. The study declares a maiden Mineral Reserve of 86.7 Mt at 2.77 g/t PdEq, based entirely on Measured and Indicated Resources. Improved metallurgical recoveries, particularly for gold and nickel, were achieved through Jameson Cell flotation technology, and the project benefits from vertical integration with an on-site smelter in a Brazilian Export Processing Zone (ZPE).

Reasoning: Bravo Mining's PFS for the Luanga Project demonstrates strong economics with a US$1.45 billion after-tax NPV8% and 35.1% IRR for the Base Case. The study declares a maiden Mineral Reserve and incorporates improved metallurgical recoveries. The vertically integrated approach with ZPE benefits is a key strategic advantage. While the strip ratio is high, the overall economic indicators are very positive, and the company is well-funded for the next development stages. The inclusion of Inferred Resources in the Opportunity Case is noted as speculative, but the Base Case is robust.

Positive factors

  • Robust economics with high NPV and IRR for the Base Case PFS.
  • Maiden Mineral Reserve declared, based solely on Measured and Indicated Resources.
  • Improved metallurgical recoveries for key metals, particularly gold and nickel, using Jameson Cell technology.
  • Vertically integrated operation with on-site smelter benefiting from ZPE fiscal incentives.
  • Strong cash position to fund future studies and development.

Negative factors

  • High strip ratio of 6.6:1 for the open pit.
  • Opportunity Case includes Inferred Resources, which are speculative and cannot support economic studies alone.
  • The 2025 MRE used for the PFS is based on an effective date of February 18, 2025, and does not include 22,100m of 2026 infill and expansion drilling.

Low confidence — this extraction should be reviewed alongside the original source.

Facts used in scoring: 29

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

Resource Updateneutral

Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: The source explicitly discloses a revised resource estimate

Evidence · text

“updated Mineral Resource”

Mill Routeneutral

Processing via mill or concentrator (CIL, CIP, tank leach, flotation).

Why it applies: the document describes a mill_cil route ("concentrator")

POX/BIOX Routeneutral

Pressure or bio-oxidation for refractory ore — high CAPEX and OPEX.

Why it applies: the document describes a pox_biox route ("roasting")

Extracted facts

Stored fact records: 25. Some facts used in scoring do not have a stored record.

Resource Estimates (25)

Fact 1Luanga · palladiumTonnes: 86700000Grade: 0.93Grade Unit: g/tContained Metal: 2603Contained Unit: kozView all details
Link to this fact

Identity

Project
Luanga
Commodity
palladium
Region
brazil
Reported Region
Pará State, Brazil
Ticker
BRVO

Resource scope

Estimate type
reserve
Effective date
2026-09-16T00:00:00.000Z
Reporting standards
ni_43_101
QP Signed
Yes
Qualified person names
Porfirio Cabaleiro Rodriguez
Resource group id
resource:2a606846c588830cd8af
Mining method
open_pit
Ownership percent
100 %

Resource Data

Tonnes
86700000
Grade
0.93
Grade Unit
g/t
Contained Metal
2603
Contained Unit
koz
Cutoff Grade
0.87
Cutoff Unit
g/t PdEq

Prior Estimate

Resource Date
2026-09-16

Metal Equivalent

Metal Eq. Grade
2.77
Metal Eq. Unit
g/t PdEq
Assumptions Disclosed
Yes

Review

Needs Review
No
Historical
No

Dates

Event date
2026-09-22T00:00:00.000Z

Reasoning: The total maiden Mineral Reserve for palladium is a significant positive, indicating substantial scale and good confidence in the project's economics and geology. The grade is strong.

Positive factors

  • Maiden Mineral Reserve declaration.
  • Total Reserves indicate significant scale.
  • Good grade for palladium.

Tags used in scoring

Maiden Resourceneutral

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 document states 'Maiden Mineral Reserve Declared'.

Evidence · text

“Maiden Mineral Reserve Declared”

QP/CP Signedpositive

Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.

Why it applies: The Mineral Reserve Estimates have been prepared by Mr. Porfirio Cabaleiro Rodriguez, B.Sc Min. Eng., FAIG, FAusIMM, director of GE21, an independent QP under NI43-101.

Evidence · text

“The Mineral Reserve Estimates have been prepared by Mr. Porfirio Cabaleiro Rodriguez, B.Sc Min. Eng., FAIG, FAusIMM, director of GE21, an independent QP under NI43-101.”

NI 43-101 Compliantpositive

Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.

Why it applies: Mineral Reserves are reported in accordance with the CIM Standards (2014) and Best Practices Guidelines (2019), as required by National Instrument 43-101 Standards of Disclosure for Mineral Projects (NI 43-101).

Evidence · text

“Mineral Reserves are reported in accordance with the CIM Standards (2014) and Best Practices Guidelines (2019), as required by National Instrument 43-101 Standards of Disclosure for Mineral Projects (NI 43-101).”

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

Resource Updateneutral

Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

PEA-Supportingneutral

Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.

Why it applies: the release names the study this estimate supports

PFS-Supportingneutral

Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.

Why it applies: the release names the study this estimate supports

DFS-Supportingneutral

Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.

Why it applies: the release names the study this estimate supports

Fact 2Luanga · platinumTonnes: 86700000Grade: 0.68Grade Unit: g/tContained Metal: 1908Contained Unit: kozView all details
Link to this fact

Identity

Project
Luanga
Commodity
platinum
Region
brazil
Reported Region
Pará State, Brazil
Ticker
BRVO

Resource scope

Estimate type
reserve
Effective date
2026-09-16T00:00:00.000Z
Reporting standards
ni_43_101
QP Signed
Yes
Qualified person names
Porfirio Cabaleiro Rodriguez
Resource group id
resource:2a606846c588830cd8af
Mining method
open_pit
Ownership percent
100 %

Resource Data

Tonnes
86700000
Grade
0.68
Grade Unit
g/t
Contained Metal
1908
Contained Unit
koz
Cutoff Grade
0.87
Cutoff Unit
g/t PdEq

Prior Estimate

Resource Date
2026-09-16

Metal Equivalent

Metal Eq. Grade
2.77
Metal Eq. Unit
g/t PdEq
Assumptions Disclosed
Yes

Review

Needs Review
No
Historical
No

Dates

Event date
2026-09-22T00:00:00.000Z

Reasoning: The total maiden Mineral Reserve for platinum is a significant positive, indicating substantial scale and good confidence in the project's economics and geology. The grade is strong.

Positive factors

  • Maiden Mineral Reserve declaration.
  • Total Reserves indicate significant scale.
  • Good grade for platinum.

Tags used in scoring

Maiden Resourceneutral

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 document states 'Maiden Mineral Reserve Declared'.

Evidence · text

“Maiden Mineral Reserve Declared”

QP/CP Signedpositive

Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.

Why it applies: The Mineral Reserve Estimates have been prepared by Mr. Porfirio Cabaleiro Rodriguez, B.Sc Min. Eng., FAIG, FAusIMM, director of GE21, an independent QP under NI43-101.

Evidence · text

“The Mineral Reserve Estimates have been prepared by Mr. Porfirio Cabaleiro Rodriguez, B.Sc Min. Eng., FAIG, FAusIMM, director of GE21, an independent QP under NI43-101.”

NI 43-101 Compliantpositive

Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.

Why it applies: Mineral Reserves are reported in accordance with the CIM Standards (2014) and Best Practices Guidelines (2019), as required by National Instrument 43-101 Standards of Disclosure for Mineral Projects (NI 43-101).

Evidence · text

“Mineral Reserves are reported in accordance with the CIM Standards (2014) and Best Practices Guidelines (2019), as required by National Instrument 43-101 Standards of Disclosure for Mineral Projects (NI 43-101).”

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

Resource Updateneutral

Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

PEA-Supportingneutral

Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.

Why it applies: the release names the study this estimate supports

PFS-Supportingneutral

Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.

Why it applies: the release names the study this estimate supports

DFS-Supportingneutral

Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.

Why it applies: the release names the study this estimate supports

Fact 3Luanga · rhodiumTonnes: 86700000Grade: 0.11Grade Unit: g/tContained Metal: 295Contained Unit: kozView all details
Link to this fact

Identity

Project
Luanga
Commodity
rhodium
Region
brazil
Reported Region
Pará State, Brazil
Ticker
BRVO

Resource scope

Estimate type
reserve
Effective date
2026-09-16T00:00:00.000Z
Reporting standards
ni_43_101
QP Signed
Yes
Qualified person names
Porfirio Cabaleiro Rodriguez
Resource group id
resource:2a606846c588830cd8af
Mining method
open_pit
Ownership percent
100 %

Resource Data

Tonnes
86700000
Grade
0.11
Grade Unit
g/t
Contained Metal
295
Contained Unit
koz
Cutoff Grade
0.87
Cutoff Unit
g/t PdEq

Prior Estimate

Resource Date
2026-09-16

Metal Equivalent

Metal Eq. Grade
2.77
Metal Eq. Unit
g/t PdEq
Assumptions Disclosed
Yes

Review

Needs Review
No
Historical
No

Dates

Event date
2026-09-22T00:00:00.000Z

Reasoning: The total maiden Mineral Reserve for rhodium is a significant positive, indicating substantial scale and good confidence in the project's economics and geology.

Positive factors

  • Maiden Mineral Reserve declaration.
  • Total Reserves indicate significant scale.

Tags used in scoring

Maiden Resourceneutral

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 document states 'Maiden Mineral Reserve Declared'.

Evidence · text

“Maiden Mineral Reserve Declared”

QP/CP Signedpositive

Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.

Why it applies: The Mineral Reserve Estimates have been prepared by Mr. Porfirio Cabaleiro Rodriguez, B.Sc Min. Eng., FAIG, FAusIMM, director of GE21, an independent QP under NI43-101.

Evidence · text

“The Mineral Reserve Estimates have been prepared by Mr. Porfirio Cabaleiro Rodriguez, B.Sc Min. Eng., FAIG, FAusIMM, director of GE21, an independent QP under NI43-101.”

NI 43-101 Compliantpositive

Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.

Why it applies: Mineral Reserves are reported in accordance with the CIM Standards (2014) and Best Practices Guidelines (2019), as required by National Instrument 43-101 Standards of Disclosure for Mineral Projects (NI 43-101).

Evidence · text

“Mineral Reserves are reported in accordance with the CIM Standards (2014) and Best Practices Guidelines (2019), as required by National Instrument 43-101 Standards of Disclosure for Mineral Projects (NI 43-101).”

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

Resource Updateneutral

Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

PEA-Supportingneutral

Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.

Why it applies: the release names the study this estimate supports

PFS-Supportingneutral

Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.

Why it applies: the release names the study this estimate supports

DFS-Supportingneutral

Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.

Why it applies: the release names the study this estimate supports

Fact 4Luanga · goldTonnes: 86700000Grade: 0.07Grade Unit: g/tContained Metal: 205Contained Unit: kozView all details
Link to this fact

Identity

Project
Luanga
Commodity
gold
Region
brazil
Reported Region
Pará State, Brazil
Ticker
BRVO

Resource scope

Estimate type
reserve
Effective date
2026-09-16T00:00:00.000Z
Reporting standards
ni_43_101
QP Signed
Yes
Qualified person names
Porfirio Cabaleiro Rodriguez
Resource group id
resource:2a606846c588830cd8af
Mining method
open_pit
Ownership percent
100 %

Resource Data

Tonnes
86700000
Grade
0.07
Grade Unit
g/t
Contained Metal
205
Contained Unit
koz
Cutoff Grade
0.87
Cutoff Unit
g/t PdEq

Prior Estimate

Resource Date
2026-09-16

Metal Equivalent

Metal Eq. Grade
2.77
Metal Eq. Unit
g/t PdEq
Assumptions Disclosed
Yes

Review

Needs Review
No
Historical
No

Dates

Event date
2026-09-22T00:00:00.000Z

Reasoning: The total maiden Mineral Reserve for gold is a significant positive, indicating substantial scale and good confidence in the project's economics and geology.

Positive factors

  • Maiden Mineral Reserve declaration.
  • Total Reserves indicate significant scale.

Tags used in scoring

Maiden Resourceneutral

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 document states 'Maiden Mineral Reserve Declared'.

Evidence · text

“Maiden Mineral Reserve Declared”

QP/CP Signedpositive

Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.

Why it applies: The Mineral Reserve Estimates have been prepared by Mr. Porfirio Cabaleiro Rodriguez, B.Sc Min. Eng., FAIG, FAusIMM, director of GE21, an independent QP under NI43-101.

Evidence · text

“The Mineral Reserve Estimates have been prepared by Mr. Porfirio Cabaleiro Rodriguez, B.Sc Min. Eng., FAIG, FAusIMM, director of GE21, an independent QP under NI43-101.”

NI 43-101 Compliantpositive

Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.

Why it applies: Mineral Reserves are reported in accordance with the CIM Standards (2014) and Best Practices Guidelines (2019), as required by National Instrument 43-101 Standards of Disclosure for Mineral Projects (NI 43-101).

Evidence · text

“Mineral Reserves are reported in accordance with the CIM Standards (2014) and Best Practices Guidelines (2019), as required by National Instrument 43-101 Standards of Disclosure for Mineral Projects (NI 43-101).”

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

Resource Updateneutral

Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

PEA-Supportingneutral

Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.

Why it applies: the release names the study this estimate supports

PFS-Supportingneutral

Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.

Why it applies: the release names the study this estimate supports

DFS-Supportingneutral

Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.

Why it applies: the release names the study this estimate supports

Fact 5Luanga · nickelTonnes: 86700000Grade: 0.1781Grade Unit: %Contained Metal: 154476Contained Unit: tView all details
Link to this fact

Identity

Project
Luanga
Commodity
nickel
Region
brazil
Reported Region
Pará State, Brazil
Ticker
BRVO

Resource scope

Estimate type
reserve
Effective date
2026-09-16T00:00:00.000Z
Reporting standards
ni_43_101
QP Signed
Yes
Qualified person names
Porfirio Cabaleiro Rodriguez
Resource group id
resource:2a606846c588830cd8af
Mining method
open_pit
Ownership percent
100 %

Resource Data

Tonnes
86700000
Grade
0.1781
Grade Unit
%
Contained Metal
154476
Contained Unit
t
Cutoff Grade
0.87
Cutoff Unit
g/t PdEq

Prior Estimate

Resource Date
2026-09-16

Metal Equivalent

Metal Eq. Grade
2.77
Metal Eq. Unit
g/t PdEq
Assumptions Disclosed
Yes

Review

Needs Review
No
Historical
No

Dates

Event date
2026-09-22T00:00:00.000Z

Reasoning: The total maiden Mineral Reserve for nickel is a significant positive, indicating substantial scale and good confidence in the project's economics and geology.

Positive factors

  • Maiden Mineral Reserve declaration.
  • Total Reserves indicate significant scale.

Tags used in scoring

Maiden Resourceneutral

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 document states 'Maiden Mineral Reserve Declared'.

Evidence · text

“Maiden Mineral Reserve Declared”

QP/CP Signedpositive

Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.

Why it applies: The Mineral Reserve Estimates have been prepared by Mr. Porfirio Cabaleiro Rodriguez, B.Sc Min. Eng., FAIG, FAusIMM, director of GE21, an independent QP under NI43-101.

Evidence · text

“The Mineral Reserve Estimates have been prepared by Mr. Porfirio Cabaleiro Rodriguez, B.Sc Min. Eng., FAIG, FAusIMM, director of GE21, an independent QP under NI43-101.”

NI 43-101 Compliantpositive

Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.

Why it applies: Mineral Reserves are reported in accordance with the CIM Standards (2014) and Best Practices Guidelines (2019), as required by National Instrument 43-101 Standards of Disclosure for Mineral Projects (NI 43-101).

Evidence · text

“Mineral Reserves are reported in accordance with the CIM Standards (2014) and Best Practices Guidelines (2019), as required by National Instrument 43-101 Standards of Disclosure for Mineral Projects (NI 43-101).”

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

Resource Updateneutral

Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

PEA-Supportingneutral

Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.

Why it applies: the release names the study this estimate supports

PFS-Supportingneutral

Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.

Why it applies: the release names the study this estimate supports

DFS-Supportingneutral

Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.

Why it applies: the release names the study this estimate supports

provenLuanga · palladiumTonnes: 17.7Grade: 0.95Grade Unit: g/tContained Metal: 541Contained Unit: ozView all details
Link to this fact

Identity

Project
Luanga
Commodity
palladium
Region
brazil
Reported Region
Pará State, Brazil
Ticker
BRVO

Resource scope

Estimate type
reserve
Effective date
2026-09-16T00:00:00.000Z
Reporting standards
ni_43_101, sec_sk1300
QP Signed
Yes
Qualified person names
Porfirio Cabaleiro Rodriguez
Resource group id
resource:ff462591f6a12ce5196a
Mining method
open_pit
Ownership percent
100 %

Resource Data

Category
proven
Tonnes
17.7
Grade
0.95
Grade Unit
g/t
Contained Metal
541
Contained Unit
oz
Cutoff Grade
0.87
Cutoff Unit
g/t PdEq

Prior Estimate

Resource Date
2026-09-16

Metal Equivalent

Metal Eq. Grade
2.99
Metal Eq. Unit
g/t PdEq
Assumptions Disclosed
Yes

Review

Needs Review
No
Historical
No

Dates

Event date
2026-09-22T00:00:00.000Z

Reasoning: The declaration of a maiden Proven Mineral Reserve for palladium is a significant positive, indicating high confidence in the project's economics and geology. The grade is strong. (Expanded from multi-commodity resource table for completeness.)

Positive factors

  • Maiden Mineral Reserve declaration.
  • Proven category indicates high confidence.
  • Good grade for palladium.

Evidence · table

“0.95”

Context: 17.7

Tags used in scoring

Proven Reservepositive

Measured Resource with demonstrated economic viability after applying modifying factors.

Why it applies: category is "proven"

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

Resource Updateneutral

Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

PEA-Supportingneutral

Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.

Why it applies: the release names the study this estimate supports

PFS-Supportingneutral

Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.

Why it applies: the release names the study this estimate supports

DFS-Supportingneutral

Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.

Why it applies: the release names the study this estimate supports

provenLuanga · platinumTonnes: 17.7Grade: 0.82Grade Unit: g/tContained Metal: 466Contained Unit: ozView all details
Link to this fact

Identity

Project
Luanga
Commodity
platinum
Region
brazil
Reported Region
Pará State, Brazil
Ticker
BRVO

Resource scope

Estimate type
reserve
Effective date
2026-09-16T00:00:00.000Z
Reporting standards
ni_43_101, sec_sk1300
QP Signed
Yes
Qualified person names
Porfirio Cabaleiro Rodriguez
Resource group id
resource:ff462591f6a12ce5196a
Mining method
open_pit
Ownership percent
100 %

Resource Data

Category
proven
Tonnes
17.7
Grade
0.82
Grade Unit
g/t
Contained Metal
466
Contained Unit
oz
Cutoff Grade
0.87
Cutoff Unit
g/t PdEq

Prior Estimate

Resource Date
2026-09-16

Metal Equivalent

Metal Eq. Grade
2.99
Metal Eq. Unit
g/t PdEq
Assumptions Disclosed
Yes

Review

Needs Review
No
Historical
No

Dates

Event date
2026-09-22T00:00:00.000Z

Reasoning: The declaration of a maiden Proven Mineral Reserve for palladium is a significant positive, indicating high confidence in the project's economics and geology. The grade is strong. (Expanded from multi-commodity resource table for completeness.)

Positive factors

  • Maiden Mineral Reserve declaration.
  • Proven category indicates high confidence.
  • Good grade for palladium.

Evidence · table

“0.82”

Context: 17.7

Tags used in scoring

Proven Reservepositive

Measured Resource with demonstrated economic viability after applying modifying factors.

Why it applies: category is "proven"

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

Resource Updateneutral

Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

PEA-Supportingneutral

Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.

Why it applies: the release names the study this estimate supports

PFS-Supportingneutral

Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.

Why it applies: the release names the study this estimate supports

DFS-Supportingneutral

Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.

Why it applies: the release names the study this estimate supports

provenLuanga · goldTonnes: 17.7Grade: 0.08Grade Unit: g/tContained Metal: 44Contained Unit: ozView all details
Link to this fact

Identity

Project
Luanga
Commodity
gold
Region
brazil
Reported Region
Pará State, Brazil
Ticker
BRVO

Resource scope

Estimate type
reserve
Effective date
2026-09-16T00:00:00.000Z
Reporting standards
ni_43_101, sec_sk1300
QP Signed
Yes
Qualified person names
Porfirio Cabaleiro Rodriguez
Resource group id
resource:ff462591f6a12ce5196a
Mining method
open_pit
Ownership percent
100 %

Resource Data

Category
proven
Tonnes
17.7
Grade
0.08
Grade Unit
g/t
Contained Metal
44
Contained Unit
oz
Cutoff Grade
0.87
Cutoff Unit
g/t PdEq

Prior Estimate

Resource Date
2026-09-16

Metal Equivalent

Metal Eq. Grade
2.99
Metal Eq. Unit
g/t PdEq
Assumptions Disclosed
Yes

Review

Needs Review
No
Historical
No

Dates

Event date
2026-09-22T00:00:00.000Z

Reasoning: The declaration of a maiden Proven Mineral Reserve for palladium is a significant positive, indicating high confidence in the project's economics and geology. The grade is strong. (Expanded from multi-commodity resource table for completeness.)

Positive factors

  • Maiden Mineral Reserve declaration.
  • Proven category indicates high confidence.
  • Good grade for palladium.

Evidence · table

“0.08”

Context: 17.7

Tags used in scoring

Proven Reservepositive

Measured Resource with demonstrated economic viability after applying modifying factors.

Why it applies: category is "proven"

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

Resource Updateneutral

Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

PEA-Supportingneutral

Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.

Why it applies: the release names the study this estimate supports

PFS-Supportingneutral

Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.

Why it applies: the release names the study this estimate supports

DFS-Supportingneutral

Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.

Why it applies: the release names the study this estimate supports

provenLuanga · nickelTonnes: 17.7Grade: 0.1765Grade Unit: %View all details
Link to this fact

Identity

Project
Luanga
Commodity
nickel
Region
brazil
Reported Region
Pará State, Brazil
Ticker
BRVO

Resource scope

Estimate type
reserve
Effective date
2026-09-16T00:00:00.000Z
Reporting standards
ni_43_101, sec_sk1300
QP Signed
Yes
Qualified person names
Porfirio Cabaleiro Rodriguez
Resource group id
resource:ff462591f6a12ce5196a
Mining method
open_pit
Ownership percent
100 %

Resource Data

Category
proven
Tonnes
17.7
Grade
0.1765
Grade Unit
%
Cutoff Grade
0.87
Cutoff Unit
g/t PdEq

Prior Estimate

Resource Date
2026-09-16

Metal Equivalent

Metal Eq. Grade
2.99
Metal Eq. Unit
g/t PdEq
Assumptions Disclosed
Yes

Review

Needs Review
No
Historical
No

Dates

Event date
2026-09-22T00:00:00.000Z

Reasoning: The declaration of a maiden Proven Mineral Reserve for palladium is a significant positive, indicating high confidence in the project's economics and geology. The grade is strong. (Expanded from multi-commodity resource table for completeness.)

Positive factors

  • Maiden Mineral Reserve declaration.
  • Proven category indicates high confidence.
  • Good grade for palladium.

Evidence · table

“0.1765”

Context: 17.7

Tags used in scoring

Proven Reservepositive

Measured Resource with demonstrated economic viability after applying modifying factors.

Why it applies: category is "proven"

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

No Contained Metalnegative

Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained_metal was not reported

Resource Updateneutral

Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

PEA-Supportingneutral

Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.

Why it applies: the release names the study this estimate supports

PFS-Supportingneutral

Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.

Why it applies: the release names the study this estimate supports

DFS-Supportingneutral

Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.

Why it applies: the release names the study this estimate supports

probableLuanga · palladiumTonnes: 69Grade: 0.93Grade Unit: g/tContained Metal: 2062Contained Unit: ozView all details
Link to this fact

Identity

Project
Luanga
Commodity
palladium
Region
brazil
Reported Region
Pará State, Brazil
Ticker
BRVO

Resource scope

Estimate type
reserve
Effective date
2026-09-16T00:00:00.000Z
Reporting standards
ni_43_101, sec_sk1300
QP Signed
Yes
Qualified person names
Porfirio Cabaleiro Rodriguez
Resource group id
resource:67b1cb25b156bdc5b82f
Mining method
open_pit
Ownership percent
100 %

Resource Data

Category
probable
Tonnes
69
Grade
0.93
Grade Unit
g/t
Contained Metal
2062
Contained Unit
oz
Cutoff Grade
0.87
Cutoff Unit
g/t PdEq

Prior Estimate

Resource Date
2026-09-16

Metal Equivalent

Metal Eq. Grade
2.72
Metal Eq. Unit
g/t PdEq
Assumptions Disclosed
Yes

Review

Needs Review
No
Historical
No

Dates

Event date
2026-09-22T00:00:00.000Z

Reasoning: The declaration of a maiden Probable Mineral Reserve for palladium is a significant positive, indicating good confidence in the project's economics and geology. The grade is strong. (Expanded from multi-commodity resource table for completeness.)

Positive factors

  • Maiden Mineral Reserve declaration.
  • Probable category indicates good confidence.
  • Good grade for palladium.

Evidence · table

“0.93”

Context: 69.0

Tags used in scoring

Probable Reservepositive

Indicated Resource with demonstrated economic viability after applying modifying factors.

Why it applies: category is "probable"

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

Resource Updateneutral

Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

PEA-Supportingneutral

Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.

Why it applies: the release names the study this estimate supports

PFS-Supportingneutral

Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.

Why it applies: the release names the study this estimate supports

DFS-Supportingneutral

Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.

Why it applies: the release names the study this estimate supports

probableLuanga · platinumTonnes: 69Grade: 0.65Grade Unit: g/tContained Metal: 1442Contained Unit: ozView all details
Link to this fact

Identity

Project
Luanga
Commodity
platinum
Region
brazil
Reported Region
Pará State, Brazil
Ticker
BRVO

Resource scope

Estimate type
reserve
Effective date
2026-09-16T00:00:00.000Z
Reporting standards
ni_43_101, sec_sk1300
QP Signed
Yes
Qualified person names
Porfirio Cabaleiro Rodriguez
Resource group id
resource:67b1cb25b156bdc5b82f
Mining method
open_pit
Ownership percent
100 %

Resource Data

Category
probable
Tonnes
69
Grade
0.65
Grade Unit
g/t
Contained Metal
1442
Contained Unit
oz
Cutoff Grade
0.87
Cutoff Unit
g/t PdEq

Prior Estimate

Resource Date
2026-09-16

Metal Equivalent

Metal Eq. Grade
2.72
Metal Eq. Unit
g/t PdEq
Assumptions Disclosed
Yes

Review

Needs Review
No
Historical
No

Dates

Event date
2026-09-22T00:00:00.000Z

Reasoning: The declaration of a maiden Probable Mineral Reserve for palladium is a significant positive, indicating good confidence in the project's economics and geology. The grade is strong. (Expanded from multi-commodity resource table for completeness.)

Positive factors

  • Maiden Mineral Reserve declaration.
  • Probable category indicates good confidence.
  • Good grade for palladium.

Evidence · table

“0.65”

Context: 69.0

Tags used in scoring

Probable Reservepositive

Indicated Resource with demonstrated economic viability after applying modifying factors.

Why it applies: category is "probable"

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

Resource Updateneutral

Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

PEA-Supportingneutral

Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.

Why it applies: the release names the study this estimate supports

PFS-Supportingneutral

Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.

Why it applies: the release names the study this estimate supports

DFS-Supportingneutral

Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.

Why it applies: the release names the study this estimate supports

probableLuanga · goldTonnes: 69Grade: 0.07Grade Unit: g/tContained Metal: 161Contained Unit: ozView all details
Link to this fact

Identity

Project
Luanga
Commodity
gold
Region
brazil
Reported Region
Pará State, Brazil
Ticker
BRVO

Resource scope

Estimate type
reserve
Effective date
2026-09-16T00:00:00.000Z
Reporting standards
ni_43_101, sec_sk1300
QP Signed
Yes
Qualified person names
Porfirio Cabaleiro Rodriguez
Resource group id
resource:67b1cb25b156bdc5b82f
Mining method
open_pit
Ownership percent
100 %

Resource Data

Category
probable
Tonnes
69
Grade
0.07
Grade Unit
g/t
Contained Metal
161
Contained Unit
oz
Cutoff Grade
0.87
Cutoff Unit
g/t PdEq

Prior Estimate

Resource Date
2026-09-16

Metal Equivalent

Metal Eq. Grade
2.72
Metal Eq. Unit
g/t PdEq
Assumptions Disclosed
Yes

Review

Needs Review
No
Historical
No

Dates

Event date
2026-09-22T00:00:00.000Z

Reasoning: The declaration of a maiden Probable Mineral Reserve for palladium is a significant positive, indicating good confidence in the project's economics and geology. The grade is strong. (Expanded from multi-commodity resource table for completeness.)

Positive factors

  • Maiden Mineral Reserve declaration.
  • Probable category indicates good confidence.
  • Good grade for palladium.

Evidence · table

“0.07”

Context: 69.0

Tags used in scoring

Probable Reservepositive

Indicated Resource with demonstrated economic viability after applying modifying factors.

Why it applies: category is "probable"

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

Resource Updateneutral

Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

PEA-Supportingneutral

Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.

Why it applies: the release names the study this estimate supports

PFS-Supportingneutral

Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.

Why it applies: the release names the study this estimate supports

DFS-Supportingneutral

Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.

Why it applies: the release names the study this estimate supports

probableLuanga · nickelTonnes: 69Grade: 0.1786Grade Unit: %View all details
Link to this fact

Identity

Project
Luanga
Commodity
nickel
Region
brazil
Reported Region
Pará State, Brazil
Ticker
BRVO

Resource scope

Estimate type
reserve
Effective date
2026-09-16T00:00:00.000Z
Reporting standards
ni_43_101, sec_sk1300
QP Signed
Yes
Qualified person names
Porfirio Cabaleiro Rodriguez
Resource group id
resource:67b1cb25b156bdc5b82f
Mining method
open_pit
Ownership percent
100 %

Resource Data

Category
probable
Tonnes
69
Grade
0.1786
Grade Unit
%
Cutoff Grade
0.87
Cutoff Unit
g/t PdEq

Prior Estimate

Resource Date
2026-09-16

Metal Equivalent

Metal Eq. Grade
2.72
Metal Eq. Unit
g/t PdEq
Assumptions Disclosed
Yes

Review

Needs Review
No
Historical
No

Dates

Event date
2026-09-22T00:00:00.000Z

Reasoning: The declaration of a maiden Probable Mineral Reserve for palladium is a significant positive, indicating good confidence in the project's economics and geology. The grade is strong. (Expanded from multi-commodity resource table for completeness.)

Positive factors

  • Maiden Mineral Reserve declaration.
  • Probable category indicates good confidence.
  • Good grade for palladium.

Evidence · table

“0.1786”

Context: 69.0

Tags used in scoring

Probable Reservepositive

Indicated Resource with demonstrated economic viability after applying modifying factors.

Why it applies: category is "probable"

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

No Contained Metalnegative

Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained_metal was not reported

Resource Updateneutral

Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

PEA-Supportingneutral

Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.

Why it applies: the release names the study this estimate supports

PFS-Supportingneutral

Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.

Why it applies: the release names the study this estimate supports

DFS-Supportingneutral

Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.

Why it applies: the release names the study this estimate supports

probableLuanga · palladiumTonnes: 86.7Grade: 0.93Grade Unit: g/tContained Metal: 2603Contained Unit: ozView all details
Link to this fact

Identity

Project
Luanga
Commodity
palladium
Region
brazil
Reported Region
Pará State, Brazil
Ticker
BRVO

Resource scope

Estimate type
reserve
Effective date
2026-09-16T00:00:00.000Z
Reporting standards
ni_43_101, sec_sk1300
QP Signed
Yes
Qualified person names
Porfirio Cabaleiro Rodriguez
Resource group id
resource:ed1f043a81e1a8b657d8
Mining method
open_pit
Ownership percent
100 %

Resource Data

Category
probable
Tonnes
86.7
Grade
0.93
Grade Unit
g/t
Contained Metal
2603
Contained Unit
oz
Cutoff Grade
0.87
Cutoff Unit
g/t PdEq

Prior Estimate

Resource Date
2026-09-16

Metal Equivalent

Metal Eq. Grade
2.72
Metal Eq. Unit
g/t PdEq
Assumptions Disclosed
Yes

Review

Needs Review
No
Historical
No

Dates

Event date
2026-09-22T00:00:00.000Z

Reasoning: The declaration of a maiden Probable Mineral Reserve for palladium is a significant positive, indicating good confidence in the project's economics and geology. The grade is strong. (Expanded from multi-commodity resource table for completeness.)

Positive factors

  • Maiden Mineral Reserve declaration.
  • Probable category indicates good confidence.
  • Good grade for palladium.

Evidence · table

“0.93”

Context: 86.7

Tags used in scoring

Probable Reservepositive

Indicated Resource with demonstrated economic viability after applying modifying factors.

Why it applies: category is "probable"

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

Resource Updateneutral

Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

PEA-Supportingneutral

Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.

Why it applies: the release names the study this estimate supports

PFS-Supportingneutral

Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.

Why it applies: the release names the study this estimate supports

DFS-Supportingneutral

Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.

Why it applies: the release names the study this estimate supports

probableLuanga · platinumTonnes: 86.7Grade: 0.68Grade Unit: g/tContained Metal: 1908Contained Unit: ozView all details
Link to this fact

Identity

Project
Luanga
Commodity
platinum
Region
brazil
Reported Region
Pará State, Brazil
Ticker
BRVO

Resource scope

Estimate type
reserve
Effective date
2026-09-16T00:00:00.000Z
Reporting standards
ni_43_101, sec_sk1300
QP Signed
Yes
Qualified person names
Porfirio Cabaleiro Rodriguez
Resource group id
resource:ed1f043a81e1a8b657d8
Mining method
open_pit
Ownership percent
100 %

Resource Data

Category
probable
Tonnes
86.7
Grade
0.68
Grade Unit
g/t
Contained Metal
1908
Contained Unit
oz
Cutoff Grade
0.87
Cutoff Unit
g/t PdEq

Prior Estimate

Resource Date
2026-09-16

Metal Equivalent

Metal Eq. Grade
2.72
Metal Eq. Unit
g/t PdEq
Assumptions Disclosed
Yes

Review

Needs Review
No
Historical
No

Dates

Event date
2026-09-22T00:00:00.000Z

Reasoning: The declaration of a maiden Probable Mineral Reserve for palladium is a significant positive, indicating good confidence in the project's economics and geology. The grade is strong. (Expanded from multi-commodity resource table for completeness.)

Positive factors

  • Maiden Mineral Reserve declaration.
  • Probable category indicates good confidence.
  • Good grade for palladium.

Evidence · table

“0.68”

Context: 86.7

Tags used in scoring

Probable Reservepositive

Indicated Resource with demonstrated economic viability after applying modifying factors.

Why it applies: category is "probable"

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

Resource Updateneutral

Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

PEA-Supportingneutral

Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.

Why it applies: the release names the study this estimate supports

PFS-Supportingneutral

Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.

Why it applies: the release names the study this estimate supports

DFS-Supportingneutral

Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.

Why it applies: the release names the study this estimate supports

probableLuanga · goldTonnes: 86.7Grade: 0.07Grade Unit: g/tContained Metal: 205Contained Unit: ozView all details
Link to this fact

Identity

Project
Luanga
Commodity
gold
Region
brazil
Reported Region
Pará State, Brazil
Ticker
BRVO

Resource scope

Estimate type
reserve
Effective date
2026-09-16T00:00:00.000Z
Reporting standards
ni_43_101, sec_sk1300
QP Signed
Yes
Qualified person names
Porfirio Cabaleiro Rodriguez
Resource group id
resource:ed1f043a81e1a8b657d8
Mining method
open_pit
Ownership percent
100 %

Resource Data

Category
probable
Tonnes
86.7
Grade
0.07
Grade Unit
g/t
Contained Metal
205
Contained Unit
oz
Cutoff Grade
0.87
Cutoff Unit
g/t PdEq

Prior Estimate

Resource Date
2026-09-16

Metal Equivalent

Metal Eq. Grade
2.72
Metal Eq. Unit
g/t PdEq
Assumptions Disclosed
Yes

Review

Needs Review
No
Historical
No

Dates

Event date
2026-09-22T00:00:00.000Z

Reasoning: The declaration of a maiden Probable Mineral Reserve for palladium is a significant positive, indicating good confidence in the project's economics and geology. The grade is strong. (Expanded from multi-commodity resource table for completeness.)

Positive factors

  • Maiden Mineral Reserve declaration.
  • Probable category indicates good confidence.
  • Good grade for palladium.

Evidence · table

“0.07”

Context: 86.7

Tags used in scoring

Probable Reservepositive

Indicated Resource with demonstrated economic viability after applying modifying factors.

Why it applies: category is "probable"

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

Resource Updateneutral

Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

PEA-Supportingneutral

Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.

Why it applies: the release names the study this estimate supports

PFS-Supportingneutral

Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.

Why it applies: the release names the study this estimate supports

DFS-Supportingneutral

Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.

Why it applies: the release names the study this estimate supports

probableLuanga · nickelTonnes: 86.7Grade: 0.1781Grade Unit: %View all details
Link to this fact

Identity

Project
Luanga
Commodity
nickel
Region
brazil
Reported Region
Pará State, Brazil
Ticker
BRVO

Resource scope

Estimate type
reserve
Effective date
2026-09-16T00:00:00.000Z
Reporting standards
ni_43_101, sec_sk1300
QP Signed
Yes
Qualified person names
Porfirio Cabaleiro Rodriguez
Resource group id
resource:ed1f043a81e1a8b657d8
Mining method
open_pit
Ownership percent
100 %

Resource Data

Category
probable
Tonnes
86.7
Grade
0.1781
Grade Unit
%
Cutoff Grade
0.87
Cutoff Unit
g/t PdEq

Prior Estimate

Resource Date
2026-09-16

Metal Equivalent

Metal Eq. Grade
2.72
Metal Eq. Unit
g/t PdEq
Assumptions Disclosed
Yes

Review

Needs Review
No
Historical
No

Dates

Event date
2026-09-22T00:00:00.000Z

Reasoning: The declaration of a maiden Probable Mineral Reserve for palladium is a significant positive, indicating good confidence in the project's economics and geology. The grade is strong. (Expanded from multi-commodity resource table for completeness.)

Positive factors

  • Maiden Mineral Reserve declaration.
  • Probable category indicates good confidence.
  • Good grade for palladium.

Evidence · table

“0.1781”

Context: 86.7

Tags used in scoring

Probable Reservepositive

Indicated Resource with demonstrated economic viability after applying modifying factors.

Why it applies: category is "probable"

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

No Contained Metalnegative

Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained_metal was not reported

Resource Updateneutral

Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

PEA-Supportingneutral

Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.

Why it applies: the release names the study this estimate supports

PFS-Supportingneutral

Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.

Why it applies: the release names the study this estimate supports

DFS-Supportingneutral

Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.

Why it applies: the release names the study this estimate supports

indicatedLuanga · palladiumTonnes: 158000000Grade: 0.98Grade Unit: g/tContained Metal: 4998Contained Unit: ozView all details
Link to this fact

Identity

Project
Luanga
Commodity
palladium
Region
brazil
Reported Region
Pará State, Brazil
Ticker
BRVO

Resource scope

Estimate type
resource
Effective date
2025-02-18T00:00:00.000Z
Reporting standards
ni_43_101, sec_sk1300
QP Signed
Yes
Qualified person names
Bernardo Horta de Cerqueira Viana, Porfírio Cabaleiro Rodriguez
Resource group id
resource:f10664b3beb2e1148610
Mining method
open_pit
Ownership percent
100 %

Resource Data

Category
indicated
Tonnes
158000000
Grade
0.98
Grade Unit
g/t
Contained Metal
4998
Contained Unit
oz
Cutoff Grade
0.87
Cutoff Unit
g/t PdEq

Prior Estimate

Resource Date
2025-02-18

Metal Equivalent

Metal Eq. Grade
1.51
Metal Eq. Unit
g/t PdEq
Assumptions Disclosed
Yes

Review

Needs Review
No
Historical
No

Dates

Event date
2026-09-22T00:00:00.000Z

Reasoning: The Indicated Resource for palladium in oxide material indicates good confidence, but this material is currently excluded from the PFS mine plan, limiting its immediate economic impact. (Expanded from multi-commodity resource table for completeness.)

Positive factors

  • Indicated category indicates good confidence.
  • Good grade for palladium in oxide material.

Negative factors

  • Oxide material is not contemplated for processing in the PFS Base Case.

Evidence · table

“0.98”

Context: 158

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

Resource Updateneutral

Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

PEA-Supportingneutral

Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.

Why it applies: the release names the study this estimate supports

PFS-Supportingneutral

Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.

Why it applies: the release names the study this estimate supports

DFS-Supportingneutral

Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.

Why it applies: the release names the study this estimate supports

indicatedLuanga · platinumTonnes: 158000000Grade: 0.62Grade Unit: g/tContained Metal: 3135Contained Unit: ozView all details
Link to this fact

Identity

Project
Luanga
Commodity
platinum
Region
brazil
Reported Region
Pará State, Brazil
Ticker
BRVO

Resource scope

Estimate type
resource
Effective date
2025-02-18T00:00:00.000Z
Reporting standards
ni_43_101, sec_sk1300
QP Signed
Yes
Qualified person names
Bernardo Horta de Cerqueira Viana, Porfírio Cabaleiro Rodriguez
Resource group id
resource:f10664b3beb2e1148610
Mining method
open_pit
Ownership percent
100 %

Resource Data

Category
indicated
Tonnes
158000000
Grade
0.62
Grade Unit
g/t
Contained Metal
3135
Contained Unit
oz
Cutoff Grade
0.87
Cutoff Unit
g/t PdEq

Prior Estimate

Resource Date
2025-02-18

Metal Equivalent

Metal Eq. Grade
1.51
Metal Eq. Unit
g/t PdEq
Assumptions Disclosed
Yes

Review

Needs Review
No
Historical
No

Dates

Event date
2026-09-22T00:00:00.000Z

Reasoning: The Indicated Resource for palladium in oxide material indicates good confidence, but this material is currently excluded from the PFS mine plan, limiting its immediate economic impact. (Expanded from multi-commodity resource table for completeness.)

Positive factors

  • Indicated category indicates good confidence.
  • Good grade for palladium in oxide material.

Negative factors

  • Oxide material is not contemplated for processing in the PFS Base Case.

Evidence · table

“0.62”

Context: 158

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

Resource Updateneutral

Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

PEA-Supportingneutral

Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.

Why it applies: the release names the study this estimate supports

PFS-Supportingneutral

Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.

Why it applies: the release names the study this estimate supports

DFS-Supportingneutral

Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.

Why it applies: the release names the study this estimate supports

indicatedLuanga · goldTonnes: 158000000Grade: 0.05Grade Unit: g/tContained Metal: 262Contained Unit: ozView all details
Link to this fact

Identity

Project
Luanga
Commodity
gold
Region
brazil
Reported Region
Pará State, Brazil
Ticker
BRVO

Resource scope

Estimate type
resource
Effective date
2025-02-18T00:00:00.000Z
Reporting standards
ni_43_101, sec_sk1300
QP Signed
Yes
Qualified person names
Bernardo Horta de Cerqueira Viana, Porfírio Cabaleiro Rodriguez
Resource group id
resource:f10664b3beb2e1148610
Mining method
open_pit
Ownership percent
100 %

Resource Data

Category
indicated
Tonnes
158000000
Grade
0.05
Grade Unit
g/t
Contained Metal
262
Contained Unit
oz
Cutoff Grade
0.87
Cutoff Unit
g/t PdEq

Prior Estimate

Resource Date
2025-02-18

Metal Equivalent

Metal Eq. Grade
1.51
Metal Eq. Unit
g/t PdEq
Assumptions Disclosed
Yes

Review

Needs Review
No
Historical
No

Dates

Event date
2026-09-22T00:00:00.000Z

Reasoning: The Indicated Resource for palladium in oxide material indicates good confidence, but this material is currently excluded from the PFS mine plan, limiting its immediate economic impact. (Expanded from multi-commodity resource table for completeness.)

Positive factors

  • Indicated category indicates good confidence.
  • Good grade for palladium in oxide material.

Negative factors

  • Oxide material is not contemplated for processing in the PFS Base Case.

Evidence · table

“0.05”

Context: 158

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

Resource Updateneutral

Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

PEA-Supportingneutral

Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.

Why it applies: the release names the study this estimate supports

PFS-Supportingneutral

Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.

Why it applies: the release names the study this estimate supports

DFS-Supportingneutral

Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.

Why it applies: the release names the study this estimate supports

indicatedLuanga · nickelTonnes: 158000000Grade: 0.12Grade Unit: %View all details
Link to this fact

Identity

Project
Luanga
Commodity
nickel
Region
brazil
Reported Region
Pará State, Brazil
Ticker
BRVO

Resource scope

Estimate type
resource
Effective date
2025-02-18T00:00:00.000Z
Reporting standards
ni_43_101, sec_sk1300
QP Signed
Yes
Qualified person names
Bernardo Horta de Cerqueira Viana, Porfírio Cabaleiro Rodriguez
Resource group id
resource:f10664b3beb2e1148610
Mining method
open_pit
Ownership percent
100 %

Resource Data

Category
indicated
Tonnes
158000000
Grade
0.12
Grade Unit
%
Cutoff Grade
0.87
Cutoff Unit
g/t PdEq

Prior Estimate

Resource Date
2025-02-18

Metal Equivalent

Metal Eq. Grade
1.51
Metal Eq. Unit
g/t PdEq
Assumptions Disclosed
Yes

Review

Needs Review
No
Historical
No

Dates

Event date
2026-09-22T00:00:00.000Z

Reasoning: The Indicated Resource for palladium in oxide material indicates good confidence, but this material is currently excluded from the PFS mine plan, limiting its immediate economic impact. (Expanded from multi-commodity resource table for completeness.)

Positive factors

  • Indicated category indicates good confidence.
  • Good grade for palladium in oxide material.

Negative factors

  • Oxide material is not contemplated for processing in the PFS Base Case.

Evidence · table

“0.12”

Context: 158

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

No Contained Metalnegative

Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained_metal was not reported

Resource Updateneutral

Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

PEA-Supportingneutral

Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.

Why it applies: the release names the study this estimate supports

PFS-Supportingneutral

Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.

Why it applies: the release names the study this estimate supports

DFS-Supportingneutral

Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.

Why it applies: the release names the study this estimate supports

inferredLuanga · palladiumTonnes: 78000000Grade: 0.97Grade Unit: g/tContained Metal: 2421Contained Unit: ozView all details
Link to this fact

Identity

Project
Luanga
Commodity
palladium
Ticker
BRVO

Resource scope

Estimate type
resource
Reporting standards
ni_43_101, sec_sk1300
Resource group id
resource:e33ac9a77c56af930e38
Mining method
open_pit
Ownership percent
100 %

Resource Data

Category
inferred
Tonnes
78000000
Grade
0.97
Grade Unit
g/t
Contained Metal
2421
Contained Unit
oz
Cutoff Grade
0.87
Cutoff Unit
g/t PdEq

Review

Needs Review
No
Historical
No

Dates

Event date
2026-09-22T00:00:00.000Z

Reasoning: Expanded from multi-commodity resource table for completeness.

Negative factors

  • Fact expanded from resource table columns (model omitted this commodity).

Evidence · table

“0.97”

Context: 78

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

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

Resource Updateneutral

Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

PEA-Supportingneutral

Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.

Why it applies: the release names the study this estimate supports

PFS-Supportingneutral

Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.

Why it applies: the release names the study this estimate supports

DFS-Supportingneutral

Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.

Why it applies: the release names the study this estimate supports

inferredLuanga · platinumTonnes: 78000000Grade: 0.59Grade Unit: g/tContained Metal: 1476Contained Unit: ozView all details
Link to this fact

Identity

Project
Luanga
Commodity
platinum
Ticker
BRVO

Resource scope

Estimate type
resource
Reporting standards
ni_43_101, sec_sk1300
Resource group id
resource:e33ac9a77c56af930e38
Mining method
open_pit
Ownership percent
100 %

Resource Data

Category
inferred
Tonnes
78000000
Grade
0.59
Grade Unit
g/t
Contained Metal
1476
Contained Unit
oz
Cutoff Grade
0.87
Cutoff Unit
g/t PdEq

Review

Needs Review
No
Historical
No

Dates

Event date
2026-09-22T00:00:00.000Z

Reasoning: Expanded from multi-commodity resource table for completeness.

Negative factors

  • Fact expanded from resource table columns (model omitted this commodity).

Evidence · table

“0.59”

Context: 78

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

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

Resource Updateneutral

Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

PEA-Supportingneutral

Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.

Why it applies: the release names the study this estimate supports

PFS-Supportingneutral

Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.

Why it applies: the release names the study this estimate supports

DFS-Supportingneutral

Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.

Why it applies: the release names the study this estimate supports

inferredLuanga · goldTonnes: 78000000Grade: 0.05Grade Unit: g/tContained Metal: 128Contained Unit: ozView all details
Link to this fact

Identity

Project
Luanga
Commodity
gold
Ticker
BRVO

Resource scope

Estimate type
resource
Reporting standards
ni_43_101, sec_sk1300
Resource group id
resource:e33ac9a77c56af930e38
Mining method
open_pit
Ownership percent
100 %

Resource Data

Category
inferred
Tonnes
78000000
Grade
0.05
Grade Unit
g/t
Contained Metal
128
Contained Unit
oz
Cutoff Grade
0.87
Cutoff Unit
g/t PdEq

Review

Needs Review
No
Historical
No

Dates

Event date
2026-09-22T00:00:00.000Z

Reasoning: Expanded from multi-commodity resource table for completeness.

Negative factors

  • Fact expanded from resource table columns (model omitted this commodity).

Evidence · table

“0.05”

Context: 78

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

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

Resource Updateneutral

Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

PEA-Supportingneutral

Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.

Why it applies: the release names the study this estimate supports

PFS-Supportingneutral

Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.

Why it applies: the release names the study this estimate supports

DFS-Supportingneutral

Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.

Why it applies: the release names the study this estimate supports

inferredLuanga · nickelTonnes: 78000000Grade: 0.13Grade Unit: %View all details
Link to this fact

Identity

Project
Luanga
Commodity
nickel
Ticker
BRVO

Resource scope

Estimate type
resource
Reporting standards
ni_43_101, sec_sk1300
Resource group id
resource:e33ac9a77c56af930e38
Mining method
open_pit
Ownership percent
100 %

Resource Data

Category
inferred
Tonnes
78000000
Grade
0.13
Grade Unit
%
Cutoff Grade
0.87
Cutoff Unit
g/t PdEq

Review

Needs Review
No
Historical
No

Dates

Event date
2026-09-22T00:00:00.000Z

Reasoning: Expanded from multi-commodity resource table for completeness.

Negative factors

  • Fact expanded from resource table columns (model omitted this commodity).

Evidence · table

“0.13”

Context: 78

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

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

No Contained Metalnegative

Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained_metal was not reported

Resource Updateneutral

Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

PEA-Supportingneutral

Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.

Why it applies: the release names the study this estimate supports

PFS-Supportingneutral

Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.

Why it applies: the release names the study this estimate supports

DFS-Supportingneutral

Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.

Why it applies: the release names the study this estimate supports

How Atlas produces this analysis

Minestarters Atlas uses automated extraction to summarize mining announcements, identify reported measurements, and classify supporting evidence. Sentiment reflects the extracted narrative and classification rules; it is an interpretation, not a reported measurement. Evidence quotes and context are provided where available. Missing data, low-confidence results, and review flags indicate limitations. Check the original publisher announcement before relying on an interpretation.