# Cotabambas Project - Growth in Exploration Activities Canonical Atlas analysis: https://atlas-extractions.minestarters.com/news/cotabambas-project-growth-in-exploration-activities--ba1e6a8a-4430-455c-9df6-4283b58b70c3 Original source: https://money.tmx.com/en/quote/PML/news/7775664469543813/cotabambas-project-growth-in-exploration-activities Publisher: tmx Original announcement: 2026-07-27T11:00:00.000Z Analysis by Minestarters Atlas Atlas analysis published: Unknown date Atlas analysis updated: Unknown date - Company: Panoro Minerals Ltd. - Ticker: PML - Exchange: TSX - Region: Apurimac, Peru - Primary commodity: Copper - Secondary commodities: Gold, Silver, Molybdenum - Document categories: Resource update, Drill results, Metallurgy - Extracted: 2026-09-14 18:35:31 UTC Narrative sentiment: 0.60 · Bullish ## Minestarters Atlas summary Panoro Minerals is expanding exploration activities at the Cotabambas Project in Peru, adding drill rigs and commencing geophysics and machine learning studies. The company is also initiating a two-stage metallurgical testing program to support future PEA and PFS studies. Reasoning: The company is aggressively ramping up exploration and metallurgical work at a large, existing copper-gold-silver project, supported by a significant drill intercept \(CB-228\) and new drilling activity. - Positive factor: significant drill intercept confirming continuity - Positive factor: expansion of drill program with multiple rigs - Positive factor: advancement of metallurgical testing for PEA/PFS - Positive factor: large existing mineral resource base Facts used in scoring: 9 ## Classification and evidence **Step-Out Extension** Polarity: positive Definition: Mineralization extended beyond the previously known limit. Why it applies: The second drill rig is focused on step-out drill holes targeting delineation of mineralization along strike and at depth. Evidence · text > focused on step-out drill holes targeting the delineation of mineralization along strike and at depth **QA/QC Disclosed** Polarity: positive Definition: Release includes QA/QC disclosure — certified lab, QP sign-off, or stated methods \(blanks, standards, duplicates\). Why it applies: The release mentions assay results from the ALS Peru laboratory. Evidence · text > Assay results from the ALS Peru laboratory are expected within 15 days. **Mill Route** Polarity: neutral Definition: Processing via mill or concentrator \(CIL, CIP, tank leach, flotation\). Why it applies: the document describes a mill\_cil route \("concentrator"\) **Gravity Route** Polarity: neutral Definition: Gravity separation forms a material part of the flowsheet. Why it applies: the document describes a gravity route \("gravity"\) ## Extracted facts Stored fact records: 9. Some facts used in scoring do not have a stored record. ## Drill Results (1) ### CB-228 [Link to this fact](https://atlas-extractions.minestarters.com/news/cotabambas-project-growth-in-exploration-activities--ba1e6a8a-4430-455c-9df6-4283b58b70c3#fact-drill-facts-0) Cotabambas · copper #### Identity - Hole ID: CB-228 - Project: Cotabambas - Commodity: copper - Region: peru - Reported Region: peru - Ticker: PML #### Geometry - Grade: 1.04 - Grade Unit: % - Intercept: 317.6 m #### Classification - Sample Type: drill #### QA/QC - QP Signed: Yes #### Review - Needs Review: No - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-07-27T00:00:00.000Z Reasoning: 317.6m intercept at 1.04% CuEq is a significant width and grade for a porphyry-style system. - Positive factor: large width - Positive factor: confirms continuity from surface to 850m Evidence · text > Drillhole CB-228 recently intersected 317.6 m at 1.04% CuEq #### Tags used in scoring **No QA/QC Disclosure** Polarity: negative Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document. Why it applies: qaqc\_disclosed is not true **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated ## Resource Estimates (8) ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/cotabambas-project-growth-in-exploration-activities--ba1e6a8a-4430-455c-9df6-4283b58b70c3#fact-resource-facts-1) Cotabambas · copper #### Identity - Project: Cotabambas - Commodity: copper - Region: peru - Reported Region: Apurimac, Peru - Ticker: PML #### Resource scope - Estimate type: resource - Effective date: 2023-11-20T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Paul Daigle, Oscar Retto, Neil Lincoln - Resource group id: resource:0d4bb1f809f136c73b28 - Deposit or zone: Cotabambas - Mining method: open\_pit - Ownership percent: 100 % - Resource basis: gross #### Resource Data - Category: indicated - Tonnes: 507300000 - Grade: 0.33 - Grade Unit: % - Contained Metal: 3800000000 - Contained Unit: lbs #### Prior Estimate - Resource Date: 2023-11-20 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-07-27T00:00:00.000Z Reasoning: Large indicated resource base. - Positive factor: large tonnage Evidence · text > Indicated Mineral Resources of 507.3 million tonnes grading 0.33% copper #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 2.7 years before this release ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/cotabambas-project-growth-in-exploration-activities--ba1e6a8a-4430-455c-9df6-4283b58b70c3#fact-resource-facts-2) Cotabambas · gold #### Identity - Project: Cotabambas - Commodity: gold - Region: peru - Reported Region: Apurimac, Peru - Ticker: PML #### Resource scope - Estimate type: resource - Effective date: 2023-11-20T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Paul Daigle, Oscar Retto, Neil Lincoln - Resource group id: resource:0d4bb1f809f136c73b28 - Deposit or zone: Cotabambas - Mining method: open\_pit - Ownership percent: 100 % - Resource basis: gross #### Resource Data - Category: indicated - Tonnes: 507300000 - Grade: 0.2 - Grade Unit: g/t - Contained Metal: 3.3 - Contained Unit: moz #### Prior Estimate - Resource Date: 2023-11-20 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-07-27T00:00:00.000Z Reasoning: Byproduct gold in indicated resource. Evidence · text > 0.20 g/t gold #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 2.7 years before this release ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/cotabambas-project-growth-in-exploration-activities--ba1e6a8a-4430-455c-9df6-4283b58b70c3#fact-resource-facts-3) Cotabambas · silver #### Identity - Project: Cotabambas - Commodity: silver - Region: peru - Reported Region: Apurimac, Peru - Ticker: PML #### Resource scope - Estimate type: resource - Effective date: 2023-11-20T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Paul Daigle, Oscar Retto, Neil Lincoln - Resource group id: resource:0d4bb1f809f136c73b28 - Deposit or zone: Cotabambas - Mining method: open\_pit - Ownership percent: 100 % - Resource basis: gross #### Resource Data - Category: indicated - Tonnes: 507300000 - Grade: 2.42 - Grade Unit: g/t - Contained Metal: 39.5 - Contained Unit: moz #### Prior Estimate - Resource Date: 2023-11-20 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-07-27T00:00:00.000Z Reasoning: Byproduct silver in indicated resource. Evidence · text > 2.42 g/t silver #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 2.7 years before this release ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/cotabambas-project-growth-in-exploration-activities--ba1e6a8a-4430-455c-9df6-4283b58b70c3#fact-resource-facts-4) Cotabambas · molybdenum #### Identity - Project: Cotabambas - Commodity: molybdenum - Region: peru - Reported Region: Apurimac, Peru - Ticker: PML #### Resource scope - Estimate type: resource - Effective date: 2023-11-20T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Paul Daigle, Oscar Retto, Neil Lincoln - Resource group id: resource:0d4bb1f809f136c73b28 - Deposit or zone: Cotabambas - Mining method: open\_pit - Ownership percent: 100 % - Resource basis: gross #### Resource Data - Category: indicated - Tonnes: 507300000 - Grade: 0.0021 - Grade Unit: % #### Prior Estimate - Resource Date: 2023-11-20 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-07-27T00:00:00.000Z Reasoning: Trace molybdenum in indicated resource. Evidence · text > 0.0021% molybdenum #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 2.7 years before this release ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/cotabambas-project-growth-in-exploration-activities--ba1e6a8a-4430-455c-9df6-4283b58b70c3#fact-resource-facts-5) Cotabambas · copper #### Identity - Project: Cotabambas - Commodity: copper - Region: peru - Reported Region: Apurimac, Peru - Ticker: PML #### Resource scope - Estimate type: resource - Effective date: 2023-11-20T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Paul Daigle, Oscar Retto, Neil Lincoln - Resource group id: resource:b6d8e323be2119c985c6 - Deposit or zone: Cotabambas - Mining method: open\_pit - Ownership percent: 100 % - Resource basis: gross #### Resource Data - Category: inferred - Tonnes: 496000000 - Grade: 0.27 - Grade Unit: % - Contained Metal: 3000000000 - Contained Unit: lbs #### Prior Estimate - Resource Date: 2023-11-20 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-07-27T00:00:00.000Z Reasoning: Large inferred resource base. Evidence · text > Inferred Mineral Resources of 496.0 million tonnes grading 0.27% copper #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 2.7 years before this release ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/cotabambas-project-growth-in-exploration-activities--ba1e6a8a-4430-455c-9df6-4283b58b70c3#fact-resource-facts-6) Cotabambas · gold #### Identity - Project: Cotabambas - Commodity: gold - Region: peru - Reported Region: Apurimac, Peru - Ticker: PML #### Resource scope - Estimate type: resource - Effective date: 2023-11-20T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Paul Daigle, Oscar Retto, Neil Lincoln - Resource group id: resource:b6d8e323be2119c985c6 - Deposit or zone: Cotabambas - Mining method: open\_pit - Ownership percent: 100 % - Resource basis: gross #### Resource Data - Category: inferred - Tonnes: 496000000 - Grade: 0.17 - Grade Unit: g/t - Contained Metal: 2.7 - Contained Unit: moz #### Prior Estimate - Resource Date: 2023-11-20 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-07-27T00:00:00.000Z Reasoning: Byproduct gold in inferred resource. Evidence · text > 0.17 g/t gold #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 2.7 years before this release ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/cotabambas-project-growth-in-exploration-activities--ba1e6a8a-4430-455c-9df6-4283b58b70c3#fact-resource-facts-7) Cotabambas · silver #### Identity - Project: Cotabambas - Commodity: silver - Region: peru - Reported Region: Apurimac, Peru - Ticker: PML #### Resource scope - Estimate type: resource - Effective date: 2023-11-20T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Paul Daigle, Oscar Retto, Neil Lincoln - Resource group id: resource:b6d8e323be2119c985c6 - Deposit or zone: Cotabambas - Mining method: open\_pit - Ownership percent: 100 % - Resource basis: gross #### Resource Data - Category: inferred - Tonnes: 496000000 - Grade: 2.53 - Grade Unit: g/t - Contained Metal: 40.9 - Contained Unit: moz #### Prior Estimate - Resource Date: 2023-11-20 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-07-27T00:00:00.000Z Reasoning: Byproduct silver in inferred resource. Evidence · text > 2.53 g/t silver #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 2.7 years before this release ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/cotabambas-project-growth-in-exploration-activities--ba1e6a8a-4430-455c-9df6-4283b58b70c3#fact-resource-facts-8) Cotabambas · molybdenum #### Identity - Project: Cotabambas - Commodity: molybdenum - Region: peru - Reported Region: Apurimac, Peru - Ticker: PML #### Resource scope - Estimate type: resource - Effective date: 2023-11-20T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Paul Daigle, Oscar Retto, Neil Lincoln - Resource group id: resource:b6d8e323be2119c985c6 - Deposit or zone: Cotabambas - Mining method: open\_pit - Ownership percent: 100 % - Resource basis: gross #### Resource Data - Category: inferred - Tonnes: 496000000 - Grade: 0.0027 - Grade Unit: % #### Prior Estimate - Resource Date: 2023-11-20 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-07-27T00:00:00.000Z Reasoning: Trace molybdenum in inferred resource. Evidence · text > 0.0027% molybdenum #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 2.7 years before this release ## 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.