/C O R R E C T I O N -- Kootenay Silver Inc./
Original announcement by tmx on
- Company
- Kootenay Silver Inc.
- Ticker
- KTN
- Exchange
- TSX
- Region
- Chihuahua, Mexico
- Primary commodity
- Silver
- Secondary commodities
- Gold, Lead, Zinc
- Document categories
- Resource update, Economic study, Metallurgy
- Extracted
- 2026-09-18 06:41:42 UTC
Analysis by Minestarters Atlas
Minestarters Atlas analysis
Summary
Kootenay Silver Inc. announced a positive Preliminary Economic Assessment (PEA) for its La Cigarra Silver Project in Chihuahua, Mexico, highlighting a post-tax NPV of US$763 million and an IRR of 41% with a 1.9-year payback period. The PEA outlines a 14-year open-pit operation with average annual payable silver production of 4.55 million ounces. The study is based on an updated Mineral Resource Estimate (MRE) effective April 4, 2026, which includes Measured, Indicated, and Inferred resources, with a significant portion of Inferred material. The company plans to advance the project through resource expansion, engineering optimization, and permitting.
Reasoning: Kootenay Silver announced a positive PEA for its La Cigarra Silver Project, demonstrating robust economics with a 41% post-tax IRR and a 1.9-year payback. The study is supported by an updated Mineral Resource Estimate, but its preliminary nature and reliance on Inferred resources, coupled with undisclosed economic conventions and theoretical metallurgical assumptions, introduce some uncertainty.
Positive factors
- Positive PEA results with strong economics (high IRR, fast payback, significant NPV)
- Updated Mineral Resource Estimate provides a solid foundation for the project
- Project located in a well-established mining district with existing infrastructure
- Identified upside opportunities for resource expansion and optimization
- QP sign-off for both PEA and MRE
Negative factors
- PEA is preliminary in nature and includes a significant portion of Inferred Mineral Resources
- Several key economic conventions (IRR basis, payback basis, price deck basis, cost basis) are undisclosed
- Metallurgical recoveries used in the AgEq calculation are theoretical assumptions, not actual test results, and some are relatively low (Au, Zn)
- Project is not yet fully permitted
- Unusual LOM closure and reclamation cost as a credit
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
Mill Routeneutral
Processing via mill or concentrator (CIL, CIP, tank leach, flotation).
Why it applies: the document describes a flotation route ("flotation")
Theoretical Recovery Onlynegative
Only theoretical or liberation-derived recovery reported, with no actual test result.
Why it applies: The disclosure includes a theoretical recovery figure, distinct from actual test results
Multi-Domain Testedpositive
Variability across ore domains (oxide, transition, fresh) has been addressed.
Why it applies: 3 distinct composites were tested
Extracted facts
Stored fact records: 27. Some facts used in scoring do not have a stored record.
Resource Estimates (20)
measuredLa Cigarra Silver Project · silverTonnes: 2930000Grade: 84Grade Unit: g/tContained Metal: 7.87Contained Unit: mozView all detailsHide details
Identity
- Project
- La Cigarra Silver Project
- Commodity
- silver
- Region
- mexico
- Reported Region
- Chihuahua, Mexico
- Ticker
- KTN
Resource scope
- Estimate type
- resource
- Effective date
- 2026-04-04T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Allan Armitage
- Resource group id
- resource:1f1cd17045660d05d3cb
- Mining method
- open_pit
- Ownership percent
- 100 %
- Resource basis
- gross
Resource Data
- Category
- measured
- Tonnes
- 2930000
- Grade
- 84
- Grade Unit
- g/t
- Contained Metal
- 7.87
- Contained Unit
- moz
- Cutoff Grade
- 30
- Cutoff Unit
- g/t AgEq
Prior Estimate
- Resource Date
- 2026-04-04
Metal Equivalent
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-06-15T00:00:00.000Z
Reasoning: The Measured Mineral Resource provides a high-confidence estimate for a portion of the La Cigarra deposit, compliant with industry standards and supporting open-pit mining.
Positive factors
- Highest confidence category (Measured)
- Compliant with NI 43-101 and CIM standards
- QP signed off
- Open-pit mining method envisioned
- Cut-off grade and metal equivalent assumptions disclosed
Evidence · table
“84”
Context: 2.93
Tags used in scoring
Measured Resourcepositive
Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves.
Why it applies: category is "measured"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
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
measuredLa Cigarra Silver Project · goldTonnes: 2930000Grade: 0.06Grade Unit: g/tContained Metal: 5.6Contained Unit: kozView all detailsHide details
Identity
- Project
- La Cigarra Silver Project
- Commodity
- gold
- Region
- mexico
- Reported Region
- Chihuahua, Mexico
- Ticker
- KTN
Resource scope
- Estimate type
- resource
- Effective date
- 2026-04-04T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Allan Armitage
- Resource group id
- resource:1f1cd17045660d05d3cb
- Mining method
- open_pit
- Ownership percent
- 100 %
- Resource basis
- gross
Resource Data
- Category
- measured
- Tonnes
- 2930000
- Grade
- 0.06
- Grade Unit
- g/t
- Contained Metal
- 5.6
- Contained Unit
- koz
- Cutoff Grade
- 30
- Cutoff Unit
- g/t AgEq
Prior Estimate
- Resource Date
- 2026-04-04
Metal Equivalent
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-06-15T00:00:00.000Z
Reasoning: The Measured Mineral Resource provides a high-confidence estimate for a portion of the La Cigarra deposit, compliant with industry standards and supporting open-pit mining.
Positive factors
- Highest confidence category (Measured)
- Compliant with NI 43-101 and CIM standards
- QP signed off
- Open-pit mining method envisioned
- Cut-off grade and metal equivalent assumptions disclosed
Evidence · table
“0.06”
Context: 2.93
Tags used in scoring
Measured Resourcepositive
Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves.
Why it applies: category is "measured"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
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
measuredLa Cigarra Silver Project · leadTonnes: 2930000Grade: 0.14Grade Unit: %Contained Metal: 9.1Contained Unit: mlbView all detailsHide details
Identity
- Project
- La Cigarra Silver Project
- Commodity
- lead
- Region
- mexico
- Reported Region
- Chihuahua, Mexico
- Ticker
- KTN
Resource scope
- Estimate type
- resource
- Effective date
- 2026-04-04T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Allan Armitage
- Resource group id
- resource:1f1cd17045660d05d3cb
- Mining method
- open_pit
- Ownership percent
- 100 %
- Resource basis
- gross
Resource Data
- Category
- measured
- Tonnes
- 2930000
- Grade
- 0.14
- Grade Unit
- %
- Contained Metal
- 9.1
- Contained Unit
- mlb
- Cutoff Grade
- 30
- Cutoff Unit
- g/t AgEq
Prior Estimate
- Resource Date
- 2026-04-04
Metal Equivalent
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-06-15T00:00:00.000Z
Reasoning: The Measured Mineral Resource provides a high-confidence estimate for a portion of the La Cigarra deposit, compliant with industry standards and supporting open-pit mining, but the lead grade is low compared to peers.
Positive factors
- Highest confidence category (Measured)
- Compliant with NI 43-101 and CIM standards
- QP signed off
- Open-pit mining method envisioned
- Cut-off grade and metal equivalent assumptions disclosed
Negative factors
- Low lead grade (0.14%) compared to peer comparison
Evidence · table
“0.14”
Context: 2.93
Tags used in scoring
Measured Resourcepositive
Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves.
Why it applies: category is "measured"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
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
measuredLa Cigarra Silver Project · zincTonnes: 2930000Grade: 0.19Grade Unit: %Contained Metal: 12.4Contained Unit: mlbView all detailsHide details
Identity
- Project
- La Cigarra Silver Project
- Commodity
- zinc
- Region
- mexico
- Reported Region
- Chihuahua, Mexico
- Ticker
- KTN
Resource scope
- Estimate type
- resource
- Effective date
- 2026-04-04T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Allan Armitage
- Resource group id
- resource:1f1cd17045660d05d3cb
- Mining method
- open_pit
- Ownership percent
- 100 %
- Resource basis
- gross
Resource Data
- Category
- measured
- Tonnes
- 2930000
- Grade
- 0.19
- Grade Unit
- %
- Contained Metal
- 12.4
- Contained Unit
- mlb
- Cutoff Grade
- 30
- Cutoff Unit
- g/t AgEq
Prior Estimate
- Resource Date
- 2026-04-04
Metal Equivalent
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-06-15T00:00:00.000Z
Reasoning: The Measured Mineral Resource provides a high-confidence estimate for a portion of the La Cigarra deposit, compliant with industry standards and supporting open-pit mining.
Positive factors
- Highest confidence category (Measured)
- Compliant with NI 43-101 and CIM standards
- QP signed off
- Open-pit mining method envisioned
- Cut-off grade and metal equivalent assumptions disclosed
Evidence · table
“0.19”
Context: 2.93
Tags used in scoring
Measured Resourcepositive
Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves.
Why it applies: category is "measured"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
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
measuredLa Cigarra Silver Project · silverTonnes: 2930000Grade: 96Grade Unit: g/tContained Metal: 9.01Contained Unit: mozView all detailsHide details
Identity
- Project
- La Cigarra Silver Project
- Commodity
- silver
- Region
- mexico
- Reported Region
- Chihuahua, Mexico
- Ticker
- KTN
Resource scope
- Estimate type
- resource
- Effective date
- 2026-04-04T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Allan Armitage
- Resource group id
- resource:1f1cd17045660d05d3cb
- Mining method
- open_pit
- Ownership percent
- 100 %
- Resource basis
- gross
Resource Data
- Category
- measured
- Tonnes
- 2930000
- Grade
- 96
- Grade Unit
- g/t
- Contained Metal
- 9.01
- Contained Unit
- moz
- Cutoff Grade
- 30
- Cutoff Unit
- g/t AgEq
Prior Estimate
- Resource Date
- 2026-04-04
Metal Equivalent
- Metal Eq. Grade
- 96
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-06-15T00:00:00.000Z
Reasoning: The Measured Mineral Resource provides a high-confidence estimate for a portion of the La Cigarra deposit, compliant with industry standards and supporting open-pit mining.
Positive factors
- Highest confidence category (Measured)
- Compliant with NI 43-101 and CIM standards
- QP signed off
- Open-pit mining method envisioned
- Cut-off grade and metal equivalent assumptions disclosed
Evidence · table
“96”
Context: 2.93
Tags used in scoring
Measured Resourcepositive
Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves.
Why it applies: category is "measured"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
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
indicatedLa Cigarra Silver Project · silverTonnes: 20090000Grade: 81Grade Unit: g/tContained Metal: 52.14Contained Unit: mozView all detailsHide details
Identity
- Project
- La Cigarra Silver Project
- Commodity
- silver
- Region
- mexico
- Reported Region
- Chihuahua, Mexico
- Ticker
- KTN
Resource scope
- Estimate type
- resource
- Effective date
- 2026-04-04T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Allan Armitage
- Resource group id
- resource:7ee419d223923d972c0b
- Mining method
- open_pit
- Ownership percent
- 100 %
- Resource basis
- gross
Resource Data
- Category
- indicated
- Tonnes
- 20090000
- Grade
- 81
- Grade Unit
- g/t
- Contained Metal
- 52.14
- Contained Unit
- moz
- Cutoff Grade
- 30
- Cutoff Unit
- g/t AgEq
Prior Estimate
- Resource Date
- 2026-04-04
Metal Equivalent
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-06-15T00:00:00.000Z
Reasoning: The Indicated Mineral Resource represents the largest and a high-confidence portion of the La Cigarra deposit, compliant with industry standards and supporting open-pit mining.
Positive factors
- Largest portion of the resource in the Indicated category
- Compliant with NI 43-101 and CIM standards
- QP signed off
- Open-pit mining method envisioned
- Cut-off grade and metal equivalent assumptions disclosed
Evidence · table
“81”
Context: 20.09
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
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
indicatedLa Cigarra Silver Project · goldTonnes: 20090000Grade: 0.06Grade Unit: g/tContained Metal: 39.6Contained Unit: kozView all detailsHide details
Identity
- Project
- La Cigarra Silver Project
- Commodity
- gold
- Region
- mexico
- Reported Region
- Chihuahua, Mexico
- Ticker
- KTN
Resource scope
- Estimate type
- resource
- Effective date
- 2026-04-04T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Allan Armitage
- Resource group id
- resource:7ee419d223923d972c0b
- Mining method
- open_pit
- Ownership percent
- 100 %
- Resource basis
- gross
Resource Data
- Category
- indicated
- Tonnes
- 20090000
- Grade
- 0.06
- Grade Unit
- g/t
- Contained Metal
- 39.6
- Contained Unit
- koz
- Cutoff Grade
- 30
- Cutoff Unit
- g/t AgEq
Prior Estimate
- Resource Date
- 2026-04-04
Metal Equivalent
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-06-15T00:00:00.000Z
Reasoning: The Indicated Mineral Resource represents the largest and a high-confidence portion of the La Cigarra deposit, compliant with industry standards and supporting open-pit mining.
Positive factors
- Largest portion of the resource in the Indicated category
- Compliant with NI 43-101 and CIM standards
- QP signed off
- Open-pit mining method envisioned
- Cut-off grade and metal equivalent assumptions disclosed
Evidence · table
“0.06”
Context: 20.09
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
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
indicatedLa Cigarra Silver Project · leadTonnes: 20090000Grade: 0.14Grade Unit: %Contained Metal: 62.2Contained Unit: mlbView all detailsHide details
Identity
- Project
- La Cigarra Silver Project
- Commodity
- lead
- Region
- mexico
- Reported Region
- Chihuahua, Mexico
- Ticker
- KTN
Resource scope
- Estimate type
- resource
- Effective date
- 2026-04-04T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Allan Armitage
- Resource group id
- resource:7ee419d223923d972c0b
- Mining method
- open_pit
- Ownership percent
- 100 %
- Resource basis
- gross
Resource Data
- Category
- indicated
- Tonnes
- 20090000
- Grade
- 0.14
- Grade Unit
- %
- Contained Metal
- 62.2
- Contained Unit
- mlb
- Cutoff Grade
- 30
- Cutoff Unit
- g/t AgEq
Prior Estimate
- Resource Date
- 2026-04-04
Metal Equivalent
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-06-15T00:00:00.000Z
Reasoning: The Indicated Mineral Resource represents the largest and a high-confidence portion of the La Cigarra deposit, compliant with industry standards and supporting open-pit mining, but the lead grade is low compared to peers.
Positive factors
- Largest portion of the resource in the Indicated category
- Compliant with NI 43-101 and CIM standards
- QP signed off
- Open-pit mining method envisioned
- Cut-off grade and metal equivalent assumptions disclosed
Negative factors
- Low lead grade (0.14%) compared to peer comparison
Evidence · table
“0.14”
Context: 20.09
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
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
indicatedLa Cigarra Silver Project · zincTonnes: 20090000Grade: 0.19Grade Unit: %Contained Metal: 84.6Contained Unit: mlbView all detailsHide details
Identity
- Project
- La Cigarra Silver Project
- Commodity
- zinc
- Region
- mexico
- Reported Region
- Chihuahua, Mexico
- Ticker
- KTN
Resource scope
- Estimate type
- resource
- Effective date
- 2026-04-04T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Allan Armitage
- Resource group id
- resource:7ee419d223923d972c0b
- Mining method
- open_pit
- Ownership percent
- 100 %
- Resource basis
- gross
Resource Data
- Category
- indicated
- Tonnes
- 20090000
- Grade
- 0.19
- Grade Unit
- %
- Contained Metal
- 84.6
- Contained Unit
- mlb
- Cutoff Grade
- 30
- Cutoff Unit
- g/t AgEq
Prior Estimate
- Resource Date
- 2026-04-04
Metal Equivalent
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-06-15T00:00:00.000Z
Reasoning: The Indicated Mineral Resource represents the largest and a high-confidence portion of the La Cigarra deposit, compliant with industry standards and supporting open-pit mining.
Positive factors
- Largest portion of the resource in the Indicated category
- Compliant with NI 43-101 and CIM standards
- QP signed off
- Open-pit mining method envisioned
- Cut-off grade and metal equivalent assumptions disclosed
Evidence · table
“0.19”
Context: 20.09
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
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
indicatedLa Cigarra Silver Project · silverTonnes: 20090000Grade: 93Grade Unit: g/tContained Metal: 60.01Contained Unit: mozView all detailsHide details
Identity
- Project
- La Cigarra Silver Project
- Commodity
- silver
- Region
- mexico
- Reported Region
- Chihuahua, Mexico
- Ticker
- KTN
Resource scope
- Estimate type
- resource
- Effective date
- 2026-04-04T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Allan Armitage
- Resource group id
- resource:7ee419d223923d972c0b
- Mining method
- open_pit
- Ownership percent
- 100 %
- Resource basis
- gross
Resource Data
- Category
- indicated
- Tonnes
- 20090000
- Grade
- 93
- Grade Unit
- g/t
- Contained Metal
- 60.01
- Contained Unit
- moz
- Cutoff Grade
- 30
- Cutoff Unit
- g/t AgEq
Prior Estimate
- Resource Date
- 2026-04-04
Metal Equivalent
- Metal Eq. Grade
- 93
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-06-15T00:00:00.000Z
Reasoning: The Indicated Mineral Resource represents the largest and a high-confidence portion of the La Cigarra deposit, compliant with industry standards and supporting open-pit mining.
Positive factors
- Largest portion of the resource in the Indicated category
- Compliant with NI 43-101 and CIM standards
- QP signed off
- Open-pit mining method envisioned
- Cut-off grade and metal equivalent assumptions disclosed
Evidence · table
“93”
Context: 20.09
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
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
indicatedLa Cigarra Silver Project · silverTonnes: 23020000Grade: 81Grade Unit: g/tContained Metal: 60.02Contained Unit: mozView all detailsHide details
Identity
- Project
- La Cigarra Silver Project
- Commodity
- silver
- Region
- mexico
- Reported Region
- Chihuahua, Mexico
- Ticker
- KTN
Resource scope
- Estimate type
- resource
- Effective date
- 2026-04-04T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Allan Armitage
- Resource group id
- resource:5318a989fe95c3da5892
- Mining method
- open_pit
- Ownership percent
- 100 %
- Resource basis
- gross
Resource Data
- Category
- indicated
- Tonnes
- 23020000
- Grade
- 81
- Grade Unit
- g/t
- Contained Metal
- 60.02
- Contained Unit
- moz
- Cutoff Grade
- 30
- Cutoff Unit
- g/t AgEq
Prior Estimate
- Resource Date
- 2026-04-04
Metal Equivalent
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-06-15T00:00:00.000Z
Reasoning: The combined Measured and Indicated Mineral Resource provides a substantial, high-confidence estimate for the La Cigarra deposit, compliant with industry standards and supporting open-pit mining.
Positive factors
- Significant portion of the resource in high-confidence categories (Measured + Indicated)
- Compliant with NI 43-101 and CIM standards
- QP signed off
- Open-pit mining method envisioned
- Cut-off grade and metal equivalent assumptions disclosed
Evidence · table
“81”
Context: 23.02
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
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
indicatedLa Cigarra Silver Project · goldTonnes: 23020000Grade: 0.06Grade Unit: g/tContained Metal: 45.2Contained Unit: kozView all detailsHide details
Identity
- Project
- La Cigarra Silver Project
- Commodity
- gold
- Region
- mexico
- Reported Region
- Chihuahua, Mexico
- Ticker
- KTN
Resource scope
- Estimate type
- resource
- Effective date
- 2026-04-04T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Allan Armitage
- Resource group id
- resource:5318a989fe95c3da5892
- Mining method
- open_pit
- Ownership percent
- 100 %
- Resource basis
- gross
Resource Data
- Category
- indicated
- Tonnes
- 23020000
- Grade
- 0.06
- Grade Unit
- g/t
- Contained Metal
- 45.2
- Contained Unit
- koz
- Cutoff Grade
- 30
- Cutoff Unit
- g/t AgEq
Prior Estimate
- Resource Date
- 2026-04-04
Metal Equivalent
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-06-15T00:00:00.000Z
Reasoning: The combined Measured and Indicated Mineral Resource provides a substantial, high-confidence estimate for the La Cigarra deposit, compliant with industry standards and supporting open-pit mining.
Positive factors
- Significant portion of the resource in high-confidence categories (Measured + Indicated)
- Compliant with NI 43-101 and CIM standards
- QP signed off
- Open-pit mining method envisioned
- Cut-off grade and metal equivalent assumptions disclosed
Evidence · table
“0.06”
Context: 23.02
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
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
indicatedLa Cigarra Silver Project · leadTonnes: 23020000Grade: 0.14Grade Unit: %Contained Metal: 71.3Contained Unit: mlbView all detailsHide details
Identity
- Project
- La Cigarra Silver Project
- Commodity
- lead
- Region
- mexico
- Reported Region
- Chihuahua, Mexico
- Ticker
- KTN
Resource scope
- Estimate type
- resource
- Effective date
- 2026-04-04T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Allan Armitage
- Resource group id
- resource:5318a989fe95c3da5892
- Mining method
- open_pit
- Ownership percent
- 100 %
- Resource basis
- gross
Resource Data
- Category
- indicated
- Tonnes
- 23020000
- Grade
- 0.14
- Grade Unit
- %
- Contained Metal
- 71.3
- Contained Unit
- mlb
- Cutoff Grade
- 30
- Cutoff Unit
- g/t AgEq
Prior Estimate
- Resource Date
- 2026-04-04
Metal Equivalent
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-06-15T00:00:00.000Z
Reasoning: The combined Measured and Indicated Mineral Resource provides a substantial, high-confidence estimate for the La Cigarra deposit, compliant with industry standards and supporting open-pit mining, but the lead grade is low compared to peers.
Positive factors
- Significant portion of the resource in high-confidence categories (Measured + Indicated)
- Compliant with NI 43-101 and CIM standards
- QP signed off
- Open-pit mining method envisioned
- Cut-off grade and metal equivalent assumptions disclosed
Negative factors
- Low lead grade (0.14%) compared to peer comparison
Evidence · table
“0.14”
Context: 23.02
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
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
indicatedLa Cigarra Silver Project · zincTonnes: 23020000Grade: 0.19Grade Unit: %Contained Metal: 97Contained Unit: mlbView all detailsHide details
Identity
- Project
- La Cigarra Silver Project
- Commodity
- zinc
- Region
- mexico
- Reported Region
- Chihuahua, Mexico
- Ticker
- KTN
Resource scope
- Estimate type
- resource
- Effective date
- 2026-04-04T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Allan Armitage
- Resource group id
- resource:5318a989fe95c3da5892
- Mining method
- open_pit
- Ownership percent
- 100 %
- Resource basis
- gross
Resource Data
- Category
- indicated
- Tonnes
- 23020000
- Grade
- 0.19
- Grade Unit
- %
- Contained Metal
- 97
- Contained Unit
- mlb
- Cutoff Grade
- 30
- Cutoff Unit
- g/t AgEq
Prior Estimate
- Resource Date
- 2026-04-04
Metal Equivalent
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-06-15T00:00:00.000Z
Reasoning: The combined Measured and Indicated Mineral Resource provides a substantial, high-confidence estimate for the La Cigarra deposit, compliant with industry standards and supporting open-pit mining.
Positive factors
- Significant portion of the resource in high-confidence categories (Measured + Indicated)
- Compliant with NI 43-101 and CIM standards
- QP signed off
- Open-pit mining method envisioned
- Cut-off grade and metal equivalent assumptions disclosed
Evidence · table
“0.19”
Context: 23.02
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
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
indicatedLa Cigarra Silver Project · silverTonnes: 23020000Grade: 93Grade Unit: g/tContained Metal: 69.02Contained Unit: mozView all detailsHide details
Identity
- Project
- La Cigarra Silver Project
- Commodity
- silver
- Region
- mexico
- Reported Region
- Chihuahua, Mexico
- Ticker
- KTN
Resource scope
- Estimate type
- resource
- Effective date
- 2026-04-04T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Allan Armitage
- Resource group id
- resource:5318a989fe95c3da5892
- Mining method
- open_pit
- Ownership percent
- 100 %
- Resource basis
- gross
Resource Data
- Category
- indicated
- Tonnes
- 23020000
- Grade
- 93
- Grade Unit
- g/t
- Contained Metal
- 69.02
- Contained Unit
- moz
- Cutoff Grade
- 30
- Cutoff Unit
- g/t AgEq
Prior Estimate
- Resource Date
- 2026-04-04
Metal Equivalent
- Metal Eq. Grade
- 93
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-06-15T00:00:00.000Z
Reasoning: The combined Measured and Indicated Mineral Resource provides a substantial, high-confidence estimate for the La Cigarra deposit, compliant with industry standards and supporting open-pit mining.
Positive factors
- Significant portion of the resource in high-confidence categories (Measured + Indicated)
- Compliant with NI 43-101 and CIM standards
- QP signed off
- Open-pit mining method envisioned
- Cut-off grade and metal equivalent assumptions disclosed
Evidence · table
“93”
Context: 23.02
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
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
inferredLa Cigarra Silver Project · silverTonnes: 6780000Grade: 79Grade Unit: g/tContained Metal: 17.25Contained Unit: mozView all detailsHide details
Identity
- Project
- La Cigarra Silver Project
- Commodity
- silver
- Region
- mexico
- Reported Region
- Chihuahua, Mexico
- Ticker
- KTN
Resource scope
- Estimate type
- resource
- Effective date
- 2026-04-04T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Allan Armitage
- Resource group id
- resource:69eca0a666da70c0f5e2
- Mining method
- open_pit
- Ownership percent
- 100 %
- Resource basis
- gross
Resource Data
- Category
- inferred
- Tonnes
- 6780000
- Grade
- 79
- Grade Unit
- g/t
- Contained Metal
- 17.25
- Contained Unit
- moz
- Cutoff Grade
- 30
- Cutoff Unit
- g/t AgEq
Prior Estimate
- Resource Date
- 2026-04-04
Metal Equivalent
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-06-15T00:00:00.000Z
Reasoning: The Inferred Mineral Resource provides additional tonnage and metal content, offering exploration upside, but carries a lower level of confidence and cannot be directly converted to reserves.
Positive factors
- Provides exploration upside and potential for conversion to higher categories
- Compliant with NI 43-101 and CIM standards
- QP signed off
- Open-pit mining method envisioned
- Cut-off grade and metal equivalent assumptions disclosed
Negative factors
- Lower confidence category (Inferred)
- Cannot be converted to Mineral Reserves directly
- Considered speculative for economic considerations in PEA
Evidence · table
“79”
Context: 6.78
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
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
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
inferredLa Cigarra Silver Project · goldTonnes: 6780000Grade: 0.05Grade Unit: g/tContained Metal: 11.9Contained Unit: kozView all detailsHide details
Identity
- Project
- La Cigarra Silver Project
- Commodity
- gold
- Region
- mexico
- Reported Region
- Chihuahua, Mexico
- Ticker
- KTN
Resource scope
- Estimate type
- resource
- Effective date
- 2026-04-04T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Allan Armitage
- Resource group id
- resource:69eca0a666da70c0f5e2
- Mining method
- open_pit
- Ownership percent
- 100 %
- Resource basis
- gross
Resource Data
- Category
- inferred
- Tonnes
- 6780000
- Grade
- 0.05
- Grade Unit
- g/t
- Contained Metal
- 11.9
- Contained Unit
- koz
- Cutoff Grade
- 30
- Cutoff Unit
- g/t AgEq
Prior Estimate
- Resource Date
- 2026-04-04
Metal Equivalent
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-06-15T00:00:00.000Z
Reasoning: The Inferred Mineral Resource provides additional tonnage and metal content, offering exploration upside, but carries a lower level of confidence and cannot be directly converted to reserves.
Positive factors
- Provides exploration upside and potential for conversion to higher categories
- Compliant with NI 43-101 and CIM standards
- QP signed off
- Open-pit mining method envisioned
- Cut-off grade and metal equivalent assumptions disclosed
Negative factors
- Lower confidence category (Inferred)
- Cannot be converted to Mineral Reserves directly
- Considered speculative for economic considerations in PEA
Evidence · table
“0.05”
Context: 6.78
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
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
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
inferredLa Cigarra Silver Project · leadTonnes: 6780000Grade: 0.15Grade Unit: %Contained Metal: 22.7Contained Unit: mlbView all detailsHide details
Identity
- Project
- La Cigarra Silver Project
- Commodity
- lead
- Region
- mexico
- Reported Region
- Chihuahua, Mexico
- Ticker
- KTN
Resource scope
- Estimate type
- resource
- Effective date
- 2026-04-04T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Allan Armitage
- Resource group id
- resource:69eca0a666da70c0f5e2
- Mining method
- open_pit
- Ownership percent
- 100 %
- Resource basis
- gross
Resource Data
- Category
- inferred
- Tonnes
- 6780000
- Grade
- 0.15
- Grade Unit
- %
- Contained Metal
- 22.7
- Contained Unit
- mlb
- Cutoff Grade
- 30
- Cutoff Unit
- g/t AgEq
Prior Estimate
- Resource Date
- 2026-04-04
Metal Equivalent
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-06-15T00:00:00.000Z
Reasoning: The Inferred Mineral Resource provides additional tonnage and metal content, offering exploration upside, but carries a lower level of confidence and cannot be directly converted to reserves, and the lead grade is low compared to peers.
Positive factors
- Provides exploration upside and potential for conversion to higher categories
- Compliant with NI 43-101 and CIM standards
- QP signed off
- Open-pit mining method envisioned
- Cut-off grade and metal equivalent assumptions disclosed
Negative factors
- Lower confidence category (Inferred)
- Cannot be converted to Mineral Reserves directly
- Considered speculative for economic considerations in PEA
- Low lead grade (0.15%) compared to peer comparison
Evidence · table
“0.15”
Context: 6.78
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
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
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
inferredLa Cigarra Silver Project · zincTonnes: 6780000Grade: 0.17Grade Unit: %Contained Metal: 25.5Contained Unit: mlbView all detailsHide details
Identity
- Project
- La Cigarra Silver Project
- Commodity
- zinc
- Region
- mexico
- Reported Region
- Chihuahua, Mexico
- Ticker
- KTN
Resource scope
- Estimate type
- resource
- Effective date
- 2026-04-04T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Allan Armitage
- Resource group id
- resource:69eca0a666da70c0f5e2
- Mining method
- open_pit
- Ownership percent
- 100 %
- Resource basis
- gross
Resource Data
- Category
- inferred
- Tonnes
- 6780000
- Grade
- 0.17
- Grade Unit
- %
- Contained Metal
- 25.5
- Contained Unit
- mlb
- Cutoff Grade
- 30
- Cutoff Unit
- g/t AgEq
Prior Estimate
- Resource Date
- 2026-04-04
Metal Equivalent
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-06-15T00:00:00.000Z
Reasoning: The Inferred Mineral Resource provides additional tonnage and metal content, offering exploration upside, but carries a lower level of confidence and cannot be directly converted to reserves.
Positive factors
- Provides exploration upside and potential for conversion to higher categories
- Compliant with NI 43-101 and CIM standards
- QP signed off
- Open-pit mining method envisioned
- Cut-off grade and metal equivalent assumptions disclosed
Negative factors
- Lower confidence category (Inferred)
- Cannot be converted to Mineral Reserves directly
- Considered speculative for economic considerations in PEA
Evidence · table
“0.17”
Context: 6.78
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
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
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
inferredLa Cigarra Silver Project · silverTonnes: 6780000Grade: 90Grade Unit: g/tContained Metal: 19.72Contained Unit: mozView all detailsHide details
Identity
- Project
- La Cigarra Silver Project
- Commodity
- silver
- Region
- mexico
- Reported Region
- Chihuahua, Mexico
- Ticker
- KTN
Resource scope
- Estimate type
- resource
- Effective date
- 2026-04-04T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Allan Armitage
- Resource group id
- resource:69eca0a666da70c0f5e2
- Mining method
- open_pit
- Ownership percent
- 100 %
- Resource basis
- gross
Resource Data
- Category
- inferred
- Tonnes
- 6780000
- Grade
- 90
- Grade Unit
- g/t
- Contained Metal
- 19.72
- Contained Unit
- moz
- Cutoff Grade
- 30
- Cutoff Unit
- g/t AgEq
Prior Estimate
- Resource Date
- 2026-04-04
Metal Equivalent
- Metal Eq. Grade
- 90
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-06-15T00:00:00.000Z
Reasoning: The Inferred Mineral Resource provides additional tonnage and metal content, offering exploration upside, but carries a lower level of confidence and cannot be directly converted to reserves.
Positive factors
- Provides exploration upside and potential for conversion to higher categories
- Compliant with NI 43-101 and CIM standards
- QP signed off
- Open-pit mining method envisioned
- Cut-off grade and metal equivalent assumptions disclosed
Negative factors
- Lower confidence category (Inferred)
- Cannot be converted to Mineral Reserves directly
- Considered speculative for economic considerations in PEA
Evidence · table
“90”
Context: 6.78
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
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
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
Metallurgical Results (7)
unspecifiedLa Cigarra Silver Project · silverRecovery: 88.3 %View all detailsHide details
Identity
- Project
- La Cigarra Silver Project
- Commodity
- silver
- Region
- mexico
- Reported Region
- Chihuahua, Mexico
- Ticker
- KTN
Test Work
- Program Status
- scoping
- Test Type
- unspecified
- Processing Route
- leaching (oxide)
- Sample
- oxide mineralization
Recovery
- Recovery
- 88.3 %
- Recovery Basis
- theoretical
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-06-15T00:00:00.000Z
Reasoning: The 88.3% silver recovery for oxide mineralization is a theoretical assumption used for the AgEq calculation in the resource estimate, not an actual metallurgical test result.
Negative factors
- Theoretical recovery only, not actual test results
- Unspecified test type and program status
Evidence · text
“for oxide mineralization—88.3% for Ag”
Tags used in scoring
Theoretical Recovery Onlynegative
Only theoretical or liberation-derived recovery reported, with no actual test result.
Why it applies: recovery_basis is theoretical
unspecifiedLa Cigarra Silver Project · goldRecovery: 37.5 %View all detailsHide details
Identity
- Project
- La Cigarra Silver Project
- Commodity
- gold
- Region
- mexico
- Reported Region
- Chihuahua, Mexico
- Ticker
- KTN
Test Work
- Program Status
- scoping
- Test Type
- unspecified
- Processing Route
- leaching (oxide)
- Sample
- oxide mineralization
Recovery
- Recovery
- 37.5 %
- Recovery Basis
- theoretical
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-06-15T00:00:00.000Z
Reasoning: The 37.5% gold recovery for oxide mineralization is a theoretical assumption for AgEq calculation and is relatively low, with no actual test results provided.
Negative factors
- Theoretical recovery only, not actual test results
- Unspecified test type and program status
- Low gold recovery (37.5%) for oxide mineralization
Evidence · text
“37.5% for Au”
Tags used in scoring
Theoretical Recovery Onlynegative
Only theoretical or liberation-derived recovery reported, with no actual test result.
Why it applies: recovery_basis is theoretical
Low Recoverynegative
Recovery below the weak band for the commodity and processing route.
Why it applies: 37.5% is below the weak band (80%)
unspecifiedLa Cigarra Silver Project · silverRecovery: 89.3 %View all detailsHide details
Identity
- Project
- La Cigarra Silver Project
- Commodity
- silver
- Region
- mexico
- Reported Region
- Chihuahua, Mexico
- Ticker
- KTN
Test Work
- Program Status
- scoping
- Test Type
- unspecified
- Processing Route
- flotation (sulphide)
- Sample
- sulphide mineralization
Recovery
- Recovery
- 89.3 %
- Recovery Basis
- theoretical
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-06-15T00:00:00.000Z
Reasoning: The 89.3% silver recovery for sulphide mineralization is a theoretical assumption used for the AgEq calculation in the resource estimate, not an actual metallurgical test result.
Negative factors
- Theoretical recovery only, not actual test results
- Unspecified test type and program status
Evidence · text
“for sulphide mineralization—89.3% for Ag”
Tags used in scoring
Mill Routeneutral
Processing via mill or concentrator (CIL, CIP, tank leach, flotation).
Why it applies: processing_route matches the flotation signal
Theoretical Recovery Onlynegative
Only theoretical or liberation-derived recovery reported, with no actual test result.
Why it applies: recovery_basis is theoretical
unspecifiedLa Cigarra Silver Project · goldRecovery: 61.8 %View all detailsHide details
Identity
- Project
- La Cigarra Silver Project
- Commodity
- gold
- Region
- mexico
- Reported Region
- Chihuahua, Mexico
- Ticker
- KTN
Test Work
- Program Status
- scoping
- Test Type
- unspecified
- Processing Route
- flotation (sulphide)
- Sample
- sulphide mineralization
Recovery
- Recovery
- 61.8 %
- Recovery Basis
- theoretical
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-06-15T00:00:00.000Z
Reasoning: The 61.8% gold recovery for sulphide mineralization is a theoretical assumption for AgEq calculation, with no actual test results provided.
Negative factors
- Theoretical recovery only, not actual test results
- Unspecified test type and program status
Evidence · text
“61.8% for Au”
Tags used in scoring
Mill Routeneutral
Processing via mill or concentrator (CIL, CIP, tank leach, flotation).
Why it applies: processing_route matches the flotation signal
Theoretical Recovery Onlynegative
Only theoretical or liberation-derived recovery reported, with no actual test result.
Why it applies: recovery_basis is theoretical
Low Recoverynegative
Recovery below the weak band for the commodity and processing route.
Why it applies: 61.8% is below the weak band (80%)
unspecifiedLa Cigarra Silver Project · leadRecovery: 70 %View all detailsHide details
Identity
- Project
- La Cigarra Silver Project
- Commodity
- lead
- Region
- mexico
- Reported Region
- Chihuahua, Mexico
- Ticker
- KTN
Test Work
- Program Status
- scoping
- Test Type
- unspecified
- Processing Route
- flotation (sulphide)
- Sample
- sulphide mineralization
Recovery
- Recovery
- 70 %
- Recovery Basis
- theoretical
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-06-15T00:00:00.000Z
Reasoning: The 70.0% lead recovery for sulphide mineralization is a theoretical assumption used for the AgEq calculation in the resource estimate, not an actual metallurgical test result.
Negative factors
- Theoretical recovery only, not actual test results
- Unspecified test type and program status
Evidence · text
“70.0% for Pb”
Tags used in scoring
Mill Routeneutral
Processing via mill or concentrator (CIL, CIP, tank leach, flotation).
Why it applies: processing_route matches the flotation signal
Theoretical Recovery Onlynegative
Only theoretical or liberation-derived recovery reported, with no actual test result.
Why it applies: recovery_basis is theoretical
unspecifiedLa Cigarra Silver Project · zincRecovery: 59.1 %View all detailsHide details
Identity
- Project
- La Cigarra Silver Project
- Commodity
- zinc
- Region
- mexico
- Reported Region
- Chihuahua, Mexico
- Ticker
- KTN
Test Work
- Program Status
- scoping
- Test Type
- unspecified
- Processing Route
- flotation (sulphide)
- Sample
- sulphide mineralization
Recovery
- Recovery
- 59.1 %
- Recovery Basis
- theoretical
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-06-15T00:00:00.000Z
Reasoning: The 59.1% zinc recovery for sulphide mineralization is a theoretical assumption for AgEq calculation and is relatively low, with no actual test results provided.
Negative factors
- Theoretical recovery only, not actual test results
- Unspecified test type and program status
- Low zinc recovery (59.1%) for sulphide mineralization
Evidence · text
“59.1% for Zn”
Tags used in scoring
Mill Routeneutral
Processing via mill or concentrator (CIL, CIP, tank leach, flotation).
Why it applies: processing_route matches the flotation signal
Theoretical Recovery Onlynegative
Only theoretical or liberation-derived recovery reported, with no actual test result.
Why it applies: recovery_basis is theoretical
unspecifiedLa Cigarra Silver Project · silverRecovery: 89.3 %View all detailsHide details
Identity
- Project
- La Cigarra Silver Project
- Commodity
- silver
- Region
- mexico
- Reported Region
- Chihuahua, Mexico
- Ticker
- KTN
Test Work
- Program Status
- detailed
- Test Type
- unspecified
- Processing Route
- flotation and leaching process plant
- Sample
- LOM average
Recovery
- Recovery
- 89.3 %
- Recovery Basis
- unspecified
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-06-15T00:00:00.000Z
Reasoning: The PEA reports an average silver recovery of 89.3% over the life of mine, which is a strong figure, but the specific basis and test type for this average are not detailed.
Positive factors
- High average silver recovery for the project
Negative factors
- Recovery basis unspecified (average, not specific test)
- Test type unspecified
Evidence · text
“Average silver recovery: 89.3%”
Tags used in scoring
Mill Routeneutral
Processing via mill or concentrator (CIL, CIP, tank leach, flotation).
Why it applies: processing_route matches the flotation signal
How Atlas produces this analysis
Minestarters Atlas uses automated extraction to summarize mining announcements, identify reported measurements, and classify supporting evidence. Sentiment reflects the extracted narrative and classification rules; it is an interpretation, not a reported measurement. Evidence quotes and context are provided where available. Missing data, low-confidence results, and review flags indicate limitations. Check the original publisher announcement before relying on an interpretation.