Clean Air Metals PEA Delivers C$219.4 M pre-tax NPV, 39% IRR for the Thunder Bay North Project
Original announcement by tmx on
- Company
- Clean Air Metals Inc.
- Ticker
- AIR
- Exchange
- TSX
- Region
- Ontario
- Primary commodity
- Platinum
- Secondary commodities
- Palladium, Copper, Nickel, Gold, Silver
- Document categories
- Resource update, Other
- Extracted
- 2026-09-13 11:24:58 UTC
Analysis by Minestarters Atlas
Minestarters Atlas analysis
Summary
Clean Air Metals announced a Preliminary Economic Assessment (PEA) for its Thunder Bay North Project, outlining an 11-year mine life with a pre-tax NPV of C$219.4 million and an IRR of 39%. The PEA is based on an updated NI 43-101 compliant resource estimate, which includes 14.9 million tonnes of Indicated resources grading 2.66 g/t 2PGE, 0.40% Cu, and 0.24% Ni, plus 2.49 million tonnes of Inferred resources. The project benefits from a low initial capital cost of C$89.5 million and a quick payback period of 2.5 years, with potential for even stronger economics at current spot metal prices.
Reasoning: Clean Air Metals announced a positive Preliminary Economic Assessment (PEA) for its Thunder Bay North Project, demonstrating robust economics with a significant pre-tax NPV and IRR, supported by an updated NI 43-101 compliant resource estimate. The project focuses on critical minerals (PGE-Cu-Ni) and benefits from a low initial CAPEX and favorable market dynamics for PGEs, despite the PEA's reliance on Inferred resources and a pending toll milling agreement.
Positive factors
- Strong PEA economics with C$219.4M pre-tax NPV and 39% IRR
- Updated resource estimate with significant Indicated tonnage (14.9 Mt)
- Project focuses on critical minerals (PGEs, Cu, Ni)
- Low initial capital expenditure (C$89.5M) and quick payback (2.5 years)
- Resource is NI 43-101 compliant and QP signed
- Positive market outlook for PGEs with potential for higher economics at spot prices
Negative factors
- No Mineral Reserves currently, PEA includes Inferred Mineral Resources
- Toll milling agreement not yet in place, introducing some uncertainty
Low confidence — this extraction should be reviewed alongside the original source.
Facts used in scoring: 42
Classification and evidence
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: The document announces an 'updated resource' estimate for the Thunder Bay North Project.
Evidence · text
“updated resource”
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: The PEA and updated resource were prepared by 'Qualified Persons' under National Instrument 43-101 Standards of Disclosure for Mineral Projects.
Evidence · text
“independent 'Qualified Persons' under National Instrument 43-101 Standards of Disclosure for Mineral Projects.”
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 PEA was independently prepared by named 'Qualified Persons' under NI 43-101.
Evidence · text
“independently prepared by Mr. Denis Decharte, P. Eng of SLR, Mr. Michael Selby, P. Eng of Technica Mining, Mr. Charlie Buck, P. Eng of XPS and Mrs. Maria Story of Story Environmental, who are considered independent 'Qualified Persons' under National Instrument 43-101 Standards of Disclosure for Mineral Projects.”
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: The resource estimate uses an underground constrained model with a Net Smelter Return (NSR) cut-off value of US$46/tonne.
Evidence · text
“underground constrained resource model using a Net Smelter Return (NSR) cut-off value of US$46/tonne”
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: The updated resource includes a significant 14.9 million tonnes of Indicated resources.
Evidence · text
“14.9M tonne indicated resource”
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: The updated resource includes 2.49 million tonnes of Inferred resources, which are considered speculative.
Evidence · text
“2.49M tonnes of inferred resource”
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: The document is a Preliminary Economic Assessment (PEA) for the project.
Evidence · text
“Preliminary Economic Assessment (PEA)”
Extracted facts
Stored fact records: 42. Some facts used in scoring do not have a stored record.
Resource Estimates (42)
indicatedThunder Bay North · platinumTonnes: 8870000Grade: 1.39Grade Unit: g/tContained Metal: 396Contained Unit: kozView all detailsHide details
Identity
- Project
- Thunder Bay North
- Commodity
- platinum
- Region
- canada_on
- Reported Region
- Ontario
- Ticker
- AIR
Resource scope
- Estimate type
- resource
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Denis Decharte, Michael Selby, Charlie Buck, Maria Story
- Resource group id
- resource:6019a9e86ced5f03e5fc
- Deposit or zone
- Current Lake
- Mining method
- underground
- Ownership percent
- 100 %
Resource Data
- Category
- indicated
- Tonnes
- 8870000
- Grade
- 1.39
- Grade Unit
- g/t
- Contained Metal
- 396
- Contained Unit
- koz
- Cutoff Grade
- 46
- Cutoff Unit
- US$/tonne
Prior Estimate
- Resource Date
- 2025-04-01
Metal Equivalent
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2025-10-09T00:00:00.000Z
Reasoning: This Indicated resource for platinum at Current Lake contributes significantly to the project's overall economic viability, with a solid grade and tonnage, and is supported by robust reporting standards.
Positive factors
- Significant Indicated resource tonnage and grade for platinum
- Resource is NI 43-101 compliant and QP signed
- Underground mining method specified
Evidence · table
“1.39”
Context: 8.87
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
indicatedThunder Bay North · palladiumTonnes: 8870000Grade: 1.3Grade Unit: g/tContained Metal: 370Contained Unit: kozView all detailsHide details
Identity
- Project
- Thunder Bay North
- Commodity
- palladium
- Region
- canada_on
- Reported Region
- Ontario
- Ticker
- AIR
Resource scope
- Estimate type
- resource
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Denis Decharte, Michael Selby, Charlie Buck, Maria Story
- Resource group id
- resource:6019a9e86ced5f03e5fc
- Deposit or zone
- Current Lake
- Mining method
- underground
- Ownership percent
- 100 %
Resource Data
- Category
- indicated
- Tonnes
- 8870000
- Grade
- 1.3
- Grade Unit
- g/t
- Contained Metal
- 370
- Contained Unit
- koz
- Cutoff Grade
- 46
- Cutoff Unit
- US$/tonne
Prior Estimate
- Resource Date
- 2025-04-01
Metal Equivalent
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2025-10-09T00:00:00.000Z
Reasoning: This Indicated resource for palladium at Current Lake contributes significantly to the project's overall economic viability, with a solid grade and tonnage, and is supported by robust reporting standards.
Positive factors
- Significant Indicated resource tonnage and grade for palladium
- Resource is NI 43-101 compliant and QP signed
- Underground mining method specified
Evidence · table
“1.30”
Context: 8.87
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
indicatedThunder Bay North · goldTonnes: 8870000Grade: 0.09Grade Unit: g/tContained Metal: 25Contained Unit: kozView all detailsHide details
Identity
- Project
- Thunder Bay North
- Commodity
- gold
- Region
- canada_on
- Reported Region
- Ontario
- Ticker
- AIR
Resource scope
- Estimate type
- resource
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Denis Decharte, Michael Selby, Charlie Buck, Maria Story
- Resource group id
- resource:6019a9e86ced5f03e5fc
- Deposit or zone
- Current Lake
- Mining method
- underground
- Ownership percent
- 100 %
Resource Data
- Category
- indicated
- Tonnes
- 8870000
- Grade
- 0.09
- Grade Unit
- g/t
- Contained Metal
- 25
- Contained Unit
- koz
- Cutoff Grade
- 46
- Cutoff Unit
- US$/tonne
Prior Estimate
- Resource Date
- 2025-04-01
Metal Equivalent
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2025-10-09T00:00:00.000Z
Reasoning: The Indicated resource for gold at Current Lake, while low grade, adds to the polymetallic nature of the project and is supported by robust reporting standards.
Positive factors
- Resource is NI 43-101 compliant and QP signed
- Underground mining method specified
Evidence · table
“0.09”
Context: 8.87
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
indicatedThunder Bay North · silverTonnes: 8870000Grade: 1.96Grade Unit: g/tContained Metal: 560Contained Unit: kozView all detailsHide details
Identity
- Project
- Thunder Bay North
- Commodity
- silver
- Region
- canada_on
- Reported Region
- Ontario
- Ticker
- AIR
Resource scope
- Estimate type
- resource
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Denis Decharte, Michael Selby, Charlie Buck, Maria Story
- Resource group id
- resource:6019a9e86ced5f03e5fc
- Deposit or zone
- Current Lake
- Mining method
- underground
- Ownership percent
- 100 %
Resource Data
- Category
- indicated
- Tonnes
- 8870000
- Grade
- 1.96
- Grade Unit
- g/t
- Contained Metal
- 560
- Contained Unit
- koz
- Cutoff Grade
- 46
- Cutoff Unit
- US$/tonne
Prior Estimate
- Resource Date
- 2025-04-01
Metal Equivalent
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2025-10-09T00:00:00.000Z
Reasoning: The Indicated resource for silver at Current Lake, while low grade, adds to the polymetallic nature of the project and is supported by robust reporting standards.
Positive factors
- Resource is NI 43-101 compliant and QP signed
- Underground mining method specified
Evidence · table
“1.96”
Context: 8.87
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
indicatedThunder Bay North · copperTonnes: 8870000Grade: 0.32Grade Unit: %Contained Metal: 29Contained Unit: ktView all detailsHide details
Identity
- Project
- Thunder Bay North
- Commodity
- copper
- Region
- canada_on
- Reported Region
- Ontario
- Ticker
- AIR
Resource scope
- Estimate type
- resource
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Denis Decharte, Michael Selby, Charlie Buck, Maria Story
- Resource group id
- resource:6019a9e86ced5f03e5fc
- Deposit or zone
- Current Lake
- Mining method
- underground
- Ownership percent
- 100 %
Resource Data
- Category
- indicated
- Tonnes
- 8870000
- Grade
- 0.32
- Grade Unit
- %
- Contained Metal
- 29
- Contained Unit
- kt
- Cutoff Grade
- 46
- Cutoff Unit
- US$/tonne
Prior Estimate
- Resource Date
- 2025-04-01
Metal Equivalent
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2025-10-09T00:00:00.000Z
Reasoning: This Indicated resource for copper at Current Lake provides a valuable byproduct credit to the project economics, supported by robust reporting standards.
Positive factors
- Significant Indicated resource tonnage and grade for copper
- Resource is NI 43-101 compliant and QP signed
- Underground mining method specified
Evidence · table
“0.32”
Context: 8.87
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
indicatedThunder Bay North · nickelTonnes: 8870000Grade: 0.22Grade Unit: %Contained Metal: 19Contained Unit: ktView all detailsHide details
Identity
- Project
- Thunder Bay North
- Commodity
- nickel
- Region
- canada_on
- Reported Region
- Ontario
- Ticker
- AIR
Resource scope
- Estimate type
- resource
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Denis Decharte, Michael Selby, Charlie Buck, Maria Story
- Resource group id
- resource:6019a9e86ced5f03e5fc
- Deposit or zone
- Current Lake
- Mining method
- underground
- Ownership percent
- 100 %
Resource Data
- Category
- indicated
- Tonnes
- 8870000
- Grade
- 0.22
- Grade Unit
- %
- Contained Metal
- 19
- Contained Unit
- kt
- Cutoff Grade
- 46
- Cutoff Unit
- US$/tonne
Prior Estimate
- Resource Date
- 2025-04-01
Metal Equivalent
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2025-10-09T00:00:00.000Z
Reasoning: This Indicated resource for nickel at Current Lake provides a valuable byproduct credit to the project economics, supported by robust reporting standards.
Positive factors
- Significant Indicated resource tonnage and grade for nickel
- Resource is NI 43-101 compliant and QP signed
- Underground mining method specified
Evidence · table
“0.22”
Context: 8.87
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
indicatedThunder Bay North · 2pgeTonnes: 8870000Grade: 2.68Grade Unit: g/tContained Metal: 766Contained Unit: kozView all detailsHide details
Identity
- Project
- Thunder Bay North
- Commodity
- 2pge
- Region
- canada_on
- Reported Region
- Ontario
- Ticker
- AIR
Resource scope
- Estimate type
- resource
- Reporting standards
- ni_43_101, other
- QP Signed
- Yes
- Qualified person names
- Denis Decharte, Michael Selby, Charlie Buck, Maria Story
- Resource group id
- resource:6019a9e86ced5f03e5fc
- Deposit or zone
- Current Lake
- Mining method
- underground
- Ownership percent
- 100 %
Resource Data
- Category
- indicated
- Tonnes
- 8870000
- Grade
- 2.68
- Grade Unit
- g/t
- Contained Metal
- 766
- Contained Unit
- koz
- Cutoff Grade
- 46
- Cutoff Unit
- US$/tonne
Prior Estimate
- Resource Date
- 2025-04-01
Metal Equivalent
- Metal Eq. Grade
- 2.68
- Metal Eq. Unit
- g/t 2PGE
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2025-10-09T00:00:00.000Z
Reasoning: This Indicated resource for 2PGE (Platinum + Palladium) at Current Lake represents a key value driver for the project, with a solid grade and tonnage, and is supported by robust reporting standards and disclosed equivalent assumptions.
Positive factors
- Significant Indicated resource tonnage and grade for 2PGE
- Resource is NI 43-101 compliant and QP signed
- Underground mining method specified
- Metal equivalent assumptions disclosed
Evidence · table
“2.68”
Context: 8.87
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
inferredThunder Bay North · platinumTonnes: 1650000Grade: 0.91Grade Unit: g/tContained Metal: 48Contained Unit: kozView all detailsHide details
Identity
- Project
- Thunder Bay North
- Commodity
- platinum
- Region
- canada_on
- Reported Region
- Ontario
- Ticker
- AIR
Resource scope
- Estimate type
- resource
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Denis Decharte, Michael Selby, Charlie Buck, Maria Story
- Resource group id
- resource:77a49557ae06e4e19469
- Deposit or zone
- Current Lake
- Mining method
- underground
- Ownership percent
- 100 %
Resource Data
- Category
- inferred
- Tonnes
- 1650000
- Grade
- 0.91
- Grade Unit
- g/t
- Contained Metal
- 48
- Contained Unit
- koz
- Cutoff Grade
- 46
- Cutoff Unit
- US$/tonne
Prior Estimate
- Resource Date
- 2025-04-01
Metal Equivalent
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2025-10-09T00:00:00.000Z
Reasoning: The Inferred resource for platinum at Current Lake provides additional potential but requires further drilling to upgrade confidence, despite being part of an NI 43-101 compliant estimate.
Positive factors
- Resource is NI 43-101 compliant and QP signed
- Underground mining method specified
Negative factors
- Inferred resource category implies lower geological confidence
Evidence · table
“0.91”
Context: 1.65
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
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
inferredThunder Bay North · palladiumTonnes: 1650000Grade: 0.83Grade Unit: g/tContained Metal: 44Contained Unit: kozView all detailsHide details
Identity
- Project
- Thunder Bay North
- Commodity
- palladium
- Region
- canada_on
- Reported Region
- Ontario
- Ticker
- AIR
Resource scope
- Estimate type
- resource
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Denis Decharte, Michael Selby, Charlie Buck, Maria Story
- Resource group id
- resource:77a49557ae06e4e19469
- Deposit or zone
- Current Lake
- Mining method
- underground
- Ownership percent
- 100 %
Resource Data
- Category
- inferred
- Tonnes
- 1650000
- Grade
- 0.83
- Grade Unit
- g/t
- Contained Metal
- 44
- Contained Unit
- koz
- Cutoff Grade
- 46
- Cutoff Unit
- US$/tonne
Prior Estimate
- Resource Date
- 2025-04-01
Metal Equivalent
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2025-10-09T00:00:00.000Z
Reasoning: The Inferred resource for palladium at Current Lake provides additional potential but requires further drilling to upgrade confidence, despite being part of an NI 43-101 compliant estimate.
Positive factors
- Resource is NI 43-101 compliant and QP signed
- Underground mining method specified
Negative factors
- Inferred resource category implies lower geological confidence
Evidence · table
“0.83”
Context: 1.65
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
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
inferredThunder Bay North · goldTonnes: 1650000Grade: 0.07Grade Unit: g/tContained Metal: 4Contained Unit: kozView all detailsHide details
Identity
- Project
- Thunder Bay North
- Commodity
- gold
- Region
- canada_on
- Reported Region
- Ontario
- Ticker
- AIR
Resource scope
- Estimate type
- resource
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Denis Decharte, Michael Selby, Charlie Buck, Maria Story
- Resource group id
- resource:77a49557ae06e4e19469
- Deposit or zone
- Current Lake
- Mining method
- underground
- Ownership percent
- 100 %
Resource Data
- Category
- inferred
- Tonnes
- 1650000
- Grade
- 0.07
- Grade Unit
- g/t
- Contained Metal
- 4
- Contained Unit
- koz
- Cutoff Grade
- 46
- Cutoff Unit
- US$/tonne
Prior Estimate
- Resource Date
- 2025-04-01
Metal Equivalent
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2025-10-09T00:00:00.000Z
Reasoning: The Inferred resource for gold at Current Lake is very low grade and in a speculative category, requiring further work to establish economic viability.
Positive factors
- Resource is NI 43-101 compliant and QP signed
- Underground mining method specified
Negative factors
- Inferred resource category implies lower geological confidence
- Very low grade for gold
Evidence · table
“0.07”
Context: 1.65
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
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
inferredThunder Bay North · silverTonnes: 1650000Grade: 1.91Grade Unit: g/tContained Metal: 102Contained Unit: kozView all detailsHide details
Identity
- Project
- Thunder Bay North
- Commodity
- silver
- Region
- canada_on
- Reported Region
- Ontario
- Ticker
- AIR
Resource scope
- Estimate type
- resource
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Denis Decharte, Michael Selby, Charlie Buck, Maria Story
- Resource group id
- resource:77a49557ae06e4e19469
- Deposit or zone
- Current Lake
- Mining method
- underground
- Ownership percent
- 100 %
Resource Data
- Category
- inferred
- Tonnes
- 1650000
- Grade
- 1.91
- Grade Unit
- g/t
- Contained Metal
- 102
- Contained Unit
- koz
- Cutoff Grade
- 46
- Cutoff Unit
- US$/tonne
Prior Estimate
- Resource Date
- 2025-04-01
Metal Equivalent
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2025-10-09T00:00:00.000Z
Reasoning: The Inferred resource for silver at Current Lake is very low grade and in a speculative category, requiring further work to establish economic viability.
Positive factors
- Resource is NI 43-101 compliant and QP signed
- Underground mining method specified
Negative factors
- Inferred resource category implies lower geological confidence
- Very low grade for silver
Evidence · table
“1.91”
Context: 1.65
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
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
inferredThunder Bay North · copperTonnes: 1650000Grade: 0.32Grade Unit: %Contained Metal: 5Contained Unit: ktView all detailsHide details
Identity
- Project
- Thunder Bay North
- Commodity
- copper
- Region
- canada_on
- Reported Region
- Ontario
- Ticker
- AIR
Resource scope
- Estimate type
- resource
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Denis Decharte, Michael Selby, Charlie Buck, Maria Story
- Resource group id
- resource:77a49557ae06e4e19469
- Deposit or zone
- Current Lake
- Mining method
- underground
- Ownership percent
- 100 %
Resource Data
- Category
- inferred
- Tonnes
- 1650000
- Grade
- 0.32
- Grade Unit
- %
- Contained Metal
- 5
- Contained Unit
- kt
- Cutoff Grade
- 46
- Cutoff Unit
- US$/tonne
Prior Estimate
- Resource Date
- 2025-04-01
Metal Equivalent
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2025-10-09T00:00:00.000Z
Reasoning: The Inferred resource for copper at Current Lake provides additional potential but requires further drilling to upgrade confidence, despite being part of an NI 43-101 compliant estimate.
Positive factors
- Resource is NI 43-101 compliant and QP signed
- Underground mining method specified
Negative factors
- Inferred resource category implies lower geological confidence
Evidence · table
“0.32”
Context: 1.65
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
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
inferredThunder Bay North · nickelTonnes: 1650000Grade: 0.21Grade Unit: %Contained Metal: 3Contained Unit: ktView all detailsHide details
Identity
- Project
- Thunder Bay North
- Commodity
- nickel
- Region
- canada_on
- Reported Region
- Ontario
- Ticker
- AIR
Resource scope
- Estimate type
- resource
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Denis Decharte, Michael Selby, Charlie Buck, Maria Story
- Resource group id
- resource:77a49557ae06e4e19469
- Deposit or zone
- Current Lake
- Mining method
- underground
- Ownership percent
- 100 %
Resource Data
- Category
- inferred
- Tonnes
- 1650000
- Grade
- 0.21
- Grade Unit
- %
- Contained Metal
- 3
- Contained Unit
- kt
- Cutoff Grade
- 46
- Cutoff Unit
- US$/tonne
Prior Estimate
- Resource Date
- 2025-04-01
Metal Equivalent
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2025-10-09T00:00:00.000Z
Reasoning: The Inferred resource for nickel at Current Lake provides additional potential but requires further drilling to upgrade confidence, despite being part of an NI 43-101 compliant estimate.
Positive factors
- Resource is NI 43-101 compliant and QP signed
- Underground mining method specified
Negative factors
- Inferred resource category implies lower geological confidence
Evidence · table
“0.21”
Context: 1.65
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
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
inferredThunder Bay North · 2pgeTonnes: 1650000Grade: 1.74Grade Unit: g/tContained Metal: 93Contained Unit: kozView all detailsHide details
Identity
- Project
- Thunder Bay North
- Commodity
- 2pge
- Region
- canada_on
- Reported Region
- Ontario
- Ticker
- AIR
Resource scope
- Estimate type
- resource
- Reporting standards
- ni_43_101, other
- QP Signed
- Yes
- Qualified person names
- Denis Decharte, Michael Selby, Charlie Buck, Maria Story
- Resource group id
- resource:77a49557ae06e4e19469
- Deposit or zone
- Current Lake
- Mining method
- underground
- Ownership percent
- 100 %
Resource Data
- Category
- inferred
- Tonnes
- 1650000
- Grade
- 1.74
- Grade Unit
- g/t
- Contained Metal
- 93
- Contained Unit
- koz
- Cutoff Grade
- 46
- Cutoff Unit
- US$/tonne
Prior Estimate
- Resource Date
- 2025-04-01
Metal Equivalent
- Metal Eq. Grade
- 1.74
- Metal Eq. Unit
- g/t 2PGE
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2025-10-09T00:00:00.000Z
Reasoning: The Inferred resource for 2PGE (Platinum + Palladium) at Current Lake provides additional potential but requires further drilling to upgrade confidence, despite being part of an NI 43-101 compliant estimate.
Positive factors
- Resource is NI 43-101 compliant and QP signed
- Underground mining method specified
- Metal equivalent assumptions disclosed
Negative factors
- Inferred resource category implies lower geological confidence
Evidence · table
“1.74”
Context: 1.65
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
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
indicatedThunder Bay North · platinumTonnes: 6030000Grade: 1.17Grade Unit: g/tContained Metal: 226Contained Unit: kozView all detailsHide details
Identity
- Project
- Thunder Bay North
- Commodity
- platinum
- Region
- canada_on
- Reported Region
- Ontario
- Ticker
- AIR
Resource scope
- Estimate type
- resource
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Denis Decharte, Michael Selby, Charlie Buck, Maria Story
- Resource group id
- resource:caa93b5995d4f040ae42
- Deposit or zone
- Escape Lake
- Mining method
- underground
- Ownership percent
- 100 %
Resource Data
- Category
- indicated
- Tonnes
- 6030000
- Grade
- 1.17
- Grade Unit
- g/t
- Contained Metal
- 226
- Contained Unit
- koz
- Cutoff Grade
- 46
- Cutoff Unit
- US$/tonne
Prior Estimate
- Resource Date
- 2025-04-01
Metal Equivalent
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2025-10-09T00:00:00.000Z
Reasoning: This Indicated resource for platinum at Escape Lake contributes significantly to the project's overall economic viability, with a solid grade and tonnage, and is supported by robust reporting standards.
Positive factors
- Significant Indicated resource tonnage and grade for platinum
- Resource is NI 43-101 compliant and QP signed
- Underground mining method specified
Evidence · table
“1.17”
Context: 6.03
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
indicatedThunder Bay North · palladiumTonnes: 6030000Grade: 1.45Grade Unit: g/tContained Metal: 282Contained Unit: kozView all detailsHide details
Identity
- Project
- Thunder Bay North
- Commodity
- palladium
- Region
- canada_on
- Reported Region
- Ontario
- Ticker
- AIR
Resource scope
- Estimate type
- resource
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Denis Decharte, Michael Selby, Charlie Buck, Maria Story
- Resource group id
- resource:caa93b5995d4f040ae42
- Deposit or zone
- Escape Lake
- Mining method
- underground
- Ownership percent
- 100 %
Resource Data
- Category
- indicated
- Tonnes
- 6030000
- Grade
- 1.45
- Grade Unit
- g/t
- Contained Metal
- 282
- Contained Unit
- koz
- Cutoff Grade
- 46
- Cutoff Unit
- US$/tonne
Prior Estimate
- Resource Date
- 2025-04-01
Metal Equivalent
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2025-10-09T00:00:00.000Z
Reasoning: This Indicated resource for palladium at Escape Lake contributes significantly to the project's overall economic viability, with a solid grade and tonnage, and is supported by robust reporting standards.
Positive factors
- Significant Indicated resource tonnage and grade for palladium
- Resource is NI 43-101 compliant and QP signed
- Underground mining method specified
Evidence · table
“1.45”
Context: 6.03
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
indicatedThunder Bay North · goldTonnes: 6030000Grade: 0.11Grade Unit: g/tContained Metal: 21Contained Unit: kozView all detailsHide details
Identity
- Project
- Thunder Bay North
- Commodity
- gold
- Region
- canada_on
- Reported Region
- Ontario
- Ticker
- AIR
Resource scope
- Estimate type
- resource
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Denis Decharte, Michael Selby, Charlie Buck, Maria Story
- Resource group id
- resource:caa93b5995d4f040ae42
- Deposit or zone
- Escape Lake
- Mining method
- underground
- Ownership percent
- 100 %
Resource Data
- Category
- indicated
- Tonnes
- 6030000
- Grade
- 0.11
- Grade Unit
- g/t
- Contained Metal
- 21
- Contained Unit
- koz
- Cutoff Grade
- 46
- Cutoff Unit
- US$/tonne
Prior Estimate
- Resource Date
- 2025-04-01
Metal Equivalent
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2025-10-09T00:00:00.000Z
Reasoning: The Indicated resource for gold at Escape Lake, while low grade, adds to the polymetallic nature of the project and is supported by robust reporting standards.
Positive factors
- Resource is NI 43-101 compliant and QP signed
- Underground mining method specified
Evidence · table
“0.11”
Context: 6.03
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
indicatedThunder Bay North · silverTonnes: 6030000Grade: 3.3Grade Unit: g/tContained Metal: 640Contained Unit: kozView all detailsHide details
Identity
- Project
- Thunder Bay North
- Commodity
- silver
- Region
- canada_on
- Reported Region
- Ontario
- Ticker
- AIR
Resource scope
- Estimate type
- resource
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Denis Decharte, Michael Selby, Charlie Buck, Maria Story
- Resource group id
- resource:caa93b5995d4f040ae42
- Deposit or zone
- Escape Lake
- Mining method
- underground
- Ownership percent
- 100 %
Resource Data
- Category
- indicated
- Tonnes
- 6030000
- Grade
- 3.3
- Grade Unit
- g/t
- Contained Metal
- 640
- Contained Unit
- koz
- Cutoff Grade
- 46
- Cutoff Unit
- US$/tonne
Prior Estimate
- Resource Date
- 2025-04-01
Metal Equivalent
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2025-10-09T00:00:00.000Z
Reasoning: The Indicated resource for silver at Escape Lake, while low grade, adds to the polymetallic nature of the project and is supported by robust reporting standards.
Positive factors
- Resource is NI 43-101 compliant and QP signed
- Underground mining method specified
Evidence · table
“3.30”
Context: 6.03
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
indicatedThunder Bay North · copperTonnes: 6030000Grade: 0.52Grade Unit: %Contained Metal: 31Contained Unit: ktView all detailsHide details
Identity
- Project
- Thunder Bay North
- Commodity
- copper
- Region
- canada_on
- Reported Region
- Ontario
- Ticker
- AIR
Resource scope
- Estimate type
- resource
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Denis Decharte, Michael Selby, Charlie Buck, Maria Story
- Resource group id
- resource:caa93b5995d4f040ae42
- Deposit or zone
- Escape Lake
- Mining method
- underground
- Ownership percent
- 100 %
Resource Data
- Category
- indicated
- Tonnes
- 6030000
- Grade
- 0.52
- Grade Unit
- %
- Contained Metal
- 31
- Contained Unit
- kt
- Cutoff Grade
- 46
- Cutoff Unit
- US$/tonne
Prior Estimate
- Resource Date
- 2025-04-01
Metal Equivalent
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2025-10-09T00:00:00.000Z
Reasoning: This Indicated resource for copper at Escape Lake provides a valuable byproduct credit to the project economics, supported by robust reporting standards.
Positive factors
- Significant Indicated resource tonnage and grade for copper
- Resource is NI 43-101 compliant and QP signed
- Underground mining method specified
Evidence · table
“0.52”
Context: 6.03
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
indicatedThunder Bay North · nickelTonnes: 6030000Grade: 0.28Grade Unit: %Contained Metal: 17Contained Unit: ktView all detailsHide details
Identity
- Project
- Thunder Bay North
- Commodity
- nickel
- Region
- canada_on
- Reported Region
- Ontario
- Ticker
- AIR
Resource scope
- Estimate type
- resource
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Denis Decharte, Michael Selby, Charlie Buck, Maria Story
- Resource group id
- resource:caa93b5995d4f040ae42
- Deposit or zone
- Escape Lake
- Mining method
- underground
- Ownership percent
- 100 %
Resource Data
- Category
- indicated
- Tonnes
- 6030000
- Grade
- 0.28
- Grade Unit
- %
- Contained Metal
- 17
- Contained Unit
- kt
- Cutoff Grade
- 46
- Cutoff Unit
- US$/tonne
Prior Estimate
- Resource Date
- 2025-04-01
Metal Equivalent
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2025-10-09T00:00:00.000Z
Reasoning: This Indicated resource for nickel at Escape Lake provides a valuable byproduct credit to the project economics, supported by robust reporting standards.
Positive factors
- Significant Indicated resource tonnage and grade for nickel
- Resource is NI 43-101 compliant and QP signed
- Underground mining method specified
Evidence · table
“0.28”
Context: 6.03
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
indicatedThunder Bay North · 2pgeTonnes: 6030000Grade: 2.62Grade Unit: g/tContained Metal: 508Contained Unit: kozView all detailsHide details
Identity
- Project
- Thunder Bay North
- Commodity
- 2pge
- Region
- canada_on
- Reported Region
- Ontario
- Ticker
- AIR
Resource scope
- Estimate type
- resource
- Reporting standards
- ni_43_101, other
- QP Signed
- Yes
- Qualified person names
- Denis Decharte, Michael Selby, Charlie Buck, Maria Story
- Resource group id
- resource:caa93b5995d4f040ae42
- Deposit or zone
- Escape Lake
- Mining method
- underground
- Ownership percent
- 100 %
Resource Data
- Category
- indicated
- Tonnes
- 6030000
- Grade
- 2.62
- Grade Unit
- g/t
- Contained Metal
- 508
- Contained Unit
- koz
- Cutoff Grade
- 46
- Cutoff Unit
- US$/tonne
Prior Estimate
- Resource Date
- 2025-04-01
Metal Equivalent
- Metal Eq. Grade
- 2.62
- Metal Eq. Unit
- g/t 2PGE
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2025-10-09T00:00:00.000Z
Reasoning: This Indicated resource for 2PGE (Platinum + Palladium) at Escape Lake represents a key value driver for the project, with a solid grade and tonnage, and is supported by robust reporting standards and disclosed equivalent assumptions.
Positive factors
- Significant Indicated resource tonnage and grade for 2PGE
- Resource is NI 43-101 compliant and QP signed
- Underground mining method specified
- Metal equivalent assumptions disclosed
Evidence · table
“2.62”
Context: 6.03
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
inferredThunder Bay North · platinumTonnes: 830000Grade: 0.63Grade Unit: g/tContained Metal: 17Contained Unit: kozView all detailsHide details
Identity
- Project
- Thunder Bay North
- Commodity
- platinum
- Region
- canada_on
- Reported Region
- Ontario
- Ticker
- AIR
Resource scope
- Estimate type
- resource
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Denis Decharte, Michael Selby, Charlie Buck, Maria Story
- Resource group id
- resource:13189c2830b213e605df
- Deposit or zone
- Escape Lake
- Mining method
- underground
- Ownership percent
- 100 %
Resource Data
- Category
- inferred
- Tonnes
- 830000
- Grade
- 0.63
- Grade Unit
- g/t
- Contained Metal
- 17
- Contained Unit
- koz
- Cutoff Grade
- 46
- Cutoff Unit
- US$/tonne
Prior Estimate
- Resource Date
- 2025-04-01
Metal Equivalent
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2025-10-09T00:00:00.000Z
Reasoning: The Inferred resource for platinum at Escape Lake provides additional potential but requires further drilling to upgrade confidence, despite being part of an NI 43-101 compliant estimate.
Positive factors
- Resource is NI 43-101 compliant and QP signed
- Underground mining method specified
Negative factors
- Inferred resource category implies lower geological confidence
Evidence · table
“0.63”
Context: 0.83
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
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
inferredThunder Bay North · palladiumTonnes: 830000Grade: 0.75Grade Unit: g/tContained Metal: 20Contained Unit: kozView all detailsHide details
Identity
- Project
- Thunder Bay North
- Commodity
- palladium
- Region
- canada_on
- Reported Region
- Ontario
- Ticker
- AIR
Resource scope
- Estimate type
- resource
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Denis Decharte, Michael Selby, Charlie Buck, Maria Story
- Resource group id
- resource:13189c2830b213e605df
- Deposit or zone
- Escape Lake
- Mining method
- underground
- Ownership percent
- 100 %
Resource Data
- Category
- inferred
- Tonnes
- 830000
- Grade
- 0.75
- Grade Unit
- g/t
- Contained Metal
- 20
- Contained Unit
- koz
- Cutoff Grade
- 46
- Cutoff Unit
- US$/tonne
Prior Estimate
- Resource Date
- 2025-04-01
Metal Equivalent
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2025-10-09T00:00:00.000Z
Reasoning: The Inferred resource for palladium at Escape Lake provides additional potential but requires further drilling to upgrade confidence, despite being part of an NI 43-101 compliant estimate.
Positive factors
- Resource is NI 43-101 compliant and QP signed
- Underground mining method specified
Negative factors
- Inferred resource category implies lower geological confidence
Evidence · table
“0.75”
Context: 0.83
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
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
inferredThunder Bay North · goldTonnes: 830000Grade: 0.05Grade Unit: g/tContained Metal: 1Contained Unit: kozView all detailsHide details
Identity
- Project
- Thunder Bay North
- Commodity
- gold
- Region
- canada_on
- Reported Region
- Ontario
- Ticker
- AIR
Resource scope
- Estimate type
- resource
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Denis Decharte, Michael Selby, Charlie Buck, Maria Story
- Resource group id
- resource:13189c2830b213e605df
- Deposit or zone
- Escape Lake
- Mining method
- underground
- Ownership percent
- 100 %
Resource Data
- Category
- inferred
- Tonnes
- 830000
- Grade
- 0.05
- Grade Unit
- g/t
- Contained Metal
- 1
- Contained Unit
- koz
- Cutoff Grade
- 46
- Cutoff Unit
- US$/tonne
Prior Estimate
- Resource Date
- 2025-04-01
Metal Equivalent
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2025-10-09T00:00:00.000Z
Reasoning: The Inferred resource for gold at Escape Lake is very low grade and in a speculative category, requiring further work to establish economic viability.
Positive factors
- Resource is NI 43-101 compliant and QP signed
- Underground mining method specified
Negative factors
- Inferred resource category implies lower geological confidence
- Very low grade for gold
Evidence · table
“0.05”
Context: 0.83
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
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
inferredThunder Bay North · silverTonnes: 830000Grade: 1.61Grade Unit: g/tContained Metal: 43Contained Unit: kozView all detailsHide details
Identity
- Project
- Thunder Bay North
- Commodity
- silver
- Region
- canada_on
- Reported Region
- Ontario
- Ticker
- AIR
Resource scope
- Estimate type
- resource
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Denis Decharte, Michael Selby, Charlie Buck, Maria Story
- Resource group id
- resource:13189c2830b213e605df
- Deposit or zone
- Escape Lake
- Mining method
- underground
- Ownership percent
- 100 %
Resource Data
- Category
- inferred
- Tonnes
- 830000
- Grade
- 1.61
- Grade Unit
- g/t
- Contained Metal
- 43
- Contained Unit
- koz
- Cutoff Grade
- 46
- Cutoff Unit
- US$/tonne
Prior Estimate
- Resource Date
- 2025-04-01
Metal Equivalent
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2025-10-09T00:00:00.000Z
Reasoning: The Inferred resource for silver at Escape Lake is very low grade and in a speculative category, requiring further work to establish economic viability.
Positive factors
- Resource is NI 43-101 compliant and QP signed
- Underground mining method specified
Negative factors
- Inferred resource category implies lower geological confidence
- Very low grade for silver
Evidence · table
“1.61”
Context: 0.83
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
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
inferredThunder Bay North · copperTonnes: 830000Grade: 0.27Grade Unit: %Contained Metal: 2Contained Unit: ktView all detailsHide details
Identity
- Project
- Thunder Bay North
- Commodity
- copper
- Region
- canada_on
- Reported Region
- Ontario
- Ticker
- AIR
Resource scope
- Estimate type
- resource
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Denis Decharte, Michael Selby, Charlie Buck, Maria Story
- Resource group id
- resource:13189c2830b213e605df
- Deposit or zone
- Escape Lake
- Mining method
- underground
- Ownership percent
- 100 %
Resource Data
- Category
- inferred
- Tonnes
- 830000
- Grade
- 0.27
- Grade Unit
- %
- Contained Metal
- 2
- Contained Unit
- kt
- Cutoff Grade
- 46
- Cutoff Unit
- US$/tonne
Prior Estimate
- Resource Date
- 2025-04-01
Metal Equivalent
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2025-10-09T00:00:00.000Z
Reasoning: The Inferred resource for copper at Escape Lake provides additional potential but requires further drilling to upgrade confidence, despite being part of an NI 43-101 compliant estimate.
Positive factors
- Resource is NI 43-101 compliant and QP signed
- Underground mining method specified
Negative factors
- Inferred resource category implies lower geological confidence
Evidence · table
“0.27”
Context: 0.83
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
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
inferredThunder Bay North · nickelTonnes: 830000Grade: 0.17Grade Unit: %Contained Metal: 1Contained Unit: ktView all detailsHide details
Identity
- Project
- Thunder Bay North
- Commodity
- nickel
- Region
- canada_on
- Reported Region
- Ontario
- Ticker
- AIR
Resource scope
- Estimate type
- resource
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Denis Decharte, Michael Selby, Charlie Buck, Maria Story
- Resource group id
- resource:13189c2830b213e605df
- Deposit or zone
- Escape Lake
- Mining method
- underground
- Ownership percent
- 100 %
Resource Data
- Category
- inferred
- Tonnes
- 830000
- Grade
- 0.17
- Grade Unit
- %
- Contained Metal
- 1
- Contained Unit
- kt
- Cutoff Grade
- 46
- Cutoff Unit
- US$/tonne
Prior Estimate
- Resource Date
- 2025-04-01
Metal Equivalent
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2025-10-09T00:00:00.000Z
Reasoning: The Inferred resource for nickel at Escape Lake provides additional potential but requires further drilling to upgrade confidence, despite being part of an NI 43-101 compliant estimate.
Positive factors
- Resource is NI 43-101 compliant and QP signed
- Underground mining method specified
Negative factors
- Inferred resource category implies lower geological confidence
Evidence · table
“0.17”
Context: 0.83
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
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
inferredThunder Bay North · 2pgeTonnes: 830000Grade: 1.37Grade Unit: g/tContained Metal: 37Contained Unit: kozView all detailsHide details
Identity
- Project
- Thunder Bay North
- Commodity
- 2pge
- Region
- canada_on
- Reported Region
- Ontario
- Ticker
- AIR
Resource scope
- Estimate type
- resource
- Reporting standards
- ni_43_101, other
- QP Signed
- Yes
- Qualified person names
- Denis Decharte, Michael Selby, Charlie Buck, Maria Story
- Resource group id
- resource:13189c2830b213e605df
- Deposit or zone
- Escape Lake
- Mining method
- underground
- Ownership percent
- 100 %
Resource Data
- Category
- inferred
- Tonnes
- 830000
- Grade
- 1.37
- Grade Unit
- g/t
- Contained Metal
- 37
- Contained Unit
- koz
- Cutoff Grade
- 46
- Cutoff Unit
- US$/tonne
Prior Estimate
- Resource Date
- 2025-04-01
Metal Equivalent
- Metal Eq. Grade
- 1.37
- Metal Eq. Unit
- g/t 2PGE
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2025-10-09T00:00:00.000Z
Reasoning: The Inferred resource for 2PGE (Platinum + Palladium) at Escape Lake provides additional potential but requires further drilling to upgrade confidence, despite being part of an NI 43-101 compliant estimate.
Positive factors
- Resource is NI 43-101 compliant and QP signed
- Underground mining method specified
- Metal equivalent assumptions disclosed
Negative factors
- Inferred resource category implies lower geological confidence
Evidence · table
“1.37”
Context: 0.83
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
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
indicatedThunder Bay North · platinumTonnes: 14900000Grade: 1.3Grade Unit: g/tContained Metal: 622Contained Unit: kozView all detailsHide details
Identity
- Project
- Thunder Bay North
- Commodity
- platinum
- Region
- canada_on
- Reported Region
- Ontario
- Ticker
- AIR
Resource scope
- Estimate type
- resource
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Denis Decharte, Michael Selby, Charlie Buck, Maria Story
- Resource group id
- resource:d891e85f257b997bb2d0
- Deposit or zone
- Total
- Mining method
- underground
- Ownership percent
- 100 %
Resource Data
- Category
- indicated
- Tonnes
- 14900000
- Grade
- 1.3
- Grade Unit
- g/t
- Contained Metal
- 622
- Contained Unit
- koz
- Cutoff Grade
- 46
- Cutoff Unit
- US$/tonne
Prior Estimate
- Resource Date
- 2025-04-01
Metal Equivalent
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2025-10-09T00:00:00.000Z
Reasoning: The total Indicated resource for platinum is a material component of the project's economics, with a substantial tonnage and grade, and is supported by robust reporting standards.
Positive factors
- Significant total Indicated resource tonnage and grade for platinum
- Resource is NI 43-101 compliant and QP signed
- Underground mining method specified
Evidence · table
“1.30”
Context: 14.90
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
indicatedThunder Bay North · palladiumTonnes: 14900000Grade: 1.36Grade Unit: g/tContained Metal: 652Contained Unit: kozView all detailsHide details
Identity
- Project
- Thunder Bay North
- Commodity
- palladium
- Region
- canada_on
- Reported Region
- Ontario
- Ticker
- AIR
Resource scope
- Estimate type
- resource
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Denis Decharte, Michael Selby, Charlie Buck, Maria Story
- Resource group id
- resource:d891e85f257b997bb2d0
- Deposit or zone
- Total
- Mining method
- underground
- Ownership percent
- 100 %
Resource Data
- Category
- indicated
- Tonnes
- 14900000
- Grade
- 1.36
- Grade Unit
- g/t
- Contained Metal
- 652
- Contained Unit
- koz
- Cutoff Grade
- 46
- Cutoff Unit
- US$/tonne
Prior Estimate
- Resource Date
- 2025-04-01
Metal Equivalent
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2025-10-09T00:00:00.000Z
Reasoning: The total Indicated resource for palladium is a material component of the project's economics, with a substantial tonnage and grade, and is supported by robust reporting standards.
Positive factors
- Significant total Indicated resource tonnage and grade for palladium
- Resource is NI 43-101 compliant and QP signed
- Underground mining method specified
Evidence · table
“1.36”
Context: 14.90
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
indicatedThunder Bay North · goldTonnes: 14900000Grade: 0.1Grade Unit: g/tContained Metal: 47Contained Unit: kozView all detailsHide details
Identity
- Project
- Thunder Bay North
- Commodity
- gold
- Region
- canada_on
- Reported Region
- Ontario
- Ticker
- AIR
Resource scope
- Estimate type
- resource
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Denis Decharte, Michael Selby, Charlie Buck, Maria Story
- Resource group id
- resource:d891e85f257b997bb2d0
- Deposit or zone
- Total
- Mining method
- underground
- Ownership percent
- 100 %
Resource Data
- Category
- indicated
- Tonnes
- 14900000
- Grade
- 0.1
- Grade Unit
- g/t
- Contained Metal
- 47
- Contained Unit
- koz
- Cutoff Grade
- 46
- Cutoff Unit
- US$/tonne
Prior Estimate
- Resource Date
- 2025-04-01
Metal Equivalent
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2025-10-09T00:00:00.000Z
Reasoning: The total Indicated resource for gold, while low grade, contributes to the polymetallic nature of the project and is supported by robust reporting standards.
Positive factors
- Resource is NI 43-101 compliant and QP signed
- Underground mining method specified
Evidence · table
“0.10”
Context: 14.90
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
indicatedThunder Bay North · silverTonnes: 14900000Grade: 2.51Grade Unit: g/tContained Metal: 1201Contained Unit: kozView all detailsHide details
Identity
- Project
- Thunder Bay North
- Commodity
- silver
- Region
- canada_on
- Reported Region
- Ontario
- Ticker
- AIR
Resource scope
- Estimate type
- resource
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Denis Decharte, Michael Selby, Charlie Buck, Maria Story
- Resource group id
- resource:d891e85f257b997bb2d0
- Deposit or zone
- Total
- Mining method
- underground
- Ownership percent
- 100 %
Resource Data
- Category
- indicated
- Tonnes
- 14900000
- Grade
- 2.51
- Grade Unit
- g/t
- Contained Metal
- 1201
- Contained Unit
- koz
- Cutoff Grade
- 46
- Cutoff Unit
- US$/tonne
Prior Estimate
- Resource Date
- 2025-04-01
Metal Equivalent
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2025-10-09T00:00:00.000Z
Reasoning: The total Indicated resource for silver, while low grade, contributes to the polymetallic nature of the project and is supported by robust reporting standards.
Positive factors
- Resource is NI 43-101 compliant and QP signed
- Underground mining method specified
Evidence · table
“2.51”
Context: 14.90
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
indicatedThunder Bay North · copperTonnes: 14900000Grade: 0.4Grade Unit: %Contained Metal: 60Contained Unit: ktView all detailsHide details
Identity
- Project
- Thunder Bay North
- Commodity
- copper
- Region
- canada_on
- Reported Region
- Ontario
- Ticker
- AIR
Resource scope
- Estimate type
- resource
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Denis Decharte, Michael Selby, Charlie Buck, Maria Story
- Resource group id
- resource:d891e85f257b997bb2d0
- Deposit or zone
- Total
- Mining method
- underground
- Ownership percent
- 100 %
Resource Data
- Category
- indicated
- Tonnes
- 14900000
- Grade
- 0.4
- Grade Unit
- %
- Contained Metal
- 60
- Contained Unit
- kt
- Cutoff Grade
- 46
- Cutoff Unit
- US$/tonne
Prior Estimate
- Resource Date
- 2025-04-01
Metal Equivalent
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2025-10-09T00:00:00.000Z
Reasoning: The total Indicated resource for copper is a material component of the project's economics, providing valuable byproduct credits, and is supported by robust reporting standards.
Positive factors
- Significant total Indicated resource tonnage and grade for copper
- Resource is NI 43-101 compliant and QP signed
- Underground mining method specified
Evidence · table
“0.40”
Context: 14.90
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
indicatedThunder Bay North · nickelTonnes: 14900000Grade: 0.24Grade Unit: %Contained Metal: 36Contained Unit: ktView all detailsHide details
Identity
- Project
- Thunder Bay North
- Commodity
- nickel
- Region
- canada_on
- Reported Region
- Ontario
- Ticker
- AIR
Resource scope
- Estimate type
- resource
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Denis Decharte, Michael Selby, Charlie Buck, Maria Story
- Resource group id
- resource:d891e85f257b997bb2d0
- Deposit or zone
- Total
- Mining method
- underground
- Ownership percent
- 100 %
Resource Data
- Category
- indicated
- Tonnes
- 14900000
- Grade
- 0.24
- Grade Unit
- %
- Contained Metal
- 36
- Contained Unit
- kt
- Cutoff Grade
- 46
- Cutoff Unit
- US$/tonne
Prior Estimate
- Resource Date
- 2025-04-01
Metal Equivalent
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2025-10-09T00:00:00.000Z
Reasoning: The total Indicated resource for nickel is a material component of the project's economics, providing valuable byproduct credits, and is supported by robust reporting standards.
Positive factors
- Significant total Indicated resource tonnage and grade for nickel
- Resource is NI 43-101 compliant and QP signed
- Underground mining method specified
Evidence · table
“0.24”
Context: 14.90
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
indicatedThunder Bay North · 2pgeTonnes: 14900000Grade: 2.66Grade Unit: g/tContained Metal: 1274Contained Unit: kozView all detailsHide details
Identity
- Project
- Thunder Bay North
- Commodity
- 2pge
- Region
- canada_on
- Reported Region
- Ontario
- Ticker
- AIR
Resource scope
- Estimate type
- resource
- Reporting standards
- ni_43_101, other
- QP Signed
- Yes
- Qualified person names
- Denis Decharte, Michael Selby, Charlie Buck, Maria Story
- Resource group id
- resource:d891e85f257b997bb2d0
- Deposit or zone
- Total
- Mining method
- underground
- Ownership percent
- 100 %
Resource Data
- Category
- indicated
- Tonnes
- 14900000
- Grade
- 2.66
- Grade Unit
- g/t
- Contained Metal
- 1274
- Contained Unit
- koz
- Cutoff Grade
- 46
- Cutoff Unit
- US$/tonne
Prior Estimate
- Resource Date
- 2025-04-01
Metal Equivalent
- Metal Eq. Grade
- 2.66
- Metal Eq. Unit
- g/t 2PGE
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2025-10-09T00:00:00.000Z
Reasoning: The total Indicated resource for 2PGE (Platinum + Palladium) is a material component of the project's economics, with a substantial tonnage and grade, and is supported by robust reporting standards and disclosed equivalent assumptions.
Positive factors
- Significant total Indicated resource tonnage and grade for 2PGE
- Resource is NI 43-101 compliant and QP signed
- Underground mining method specified
- Metal equivalent assumptions disclosed
Evidence · table
“2.66”
Context: 14.90
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
inferredThunder Bay North · platinumTonnes: 2490000Grade: 0.81Grade Unit: g/tContained Metal: 65Contained Unit: kozView all detailsHide details
Identity
- Project
- Thunder Bay North
- Commodity
- platinum
- Region
- canada_on
- Reported Region
- Ontario
- Ticker
- AIR
Resource scope
- Estimate type
- resource
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Denis Decharte, Michael Selby, Charlie Buck, Maria Story
- Resource group id
- resource:053a9d2422e1e7f06fac
- Deposit or zone
- Total
- Mining method
- underground
- Ownership percent
- 100 %
Resource Data
- Category
- inferred
- Tonnes
- 2490000
- Grade
- 0.81
- Grade Unit
- g/t
- Contained Metal
- 65
- Contained Unit
- koz
- Cutoff Grade
- 46
- Cutoff Unit
- US$/tonne
Prior Estimate
- Resource Date
- 2025-04-01
Metal Equivalent
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2025-10-09T00:00:00.000Z
Reasoning: The total Inferred resource for platinum provides additional potential but requires further drilling to upgrade confidence, despite being part of an NI 43-101 compliant estimate.
Positive factors
- Resource is NI 43-101 compliant and QP signed
- Underground mining method specified
Negative factors
- Inferred resource category implies lower geological confidence
Evidence · table
“0.81”
Context: 2.49
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
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
inferredThunder Bay North · palladiumTonnes: 2490000Grade: 0.8Grade Unit: g/tContained Metal: 64Contained Unit: kozView all detailsHide details
Identity
- Project
- Thunder Bay North
- Commodity
- palladium
- Region
- canada_on
- Reported Region
- Ontario
- Ticker
- AIR
Resource scope
- Estimate type
- resource
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Denis Decharte, Michael Selby, Charlie Buck, Maria Story
- Resource group id
- resource:053a9d2422e1e7f06fac
- Deposit or zone
- Total
- Mining method
- underground
- Ownership percent
- 100 %
Resource Data
- Category
- inferred
- Tonnes
- 2490000
- Grade
- 0.8
- Grade Unit
- g/t
- Contained Metal
- 64
- Contained Unit
- koz
- Cutoff Grade
- 46
- Cutoff Unit
- US$/tonne
Prior Estimate
- Resource Date
- 2025-04-01
Metal Equivalent
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2025-10-09T00:00:00.000Z
Reasoning: The total Inferred resource for palladium provides additional potential but requires further drilling to upgrade confidence, despite being part of an NI 43-101 compliant estimate.
Positive factors
- Resource is NI 43-101 compliant and QP signed
- Underground mining method specified
Negative factors
- Inferred resource category implies lower geological confidence
Evidence · table
“0.80”
Context: 2.49
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
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
inferredThunder Bay North · goldTonnes: 2490000Grade: 0.07Grade Unit: g/tContained Metal: 5Contained Unit: kozView all detailsHide details
Identity
- Project
- Thunder Bay North
- Commodity
- gold
- Region
- canada_on
- Reported Region
- Ontario
- Ticker
- AIR
Resource scope
- Estimate type
- resource
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Denis Decharte, Michael Selby, Charlie Buck, Maria Story
- Resource group id
- resource:053a9d2422e1e7f06fac
- Deposit or zone
- Total
- Mining method
- underground
- Ownership percent
- 100 %
Resource Data
- Category
- inferred
- Tonnes
- 2490000
- Grade
- 0.07
- Grade Unit
- g/t
- Contained Metal
- 5
- Contained Unit
- koz
- Cutoff Grade
- 46
- Cutoff Unit
- US$/tonne
Prior Estimate
- Resource Date
- 2025-04-01
Metal Equivalent
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2025-10-09T00:00:00.000Z
Reasoning: The total Inferred resource for gold is very low grade and in a speculative category, requiring further work to establish economic viability.
Positive factors
- Resource is NI 43-101 compliant and QP signed
- Underground mining method specified
Negative factors
- Inferred resource category implies lower geological confidence
- Very low grade for gold
Evidence · table
“0.07”
Context: 2.49
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
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
inferredThunder Bay North · silverTonnes: 2490000Grade: 1.81Grade Unit: g/tContained Metal: 144Contained Unit: kozView all detailsHide details
Identity
- Project
- Thunder Bay North
- Commodity
- silver
- Region
- canada_on
- Reported Region
- Ontario
- Ticker
- AIR
Resource scope
- Estimate type
- resource
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Denis Decharte, Michael Selby, Charlie Buck, Maria Story
- Resource group id
- resource:053a9d2422e1e7f06fac
- Deposit or zone
- Total
- Mining method
- underground
- Ownership percent
- 100 %
Resource Data
- Category
- inferred
- Tonnes
- 2490000
- Grade
- 1.81
- Grade Unit
- g/t
- Contained Metal
- 144
- Contained Unit
- koz
- Cutoff Grade
- 46
- Cutoff Unit
- US$/tonne
Prior Estimate
- Resource Date
- 2025-04-01
Metal Equivalent
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2025-10-09T00:00:00.000Z
Reasoning: The total Inferred resource for silver is very low grade and in a speculative category, requiring further work to establish economic viability.
Positive factors
- Resource is NI 43-101 compliant and QP signed
- Underground mining method specified
Negative factors
- Inferred resource category implies lower geological confidence
- Very low grade for silver
Evidence · table
“1.81”
Context: 2.49
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
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
inferredThunder Bay North · copperTonnes: 2490000Grade: 0.31Grade Unit: %Contained Metal: 8Contained Unit: ktView all detailsHide details
Identity
- Project
- Thunder Bay North
- Commodity
- copper
- Region
- canada_on
- Reported Region
- Ontario
- Ticker
- AIR
Resource scope
- Estimate type
- resource
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Denis Decharte, Michael Selby, Charlie Buck, Maria Story
- Resource group id
- resource:053a9d2422e1e7f06fac
- Deposit or zone
- Total
- Mining method
- underground
- Ownership percent
- 100 %
Resource Data
- Category
- inferred
- Tonnes
- 2490000
- Grade
- 0.31
- Grade Unit
- %
- Contained Metal
- 8
- Contained Unit
- kt
- Cutoff Grade
- 46
- Cutoff Unit
- US$/tonne
Prior Estimate
- Resource Date
- 2025-04-01
Metal Equivalent
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2025-10-09T00:00:00.000Z
Reasoning: The total Inferred resource for copper provides additional potential but requires further drilling to upgrade confidence, despite being part of an NI 43-101 compliant estimate.
Positive factors
- Resource is NI 43-101 compliant and QP signed
- Underground mining method specified
Negative factors
- Inferred resource category implies lower geological confidence
Evidence · table
“0.31”
Context: 2.49
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
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
inferredThunder Bay North · nickelTonnes: 2490000Grade: 0.19Grade Unit: %Contained Metal: 5Contained Unit: ktView all detailsHide details
Identity
- Project
- Thunder Bay North
- Commodity
- nickel
- Region
- canada_on
- Reported Region
- Ontario
- Ticker
- AIR
Resource scope
- Estimate type
- resource
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Denis Decharte, Michael Selby, Charlie Buck, Maria Story
- Resource group id
- resource:053a9d2422e1e7f06fac
- Deposit or zone
- Total
- Mining method
- underground
- Ownership percent
- 100 %
Resource Data
- Category
- inferred
- Tonnes
- 2490000
- Grade
- 0.19
- Grade Unit
- %
- Contained Metal
- 5
- Contained Unit
- kt
- Cutoff Grade
- 46
- Cutoff Unit
- US$/tonne
Prior Estimate
- Resource Date
- 2025-04-01
Metal Equivalent
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2025-10-09T00:00:00.000Z
Reasoning: The total Inferred resource for nickel provides additional potential but requires further drilling to upgrade confidence, despite being part of an NI 43-101 compliant estimate.
Positive factors
- Resource is NI 43-101 compliant and QP signed
- Underground mining method specified
Negative factors
- Inferred resource category implies lower geological confidence
Evidence · table
“0.19”
Context: 2.49
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
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
inferredThunder Bay North · 2pgeTonnes: 2490000Grade: 1.62Grade Unit: g/tContained Metal: 129Contained Unit: kozView all detailsHide details
Identity
- Project
- Thunder Bay North
- Commodity
- 2pge
- Region
- canada_on
- Reported Region
- Ontario
- Ticker
- AIR
Resource scope
- Estimate type
- resource
- Reporting standards
- ni_43_101, other
- QP Signed
- Yes
- Qualified person names
- Denis Decharte, Michael Selby, Charlie Buck, Maria Story
- Resource group id
- resource:053a9d2422e1e7f06fac
- Deposit or zone
- Total
- Mining method
- underground
- Ownership percent
- 100 %
Resource Data
- Category
- inferred
- Tonnes
- 2490000
- Grade
- 1.62
- Grade Unit
- g/t
- Contained Metal
- 129
- Contained Unit
- koz
- Cutoff Grade
- 46
- Cutoff Unit
- US$/tonne
Prior Estimate
- Resource Date
- 2025-04-01
Metal Equivalent
- Metal Eq. Grade
- 1.62
- Metal Eq. Unit
- g/t 2PGE
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2025-10-09T00:00:00.000Z
Reasoning: The total Inferred resource for 2PGE (Platinum + Palladium) provides additional potential but requires further drilling to upgrade confidence, despite being part of an NI 43-101 compliant estimate.
Positive factors
- Resource is NI 43-101 compliant and QP signed
- Underground mining method specified
- Metal equivalent assumptions disclosed
Negative factors
- Inferred resource category implies lower geological confidence
Evidence · table
“1.62”
Context: 2.49
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
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
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.