# Brunswick Exploration Files Maiden Mineral Resource Estimate NI 43-101 Technical Report for Mirage Project Canonical Atlas analysis: https://atlas-extractions.minestarters.com/news/brunswick-exploration-files-maiden-mineral-resource-estimate-ni-43-101-technical--cee236fd-eca4-42e0-a0d9-382d969cc529 Original source: https://money.tmx.com/en/quote/BRW/news/6535330972541718/brunswick-exploration-files-maiden-mineral-resource-estimate-ni-43-101-technical Publisher: tmx Original announcement: 2026-02-27T12:00:00.000Z Analysis by Minestarters Atlas Atlas analysis published: Unknown date Atlas analysis updated: Unknown date - Company: Brunswick Exploration Inc. - Ticker: BRW - Exchange: TSX - Region: Quebec, Canada - Primary commodity: Lithium - Secondary commodities: Tantalum - Document categories: Resource update - Extracted: 2026-09-15 15:08:13 UTC Narrative sentiment: 0.60 · Bullish ## Minestarters Atlas summary Brunswick Exploration has announced a maiden NI 43-101 Mineral Resource Estimate for its Mirage Project in Quebec, reporting an Inferred resource of 52.2 million tonnes at 1.08% Li2O and 131 ppm Ta2O5. The resource is based on a 0.5% Li2OEq cut-off and represents one of the largest undeveloped hard-rock lithium resources in the Americas. Reasoning: The announcement of a maiden 52.2Mt lithium resource is a major milestone for the company, though the lack of Indicated/Measured material limits immediate project bankability. - Positive factor: Maiden resource establishes significant scale - Positive factor: Large tonnage \(52.2Mt\) for an Inferred resource - Positive factor: High grade \(1.08% Li2O\) for the deposit type - Positive factor: Open dykes provide expansion potential - Negative factor: 100% Inferred category provides low geological confidence - Negative factor: No economic evaluation or reserves reported Low confidence — this extraction should be reviewed alongside the original source. Facts used in scoring: 6 ## 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 announcement explicitly states this is a 'Maiden Mineral Resource Estimate'. Evidence · text > Maiden 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 reported resource is in the Inferred category. Evidence · text > Inferred resource of 52.2Mt **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: The resource was prepared in accordance with NI 43-101 standards. Evidence · text > prepared in accordance with the National Instrument \(“NI”\) 43-101 standards **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: Independent qualified persons Pierre Luc Richard and Patrick Frenette are named. Evidence · text > The independent qualified persons for the MRE... is Pierre Luc Richard, P.Geo. **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 used for the base case \(0.5% Li2OEq\) is clearly stated. Evidence · text > at a cut-off grade of 0.5% Li2OEq ## Extracted facts Stored fact records: 6. Some facts used in scoring do not have a stored record. ## Resource Estimates (6) ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/brunswick-exploration-files-maiden-mineral-resource-estimate-ni-43-101-technical--cee236fd-eca4-42e0-a0d9-382d969cc529#fact-resource-facts-0) Mirage Project · lithium #### Identity - Project: Mirage Project - Commodity: lithium - Region: canada\_qc - Reported Region: Quebec, Canada - Ticker: BRW #### Resource scope - Estimate type: resource - Effective date: 2026-01-07T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Pierre Luc Richard, Patrick Frenette, Jarrett Quinn - Resource group id: resource:e2b5c664b7d8cb1ed015 - Deposit or zone: Mirage - Mining method: open\_pit - Material type: undisclosed #### Resource Data - Category: inferred - Tonnes: 52200000 - Grade: 1.08 - Grade Unit: % Li2O - Contained Metal: 563000 - Contained Unit: t - Cutoff Grade: 0.5 - Cutoff Unit: % Li2OEq #### Prior Estimate - Resource Date: 2026-01-07 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-02-27T00:00:00.000Z Reasoning: High tonnage and grade for a maiden inferred resource. - Positive factor: Maiden resource - Positive factor: Significant tonnage - Negative factor: Inferred category only Evidence · table > 1.08 Context: 52 200 000 #### 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 ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/brunswick-exploration-files-maiden-mineral-resource-estimate-ni-43-101-technical--cee236fd-eca4-42e0-a0d9-382d969cc529#fact-resource-facts-1) Mirage Project · tantalum #### Identity - Project: Mirage Project - Commodity: tantalum - Region: canada\_qc - Reported Region: Quebec, Canada - Ticker: BRW #### Resource scope - Estimate type: resource - Effective date: 2026-01-07T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Pierre Luc Richard, Patrick Frenette, Jarrett Quinn - Resource group id: resource:e2b5c664b7d8cb1ed015 - Deposit or zone: Mirage - Mining method: open\_pit - Material type: undisclosed #### Resource Data - Category: inferred - Tonnes: 52200000 - Grade: 131 - Grade Unit: ppm Ta2O5 - Cutoff Grade: 0.5 - Cutoff Unit: % #### Prior Estimate - Resource Date: 2026-01-07 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-02-27T00:00:00.000Z Reasoning: Tantalum reported as a secondary grade in the maiden resource. - Positive factor: Valuable byproduct Evidence · table > 131 Context: 52 200 000 #### 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 ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/brunswick-exploration-files-maiden-mineral-resource-estimate-ni-43-101-technical--cee236fd-eca4-42e0-a0d9-382d969cc529#fact-resource-facts-2) Mirage Project · lithium #### Identity - Project: Mirage Project - Commodity: lithium - Region: canada\_qc - Reported Region: Quebec, Canada - Ticker: BRW #### Resource scope - Estimate type: resource - Effective date: 2026-01-07T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Pierre Luc Richard, Patrick Frenette, Jarrett Quinn - Resource group id: resource:9fe8f82c6beb7a7997f8 - Deposit or zone: Mirage - Mining method: open\_pit - Material type: undisclosed #### Resource Data - Category: inferred - Tonnes: 57400000 - Grade: 1.02 - Grade Unit: % Li2O - Contained Metal: 585000 - Contained Unit: t - Cutoff Grade: 0.4 - Cutoff Unit: % Li2OEq #### Prior Estimate - Resource Date: 2026-01-07 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-02-27T00:00:00.000Z Reasoning: Expanded resource at lower cut-off. - Positive factor: High tonnage at low cut-off Evidence · table > 1.02 Context: 57 400 000 #### 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 ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/brunswick-exploration-files-maiden-mineral-resource-estimate-ni-43-101-technical--cee236fd-eca4-42e0-a0d9-382d969cc529#fact-resource-facts-3) Mirage Project · tantalum #### Identity - Project: Mirage Project - Commodity: tantalum - Region: canada\_qc - Reported Region: Quebec, Canada - Ticker: BRW #### Resource scope - Estimate type: resource - Effective date: 2026-01-07T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Pierre Luc Richard, Patrick Frenette, Jarrett Quinn - Resource group id: resource:9fe8f82c6beb7a7997f8 - Deposit or zone: Mirage - Mining method: open\_pit - Material type: undisclosed #### Resource Data - Category: inferred - Tonnes: 57400000 - Grade: 127 - Grade Unit: ppm Ta2O5 - Cutoff Grade: 0.5 - Cutoff Unit: % #### Prior Estimate - Resource Date: 2026-01-07 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-02-27T00:00:00.000Z Reasoning: Secondary grade reported. Evidence · table > 127 Context: 57 400 000 #### 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 ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/brunswick-exploration-files-maiden-mineral-resource-estimate-ni-43-101-technical--cee236fd-eca4-42e0-a0d9-382d969cc529#fact-resource-facts-4) Mirage Project · lithium #### Identity - Project: Mirage Project - Commodity: lithium - Region: canada\_qc - Reported Region: Quebec, Canada - Ticker: BRW #### Resource scope - Estimate type: resource - Effective date: 2026-01-07T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Pierre Luc Richard, Patrick Frenette, Jarrett Quinn - Resource group id: resource:d9c937a1f37252fb90ce - Deposit or zone: Mirage - Mining method: open\_pit - Material type: undisclosed #### Resource Data - Category: inferred - Tonnes: 50000000 - Grade: 1.12 - Grade Unit: % Li2O - Contained Metal: 561000 - Contained Unit: t - Cutoff Grade: 0.6 - Cutoff Unit: % Li2OEq #### Prior Estimate - Resource Date: 2026-01-07 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-02-27T00:00:00.000Z Reasoning: Higher grade intercept at higher cut-off. - Positive factor: Higher grade at higher cut-off Evidence · table > 1.12 Context: 50 000 000 #### 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 ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/brunswick-exploration-files-maiden-mineral-resource-estimate-ni-43-101-technical--cee236fd-eca4-42e0-a0d9-382d969cc529#fact-resource-facts-5) Mirage Project · tantalum #### Identity - Project: Mirage Project - Commodity: tantalum - Region: canada\_qc - Reported Region: Quebec, Canada - Ticker: BRW #### Resource scope - Estimate type: resource - Effective date: 2026-01-07T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Pierre Luc Richard, Patrick Frenette, Jarrett Quinn - Resource group id: resource:d9c937a1f37252fb90ce - Deposit or zone: Mirage - Mining method: open\_pit - Material type: undisclosed #### Resource Data - Category: inferred - Tonnes: 50000000 - Grade: 135 - Grade Unit: ppm Ta2O5 - Cutoff Grade: 0.5 - Cutoff Unit: % #### Prior Estimate - Resource Date: 2026-01-07 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-02-27T00:00:00.000Z Reasoning: Secondary grade reported. Evidence · table > 135 Context: 50 000 000 #### 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 ## 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.