Doubleview Gold Clarifies Preliminary Economic Assessment Results for the Hat Project; Updated Scenario B NPV Increased to C$7.27 Billion

Original announcement by tmx on

Company
Doubleview Gold Corp.
Ticker
DBG
Exchange
TSX
Region
British Columbia
Primary commodity
Copper
Secondary commodities
Gold, Silver, Cobalt, Scandium
Document categories
Resource update, Metallurgy, Other
Extracted
2026-09-15 18:57:11 UTC

Analysis by Minestarters Atlas

Minestarters Atlas analysis

Summary

Doubleview Gold Corp. clarified and updated its Preliminary Economic Assessment (PEA) for the Hat Project in northwestern British Columbia, reporting an increased after-tax NPV(5%) for Scenario B to C$7.27 billion at consensus metal prices and C$14.85 billion at spot prices. The PEA outlines a robust, multi-decade open-pit operation with significant production of copper, gold, silver, cobalt, and scandium oxide, underpinned by a substantial Measured and Indicated resource of 609 Mt at 0.43% CuEq. The company plans to immediately transition to a Pre-Feasibility Study, emphasizing the project's strategic importance as a North American source of critical minerals.

Reasoning: Doubleview Gold Corp. clarified and updated its Preliminary Economic Assessment (PEA) results for the Hat Project, reporting a significant increase in the after-tax NPV(5%) for Scenario B at both consensus and spot metal prices, reinforcing the project's strong economics and strategic importance as a critical minerals producer.

Positive factors

  • Updated PEA shows increased after-tax NPV(5%) for Scenario B to C$7.27 billion at consensus prices and C$14.85 billion at spot prices.
  • Project demonstrates robust economics with strong IRRs and multi-decade mine life (25 years).
  • Significant production profile for copper, gold, silver, cobalt, and scandium oxide.
  • Project positioned as a primary North American source of critical minerals (copper, scandium, cobalt).
  • Transition to Pre-Feasibility Study (PFS) provides clear roadmap for advancement.
  • Substantial Measured and Indicated resource base of 609 Mt at 0.43% CuEq.

Negative factors

  • PEA is preliminary in nature and includes Inferred Mineral Resources, which are considered speculative.
  • Scandium recovery circuit is a newer chemical process and less mature than the conventional flowsheet.
  • Limited metallurgical and comminution data introduce uncertainty in equipment sizing and operating costs.
  • Limited geotechnical database creates uncertainty in pit slope design and mine scheduling.

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

Facts used in scoring: 32

Classification and evidence

Resource Updateneutral

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

Why it applies: The document states 'Doubleview Gold Corp announced an update of the Mineral Resource estimate (MRE)' and provides a new MRE table with an effective date of February 4, 2026.

Evidence · text

“Doubleview Gold Corp announced an update of the Mineral Resource estimate (MRE).”

NI 43-101 Compliantpositive

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

Why it applies: The Mineral Resource Estimate was prepared in accordance with the Canadian Institute of Mining, Metallurgy and Petroleum (CIM) Definition Standards for Mineral Resources and Mineral Reserves (2014), and CIM MRMR Best Practice Guidelines (2019), which are the basis for NI 43-101.

Evidence · text

“The Mineral Resource Estimate was prepared in accordance with the Canadian Institute of Mining, Metallurgy and Petroleum (CIM) Definition Standards for Mineral Resources and Mineral Reserves (2014), and CIM MRMR Best Practice Guidelines (2019).”

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: Mineit's Qualified Person, Tomasz Wawruch, FAusIMM, completed the MRE and reviewed and approved the technical disclosure related to the MRE.

Evidence · text

“Mineit's Qualified Person, Tomasz Wawruch, FAusIMM, completed the MRE, and has reviewed and approved the technical disclosure related to the MRE contained in this news release.”

Measured Resourcepositive

Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves.

Why it applies: The resource estimate includes a 'Measured' category with 272 Mt of material.

Evidence · table

“Measured”

Context: Mineral Resource Classification

Indicated Resourcepositive

Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.

Why it applies: The resource estimate includes an 'Indicated' category with 337 Mt of material.

Evidence · table

“Indicated”

Context: Mineral Resource Classification

Inferred Resourcenegative

Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.

Why it applies: The resource estimate includes an 'Inferred' category with 503 Mt of material.

Evidence · table

“Inferred”

Context: Mineral Resource Classification

Bench Scale Onlynegative

Only preliminary bench tests completed — no locked-cycle or pilot work.

Why it applies: The metallurgical testwork is described as 'early testwork comprised metallurgical characterization studies under standard laboratory conditions' with 'No attempt was made to optimize flotation conditions, and more advanced flotation testwork was not undertaken'.

Evidence · text

“Early metallurgical testwork comprised metallurgical characterization studies under standard laboratory conditions to demonstrate metals recoverability for inclusion in the estimate of CuEq. No attempt was made to optimize flotation conditions, and more advanced flotation testwork was not undertaken.”

Mill Routeneutral

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

Why it applies: The processing scenario involves a 'conventional Cu-Au-Ag-Co flotation concentrator'.

Evidence · text

“a conventional Cu-Au-Ag-Co flotation concentrator”

POX/BIOX Routeneutral

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

Why it applies: The full circuit (Scenario B) involves roasting the pyrite concentrate to generate sulphuric acid and a calcine for further processing.

Evidence · text

“the pyrite concentrate is roasted to generate sulphuric acid and a calcine that is then processed to recover cobalt, gold, silver, and copper”

Extracted facts

Stored fact records: 32. Some facts used in scoring do not have a stored record.

Resource Estimates (28)

Fact 1HatGrade Unit: C$MView all details
Link to this fact

Identity

Project
Hat
Region
canada_bc
Reported Region
British Columbia
Ticker
DBG

Resource scope

Reporting standards
ni_43_101
Resource group id
resource:b572432673b34fb42fb6
Mining method
open_pit
Ownership percent
100 %

Resource Data

Grade Unit
C$M

Metal Equivalent

Assumptions Disclosed
Yes

Review

Needs Review
No
Historical
No

Dates

Event date
2026-03-23T00:00:00.000Z

Reasoning: The updated after-tax NPV(5%) of C$7.27 billion for Scenario B at consensus prices represents a material improvement and highlights the project's strong economic potential.

Positive factors

  • Significant increase in NPV from previous estimate.
  • High valuation for a preliminary economic assessment.

Evidence · table

“7,274”

Context: NPV 5% (Post-tax)

Tags used in scoring

Cut-off Undisclosednegative

High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff_grade was stated

NI 43-101 Compliantpositive

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

Why it applies: reporting_standards includes ni_43_101

No Contained Metalnegative

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

Why it applies: contained_metal was not reported

PEA-Supportingneutral

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

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

PFS-Supportingneutral

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

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

DFS-Supportingneutral

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

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

Fact 2HatGrade Unit: %View all details
Link to this fact

Identity

Project
Hat
Region
canada_bc
Reported Region
British Columbia
Ticker
DBG

Resource scope

Reporting standards
ni_43_101
Resource group id
resource:b572432673b34fb42fb6
Mining method
open_pit
Ownership percent
100 %

Resource Data

Grade Unit
%

Metal Equivalent

Assumptions Disclosed
Yes

Review

Needs Review
No
Historical
No

Dates

Event date
2026-03-23T00:00:00.000Z

Reasoning: A post-tax IRR of 19% for Scenario B at consensus prices indicates a financially attractive project.

Positive factors

  • Solid internal rate of return for a large-scale project.

Evidence · table

“19”

Context: IRR (Post-tax)

Tags used in scoring

Cut-off Undisclosednegative

High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff_grade was stated

NI 43-101 Compliantpositive

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

Why it applies: reporting_standards includes ni_43_101

No Contained Metalnegative

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

Why it applies: contained_metal was not reported

PEA-Supportingneutral

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

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

PFS-Supportingneutral

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

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

DFS-Supportingneutral

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

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

Fact 3HatGrade Unit: C$MView all details
Link to this fact

Identity

Project
Hat
Region
canada_bc
Reported Region
British Columbia
Ticker
DBG

Resource scope

Reporting standards
ni_43_101
Resource group id
resource:b572432673b34fb42fb6
Mining method
open_pit
Ownership percent
100 %

Resource Data

Grade Unit
C$M

Metal Equivalent

Assumptions Disclosed
Yes

Review

Needs Review
No
Historical
No

Dates

Event date
2026-03-23T00:00:00.000Z

Reasoning: The updated after-tax NPV(5%) of C$14.85 billion for Scenario B at spot prices demonstrates very strong project economics under current market conditions.

Positive factors

  • Exceptional NPV at current spot prices, indicating significant upside potential.
  • Material increase from previous estimate.

Evidence · table

“14,848”

Context: NPV 5% (Post-Tax)

Tags used in scoring

Cut-off Undisclosednegative

High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff_grade was stated

NI 43-101 Compliantpositive

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

Why it applies: reporting_standards includes ni_43_101

No Contained Metalnegative

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

Why it applies: contained_metal was not reported

PEA-Supportingneutral

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

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

PFS-Supportingneutral

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

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

DFS-Supportingneutral

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

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

Fact 4HatGrade Unit: %View all details
Link to this fact

Identity

Project
Hat
Region
canada_bc
Reported Region
British Columbia
Ticker
DBG

Resource scope

Reporting standards
ni_43_101
Resource group id
resource:b572432673b34fb42fb6
Mining method
open_pit
Ownership percent
100 %

Resource Data

Grade Unit
%

Metal Equivalent

Assumptions Disclosed
Yes

Review

Needs Review
No
Historical
No

Dates

Event date
2026-03-23T00:00:00.000Z

Reasoning: A post-tax IRR of 32% for Scenario B at spot prices signifies excellent project profitability.

Positive factors

  • Very strong internal rate of return at spot prices, indicating high profitability.

Evidence · table

“32”

Context: IRR (Post-Tax)

Tags used in scoring

Cut-off Undisclosednegative

High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff_grade was stated

NI 43-101 Compliantpositive

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

Why it applies: reporting_standards includes ni_43_101

No Contained Metalnegative

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

Why it applies: contained_metal was not reported

PEA-Supportingneutral

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

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

PFS-Supportingneutral

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

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

DFS-Supportingneutral

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

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

Fact 5HatGrade Unit: yearsView all details
Link to this fact

Identity

Project
Hat
Region
canada_bc
Reported Region
British Columbia
Ticker
DBG

Resource scope

Reporting standards
ni_43_101
Resource group id
resource:b572432673b34fb42fb6
Mining method
open_pit
Ownership percent
100 %

Resource Data

Grade Unit
years

Metal Equivalent

Assumptions Disclosed
Yes

Review

Needs Review
No
Historical
No

Dates

Event date
2026-03-23T00:00:00.000Z

Reasoning: A 25-year mine life indicates a large-scale, long-term project with significant operational longevity.

Positive factors

  • Long mine life provides stability and long-term cash flow.

Evidence · text

“The mine plan supports a multi-decade life of 25 years”

Tags used in scoring

Cut-off Undisclosednegative

High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff_grade was stated

NI 43-101 Compliantpositive

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

Why it applies: reporting_standards includes ni_43_101

No Contained Metalnegative

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

Why it applies: contained_metal was not reported

PEA-Supportingneutral

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

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

PFS-Supportingneutral

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

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

DFS-Supportingneutral

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

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

Fact 6HatView all details
Link to this fact

Identity

Project
Hat
Region
canada_bc
Reported Region
British Columbia
Ticker
DBG

Resource scope

Reporting standards
ni_43_101
Resource group id
resource:b572432673b34fb42fb6
Mining method
open_pit
Ownership percent
100 %

Metal Equivalent

Assumptions Disclosed
Yes

Review

Needs Review
No
Historical
No

Dates

Event date
2026-03-23T00:00:00.000Z

Reasoning: An average annual throughput of 42 Mt confirms the project's large-scale conventional open-pit operation.

Positive factors

  • High annual throughput indicates a large-scale mining operation.

Evidence · table

“42”

Context: Average Annual Throughput

Tags used in scoring

Cut-off Undisclosednegative

High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff_grade was stated

NI 43-101 Compliantpositive

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

Why it applies: reporting_standards includes ni_43_101

No Contained Metalnegative

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

Why it applies: contained_metal was not reported

PEA-Supportingneutral

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

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

PFS-Supportingneutral

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

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

DFS-Supportingneutral

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

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

Fact 7HatGrade Unit: %View all details
Link to this fact

Identity

Project
Hat
Region
canada_bc
Reported Region
British Columbia
Ticker
DBG

Resource scope

Reporting standards
ni_43_101
Resource group id
resource:b572432673b34fb42fb6
Mining method
open_pit
Ownership percent
100 %

Resource Data

Grade Unit
%

Metal Equivalent

Assumptions Disclosed
Yes

Review

Needs Review
No
Historical
No

Dates

Event date
2026-03-23T00:00:00.000Z

Reasoning: A CuEq head grade of 0.42% for Scenario B provides a good basis for economic extraction in a bulk tonnage operation.

Positive factors

  • Reasonable head grade for a large-scale porphyry-style deposit.

Evidence · table

“0.42”

Context: CuEq Head Grade

Tags used in scoring

Cut-off Undisclosednegative

High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff_grade was stated

NI 43-101 Compliantpositive

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

Why it applies: reporting_standards includes ni_43_101

No Contained Metalnegative

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

Why it applies: contained_metal was not reported

PEA-Supportingneutral

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

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

PFS-Supportingneutral

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

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

DFS-Supportingneutral

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

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

Fact 8HatView all details
Link to this fact

Identity

Project
Hat
Region
canada_bc
Reported Region
British Columbia
Ticker
DBG

Resource scope

Reporting standards
ni_43_101
Resource group id
resource:b572432673b34fb42fb6
Mining method
open_pit
Ownership percent
100 %

Metal Equivalent

Assumptions Disclosed
Yes

Review

Needs Review
No
Historical
No

Dates

Event date
2026-03-23T00:00:00.000Z

Reasoning: Average annual copper production of 67.6 kt for Scenario B indicates a substantial copper output.

Positive factors

  • Significant annual copper production contributes to project revenue.

Evidence · table

“67.6”

Context: Average Annual Cu Production

Tags used in scoring

Cut-off Undisclosednegative

High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff_grade was stated

NI 43-101 Compliantpositive

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

Why it applies: reporting_standards includes ni_43_101

No Contained Metalnegative

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

Why it applies: contained_metal was not reported

PEA-Supportingneutral

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

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

PFS-Supportingneutral

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

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

DFS-Supportingneutral

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

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

Fact 9HatView all details
Link to this fact

Identity

Project
Hat
Region
canada_bc
Reported Region
British Columbia
Ticker
DBG

Resource scope

Reporting standards
ni_43_101
Resource group id
resource:b572432673b34fb42fb6
Mining method
open_pit
Ownership percent
100 %

Metal Equivalent

Assumptions Disclosed
Yes

Review

Needs Review
No
Historical
No

Dates

Event date
2026-03-23T00:00:00.000Z

Reasoning: Average annual gold production of 217.3 koz for Scenario B represents a valuable co-product stream.

Positive factors

  • Strong annual gold production provides significant byproduct credits.

Evidence · table

“217.3”

Context: Average Annual Au Production

Tags used in scoring

Cut-off Undisclosednegative

High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff_grade was stated

NI 43-101 Compliantpositive

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

Why it applies: reporting_standards includes ni_43_101

No Contained Metalnegative

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

Why it applies: contained_metal was not reported

PEA-Supportingneutral

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

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

PFS-Supportingneutral

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

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

DFS-Supportingneutral

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

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

Fact 10HatView all details
Link to this fact

Identity

Project
Hat
Region
canada_bc
Reported Region
British Columbia
Ticker
DBG

Resource scope

Reporting standards
ni_43_101
Resource group id
resource:b572432673b34fb42fb6
Mining method
open_pit
Ownership percent
100 %

Metal Equivalent

Assumptions Disclosed
Yes

Review

Needs Review
No
Historical
No

Dates

Event date
2026-03-23T00:00:00.000Z

Reasoning: Average annual cobalt production of 2.5 kt for Scenario B highlights the project's contribution to critical mineral supply.

Positive factors

  • Meaningful annual cobalt production, a critical mineral.

Evidence · table

“2.5”

Context: Average Annual Co Production

Tags used in scoring

Cut-off Undisclosednegative

High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff_grade was stated

NI 43-101 Compliantpositive

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

Why it applies: reporting_standards includes ni_43_101

No Contained Metalnegative

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

Why it applies: contained_metal was not reported

PEA-Supportingneutral

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

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

PFS-Supportingneutral

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

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

DFS-Supportingneutral

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

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

Fact 11HatView all details
Link to this fact

Identity

Project
Hat
Region
canada_bc
Reported Region
British Columbia
Ticker
DBG

Resource scope

Reporting standards
ni_43_101
Resource group id
resource:b572432673b34fb42fb6
Mining method
open_pit
Ownership percent
100 %

Metal Equivalent

Assumptions Disclosed
Yes

Review

Needs Review
No
Historical
No

Dates

Event date
2026-03-23T00:00:00.000Z

Reasoning: Average annual scandium oxide production of 128.4 t for Scenario B provides additional revenue from a strategic metal.

Positive factors

  • Scandium oxide production adds value from a high-value critical mineral.

Evidence · table

“128.4”

Context: Average Annual Sc 2 O 3 Production

Tags used in scoring

Cut-off Undisclosednegative

High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff_grade was stated

NI 43-101 Compliantpositive

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

Why it applies: reporting_standards includes ni_43_101

No Contained Metalnegative

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

Why it applies: contained_metal was not reported

PEA-Supportingneutral

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

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

PFS-Supportingneutral

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

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

DFS-Supportingneutral

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

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

Fact 12HatGrade Unit: C$MView all details
Link to this fact

Identity

Project
Hat
Region
canada_bc
Reported Region
British Columbia
Ticker
DBG

Resource scope

Reporting standards
ni_43_101
Resource group id
resource:b572432673b34fb42fb6
Mining method
open_pit
Ownership percent
100 %

Resource Data

Grade Unit
C$M

Metal Equivalent

Assumptions Disclosed
Yes

Review

Needs Review
No
Historical
No

Dates

Event date
2026-03-23T00:00:00.000Z

Reasoning: Initial capital costs of C$3.83 billion for Scenario B are substantial, reflecting the scale and complexity of the project.

Negative factors

  • High initial capital cost for project development.

Evidence · table

“3,828”

Context: Initial Capital Costs

Tags used in scoring

Cut-off Undisclosednegative

High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff_grade was stated

NI 43-101 Compliantpositive

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

Why it applies: reporting_standards includes ni_43_101

No Contained Metalnegative

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

Why it applies: contained_metal was not reported

PEA-Supportingneutral

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

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

PFS-Supportingneutral

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

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

DFS-Supportingneutral

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

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

Fact 13HatGrade Unit: C$/t-milledView all details
Link to this fact

Identity

Project
Hat
Region
canada_bc
Reported Region
British Columbia
Ticker
DBG

Resource scope

Reporting standards
ni_43_101
Resource group id
resource:b572432673b34fb42fb6
Mining method
open_pit
Ownership percent
100 %

Resource Data

Grade Unit
C$/t-milled

Metal Equivalent

Assumptions Disclosed
Yes

Review

Needs Review
No
Historical
No

Dates

Event date
2026-03-23T00:00:00.000Z

Reasoning: Total operating costs of C$21.92/t-milled for Scenario B reflect the additional processing requirements for cobalt and scandium.

Negative factors

  • Operating costs are higher due to the added hydrometallurgical and scandium circuits.

Evidence · table

“21.92”

Context: Total Operating Costs

Tags used in scoring

Cut-off Undisclosednegative

High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff_grade was stated

NI 43-101 Compliantpositive

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

Why it applies: reporting_standards includes ni_43_101

No Contained Metalnegative

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

Why it applies: contained_metal was not reported

PEA-Supportingneutral

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

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

PFS-Supportingneutral

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

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

DFS-Supportingneutral

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

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

measuredHat Project · copperTonnes: 272000000Grade: 0.22Grade Unit: %Contained Metal: 1.11Contained Unit: blbView all details
Link to this fact

Identity

Project
Hat Project
Commodity
copper
Region
canada_bc
Reported Region
British Columbia
Ticker
DBG

Resource scope

Estimate type
resource
Reporting standards
ni_43_101
QP Signed
Yes
Qualified person names
Tomasz Wawruch
Resource group id
resource:779c3584082848e91836
Mining method
open_pit
Ownership percent
100 %

Resource Data

Category
measured
Tonnes
272000000
Grade
0.22
Grade Unit
%
Contained Metal
1.11
Contained Unit
blb
Cutoff Grade
0.2
Cutoff Unit
% CuEq

Prior Estimate

Resource Date
2026-02-04

Metal Equivalent

Metal Eq. Grade
0.44
Metal Eq. Unit
% CuEq
Assumptions Disclosed
Yes

Review

Needs Review
No
Historical
No

Dates

Event date
2026-03-23T00:00:00.000Z

Reasoning: The Measured resource of 272 Mt at 0.22% Cu for 1.11 Blb contained copper provides a high-confidence base for project development.

Positive factors

  • High confidence Measured category resource.
  • Significant contained copper.

Evidence · table

“0.22”

Context: 272

Tags used in scoring

Measured Resourcepositive

Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves.

Why it applies: category is "measured"

Cut-off Disclosedpositive

Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff_grade is stated

QP/CP Signedpositive

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

Why it applies: qp_signed is true

NI 43-101 Compliantpositive

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

Why it applies: reporting_standards includes ni_43_101

PEA-Supportingneutral

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

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

PFS-Supportingneutral

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

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

DFS-Supportingneutral

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

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

measuredHat Project · goldTonnes: 272000000Grade: 0.18Grade Unit: g/tContained Metal: 1.41Contained Unit: mozView all details
Link to this fact

Identity

Project
Hat Project
Commodity
gold
Region
canada_bc
Reported Region
British Columbia
Ticker
DBG

Resource scope

Estimate type
resource
Reporting standards
ni_43_101
QP Signed
Yes
Qualified person names
Tomasz Wawruch
Resource group id
resource:779c3584082848e91836
Mining method
open_pit
Ownership percent
100 %

Resource Data

Category
measured
Tonnes
272000000
Grade
0.18
Grade Unit
g/t
Contained Metal
1.41
Contained Unit
moz
Cutoff Grade
0.2
Cutoff Unit
% CuEq

Prior Estimate

Resource Date
2026-02-04

Metal Equivalent

Metal Eq. Grade
0.44
Metal Eq. Unit
% CuEq
Assumptions Disclosed
Yes

Review

Needs Review
No
Historical
No

Dates

Event date
2026-03-23T00:00:00.000Z

Reasoning: The Measured resource includes 1.41 Moz of contained gold, adding significant value as a co-product.

Positive factors

  • High confidence Measured category resource.
  • Significant contained gold as a co-product.

Evidence · table

“0.18”

Context: 272

Tags used in scoring

Measured Resourcepositive

Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves.

Why it applies: category is "measured"

Cut-off Disclosedpositive

Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff_grade is stated

QP/CP Signedpositive

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

Why it applies: qp_signed is true

NI 43-101 Compliantpositive

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

Why it applies: reporting_standards includes ni_43_101

PEA-Supportingneutral

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

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

PFS-Supportingneutral

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

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

DFS-Supportingneutral

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

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

measuredHat Project · cobaltTonnes: 272000000Grade: 76.26Grade Unit: g/tContained Metal: 35.6Contained Unit: mlbView all details
Link to this fact

Identity

Project
Hat Project
Commodity
cobalt
Region
canada_bc
Reported Region
British Columbia
Ticker
DBG

Resource scope

Estimate type
resource
Reporting standards
ni_43_101
QP Signed
Yes
Qualified person names
Tomasz Wawruch
Resource group id
resource:779c3584082848e91836
Mining method
open_pit
Ownership percent
100 %

Resource Data

Category
measured
Tonnes
272000000
Grade
76.26
Grade Unit
g/t
Contained Metal
35.6
Contained Unit
mlb
Cutoff Grade
0.2
Cutoff Unit
% CuEq

Prior Estimate

Resource Date
2026-02-04

Metal Equivalent

Metal Eq. Grade
0.44
Metal Eq. Unit
% CuEq
Assumptions Disclosed
Yes

Review

Needs Review
No
Historical
No

Dates

Event date
2026-03-23T00:00:00.000Z

Reasoning: The Measured resource contains 35.6 Mlb of cobalt, contributing to the project's critical mineral profile.

Positive factors

  • High confidence Measured category resource.
  • Significant contained cobalt, a critical mineral.

Evidence · table

“76.26”

Context: 272

Tags used in scoring

Measured Resourcepositive

Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves.

Why it applies: category is "measured"

Cut-off Disclosedpositive

Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff_grade is stated

QP/CP Signedpositive

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

Why it applies: qp_signed is true

NI 43-101 Compliantpositive

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

Why it applies: reporting_standards includes ni_43_101

PEA-Supportingneutral

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

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

PFS-Supportingneutral

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

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

DFS-Supportingneutral

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

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

measuredHat Project · silverTonnes: 272000000Grade: 0.37Grade Unit: g/tContained Metal: 2.17Contained Unit: mozView all details
Link to this fact

Identity

Project
Hat Project
Commodity
silver
Region
canada_bc
Reported Region
British Columbia
Ticker
DBG

Resource scope

Estimate type
resource
Reporting standards
ni_43_101
QP Signed
Yes
Qualified person names
Tomasz Wawruch
Resource group id
resource:779c3584082848e91836
Mining method
open_pit
Ownership percent
100 %

Resource Data

Category
measured
Tonnes
272000000
Grade
0.37
Grade Unit
g/t
Contained Metal
2.17
Contained Unit
moz
Cutoff Grade
0.2
Cutoff Unit
% CuEq

Prior Estimate

Resource Date
2026-02-04

Metal Equivalent

Metal Eq. Grade
0.44
Metal Eq. Unit
% CuEq
Assumptions Disclosed
Yes

Review

Needs Review
No
Historical
No

Dates

Event date
2026-03-23T00:00:00.000Z

Reasoning: The Measured resource includes 2.17 Moz of contained silver, providing additional byproduct revenue.

Positive factors

  • High confidence Measured category resource.
  • Contained silver adds byproduct value.

Evidence · table

“0.37”

Context: 272

Tags used in scoring

Measured Resourcepositive

Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves.

Why it applies: category is "measured"

Cut-off Disclosedpositive

Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff_grade is stated

QP/CP Signedpositive

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

Why it applies: qp_signed is true

NI 43-101 Compliantpositive

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

Why it applies: reporting_standards includes ni_43_101

PEA-Supportingneutral

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

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

PFS-Supportingneutral

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

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

DFS-Supportingneutral

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

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

measuredHat Project · scandiumTonnes: 272000000Grade: 28.79Grade Unit: g/tContained Metal: 1081Contained Unit: tView all details
Link to this fact

Identity

Project
Hat Project
Commodity
scandium
Region
canada_bc
Reported Region
British Columbia
Ticker
DBG

Resource scope

Estimate type
resource
Reporting standards
ni_43_101
QP Signed
Yes
Qualified person names
Tomasz Wawruch
Resource group id
resource:779c3584082848e91836
Mining method
open_pit
Ownership percent
100 %

Resource Data

Category
measured
Tonnes
272000000
Grade
28.79
Grade Unit
g/t
Contained Metal
1081
Contained Unit
t
Cutoff Grade
0.2
Cutoff Unit
% CuEq

Prior Estimate

Resource Date
2026-02-04

Metal Equivalent

Assumptions Disclosed
Yes

Review

Needs Review
No
Historical
No

Dates

Event date
2026-03-23T00:00:00.000Z

Reasoning: The Measured resource contains 1,081 t of scandium oxide, adding a valuable critical mineral component to the project.

Positive factors

  • High confidence Measured category resource.
  • Significant contained scandium oxide, a high-value critical mineral.

Evidence · table

“28.79”

Context: 272

Tags used in scoring

Measured Resourcepositive

Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves.

Why it applies: category is "measured"

Cut-off Disclosedpositive

Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff_grade is stated

QP/CP Signedpositive

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

Why it applies: qp_signed is true

NI 43-101 Compliantpositive

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

Why it applies: reporting_standards includes ni_43_101

PEA-Supportingneutral

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

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

PFS-Supportingneutral

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

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

DFS-Supportingneutral

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

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

indicatedHat Project · copperTonnes: 337000000Grade: 0.21Grade Unit: %Contained Metal: 1.31Contained Unit: blbView all details
Link to this fact

Identity

Project
Hat Project
Commodity
copper
Region
canada_bc
Reported Region
British Columbia
Ticker
DBG

Resource scope

Estimate type
resource
Reporting standards
ni_43_101
QP Signed
Yes
Qualified person names
Tomasz Wawruch
Resource group id
resource:cbf642e2197211e4a204
Mining method
open_pit
Ownership percent
100 %

Resource Data

Category
indicated
Tonnes
337000000
Grade
0.21
Grade Unit
%
Contained Metal
1.31
Contained Unit
blb
Cutoff Grade
0.2
Cutoff Unit
% CuEq

Prior Estimate

Resource Date
2026-02-04

Metal Equivalent

Metal Eq. Grade
0.43
Metal Eq. Unit
% CuEq
Assumptions Disclosed
Yes

Review

Needs Review
No
Historical
No

Dates

Event date
2026-03-23T00:00:00.000Z

Reasoning: The Indicated resource of 337 Mt at 0.21% Cu for 1.31 Blb contained copper provides a strong basis for future studies.

Positive factors

  • Good confidence Indicated category resource.
  • Significant contained copper.

Evidence · table

“0.21”

Context: 337

Tags used in scoring

Indicated Resourcepositive

Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.

Why it applies: category is "indicated"

Cut-off Disclosedpositive

Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff_grade is stated

QP/CP Signedpositive

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

Why it applies: qp_signed is true

NI 43-101 Compliantpositive

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

Why it applies: reporting_standards includes ni_43_101

PEA-Supportingneutral

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

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

PFS-Supportingneutral

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

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

DFS-Supportingneutral

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

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

indicatedHat Project · goldTonnes: 337000000Grade: 0.19Grade Unit: g/tContained Metal: 1.81Contained Unit: mozView all details
Link to this fact

Identity

Project
Hat Project
Commodity
gold
Region
canada_bc
Reported Region
British Columbia
Ticker
DBG

Resource scope

Estimate type
resource
Reporting standards
ni_43_101
QP Signed
Yes
Qualified person names
Tomasz Wawruch
Resource group id
resource:cbf642e2197211e4a204
Mining method
open_pit
Ownership percent
100 %

Resource Data

Category
indicated
Tonnes
337000000
Grade
0.19
Grade Unit
g/t
Contained Metal
1.81
Contained Unit
moz
Cutoff Grade
0.2
Cutoff Unit
% CuEq

Prior Estimate

Resource Date
2026-02-04

Metal Equivalent

Metal Eq. Grade
0.43
Metal Eq. Unit
% CuEq
Assumptions Disclosed
Yes

Review

Needs Review
No
Historical
No

Dates

Event date
2026-03-23T00:00:00.000Z

Reasoning: The Indicated resource includes 1.81 Moz of contained gold, further enhancing project value.

Positive factors

  • Good confidence Indicated category resource.
  • Significant contained gold as a co-product.

Evidence · table

“0.19”

Context: 337

Tags used in scoring

Indicated Resourcepositive

Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.

Why it applies: category is "indicated"

Cut-off Disclosedpositive

Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff_grade is stated

QP/CP Signedpositive

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

Why it applies: qp_signed is true

NI 43-101 Compliantpositive

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

Why it applies: reporting_standards includes ni_43_101

PEA-Supportingneutral

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

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

PFS-Supportingneutral

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

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

DFS-Supportingneutral

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

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

indicatedHat Project · cobaltTonnes: 337000000Grade: 76.81Grade Unit: g/tContained Metal: 44.5Contained Unit: mlbView all details
Link to this fact

Identity

Project
Hat Project
Commodity
cobalt
Region
canada_bc
Reported Region
British Columbia
Ticker
DBG

Resource scope

Estimate type
resource
Reporting standards
ni_43_101
QP Signed
Yes
Qualified person names
Tomasz Wawruch
Resource group id
resource:cbf642e2197211e4a204
Mining method
open_pit
Ownership percent
100 %

Resource Data

Category
indicated
Tonnes
337000000
Grade
76.81
Grade Unit
g/t
Contained Metal
44.5
Contained Unit
mlb
Cutoff Grade
0.2
Cutoff Unit
% CuEq

Prior Estimate

Resource Date
2026-02-04

Metal Equivalent

Metal Eq. Grade
0.43
Metal Eq. Unit
% CuEq
Assumptions Disclosed
Yes

Review

Needs Review
No
Historical
No

Dates

Event date
2026-03-23T00:00:00.000Z

Reasoning: The Indicated resource contains 44.5 Mlb of cobalt, reinforcing the project's critical mineral status.

Positive factors

  • Good confidence Indicated category resource.
  • Significant contained cobalt, a critical mineral.

Evidence · table

“76.81”

Context: 337

Tags used in scoring

Indicated Resourcepositive

Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.

Why it applies: category is "indicated"

Cut-off Disclosedpositive

Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff_grade is stated

QP/CP Signedpositive

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

Why it applies: qp_signed is true

NI 43-101 Compliantpositive

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

Why it applies: reporting_standards includes ni_43_101

PEA-Supportingneutral

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

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

PFS-Supportingneutral

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

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

DFS-Supportingneutral

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

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

indicatedHat Project · silverTonnes: 337000000Grade: 0.39Grade Unit: g/tContained Metal: 2.88Contained Unit: mozView all details
Link to this fact

Identity

Project
Hat Project
Commodity
silver
Region
canada_bc
Reported Region
British Columbia
Ticker
DBG

Resource scope

Estimate type
resource
Reporting standards
ni_43_101
QP Signed
Yes
Qualified person names
Tomasz Wawruch
Resource group id
resource:cbf642e2197211e4a204
Mining method
open_pit
Ownership percent
100 %

Resource Data

Category
indicated
Tonnes
337000000
Grade
0.39
Grade Unit
g/t
Contained Metal
2.88
Contained Unit
moz
Cutoff Grade
0.2
Cutoff Unit
% CuEq

Prior Estimate

Resource Date
2026-02-04

Metal Equivalent

Metal Eq. Grade
0.43
Metal Eq. Unit
% CuEq
Assumptions Disclosed
Yes

Review

Needs Review
No
Historical
No

Dates

Event date
2026-03-23T00:00:00.000Z

Reasoning: The Indicated resource includes 2.88 Moz of contained silver, contributing to overall project economics.

Positive factors

  • Good confidence Indicated category resource.
  • Contained silver adds byproduct value.

Evidence · table

“0.39”

Context: 337

Tags used in scoring

Indicated Resourcepositive

Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.

Why it applies: category is "indicated"

Cut-off Disclosedpositive

Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff_grade is stated

QP/CP Signedpositive

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

Why it applies: qp_signed is true

NI 43-101 Compliantpositive

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

Why it applies: reporting_standards includes ni_43_101

PEA-Supportingneutral

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

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

PFS-Supportingneutral

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

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

DFS-Supportingneutral

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

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

indicatedHat Project · scandiumTonnes: 337000000Grade: 28.76Grade Unit: g/tContained Metal: 1334Contained Unit: tView all details
Link to this fact

Identity

Project
Hat Project
Commodity
scandium
Region
canada_bc
Reported Region
British Columbia
Ticker
DBG

Resource scope

Estimate type
resource
Reporting standards
ni_43_101
QP Signed
Yes
Qualified person names
Tomasz Wawruch
Resource group id
resource:cbf642e2197211e4a204
Mining method
open_pit
Ownership percent
100 %

Resource Data

Category
indicated
Tonnes
337000000
Grade
28.76
Grade Unit
g/t
Contained Metal
1334
Contained Unit
t
Cutoff Grade
0.2
Cutoff Unit
% CuEq

Prior Estimate

Resource Date
2026-02-04

Metal Equivalent

Assumptions Disclosed
Yes

Review

Needs Review
No
Historical
No

Dates

Event date
2026-03-23T00:00:00.000Z

Reasoning: The Indicated resource contains 1,334 t of scandium oxide, adding to the project's critical mineral inventory.

Positive factors

  • Good confidence Indicated category resource.
  • Significant contained scandium oxide, a high-value critical mineral.

Evidence · table

“28.76”

Context: 337

Tags used in scoring

Indicated Resourcepositive

Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.

Why it applies: category is "indicated"

Cut-off Disclosedpositive

Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff_grade is stated

QP/CP Signedpositive

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

Why it applies: qp_signed is true

NI 43-101 Compliantpositive

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

Why it applies: reporting_standards includes ni_43_101

PEA-Supportingneutral

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

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

PFS-Supportingneutral

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

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

DFS-Supportingneutral

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

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

inferredHat Project · copperTonnes: 503000000Grade: 0.18Grade Unit: %Contained Metal: 1.72Contained Unit: blbView all details
Link to this fact

Identity

Project
Hat Project
Commodity
copper
Region
canada_bc
Reported Region
British Columbia
Ticker
DBG

Resource scope

Estimate type
resource
Reporting standards
ni_43_101
QP Signed
Yes
Qualified person names
Tomasz Wawruch
Resource group id
resource:221edf005c07aad83abf
Mining method
open_pit
Ownership percent
100 %

Resource Data

Category
inferred
Tonnes
503000000
Grade
0.18
Grade Unit
%
Contained Metal
1.72
Contained Unit
blb
Cutoff Grade
0.2
Cutoff Unit
% CuEq

Prior Estimate

Resource Date
2026-02-04

Metal Equivalent

Metal Eq. Grade
0.41
Metal Eq. Unit
% CuEq
Assumptions Disclosed
Yes

Review

Needs Review
No
Historical
No

Dates

Event date
2026-03-23T00:00:00.000Z

Reasoning: The Inferred resource of 503 Mt at 0.18% Cu for 1.72 Blb contained copper represents significant potential for future conversion.

Positive factors

  • Large tonnage in the Inferred category provides exploration upside.

Negative factors

  • Lower confidence Inferred category.

Evidence · table

“0.18”

Context: 503

Tags used in scoring

Inferred Resourcenegative

Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.

Why it applies: category is "inferred"

Cut-off Disclosedpositive

Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff_grade is stated

QP/CP Signedpositive

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

Why it applies: qp_signed is true

NI 43-101 Compliantpositive

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

Why it applies: reporting_standards includes ni_43_101

PEA-Supportingneutral

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

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

PFS-Supportingneutral

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

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

DFS-Supportingneutral

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

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

inferredHat Project · goldTonnes: 503000000Grade: 0.19Grade Unit: g/tContained Metal: 2.77Contained Unit: mozView all details
Link to this fact

Identity

Project
Hat Project
Commodity
gold
Region
canada_bc
Reported Region
British Columbia
Ticker
DBG

Resource scope

Estimate type
resource
Reporting standards
ni_43_101
QP Signed
Yes
Qualified person names
Tomasz Wawruch
Resource group id
resource:221edf005c07aad83abf
Mining method
open_pit
Ownership percent
100 %

Resource Data

Category
inferred
Tonnes
503000000
Grade
0.19
Grade Unit
g/t
Contained Metal
2.77
Contained Unit
moz
Cutoff Grade
0.2
Cutoff Unit
% CuEq

Prior Estimate

Resource Date
2026-02-04

Metal Equivalent

Metal Eq. Grade
0.41
Metal Eq. Unit
% CuEq
Assumptions Disclosed
Yes

Review

Needs Review
No
Historical
No

Dates

Event date
2026-03-23T00:00:00.000Z

Reasoning: The Inferred resource includes 2.77 Moz of contained gold, offering substantial exploration potential.

Positive factors

  • Large contained gold in the Inferred category provides future upside.

Negative factors

  • Lower confidence Inferred category.

Evidence · table

“0.19”

Context: 503

Tags used in scoring

Inferred Resourcenegative

Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.

Why it applies: category is "inferred"

Cut-off Disclosedpositive

Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff_grade is stated

QP/CP Signedpositive

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

Why it applies: qp_signed is true

NI 43-101 Compliantpositive

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

Why it applies: reporting_standards includes ni_43_101

PEA-Supportingneutral

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

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

PFS-Supportingneutral

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

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

DFS-Supportingneutral

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

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

inferredHat Project · cobaltTonnes: 503000000Grade: 76.62Grade Unit: g/tContained Metal: 66.2Contained Unit: mlbView all details
Link to this fact

Identity

Project
Hat Project
Commodity
cobalt
Region
canada_bc
Reported Region
British Columbia
Ticker
DBG

Resource scope

Estimate type
resource
Reporting standards
ni_43_101
QP Signed
Yes
Qualified person names
Tomasz Wawruch
Resource group id
resource:221edf005c07aad83abf
Mining method
open_pit
Ownership percent
100 %

Resource Data

Category
inferred
Tonnes
503000000
Grade
76.62
Grade Unit
g/t
Contained Metal
66.2
Contained Unit
mlb
Cutoff Grade
0.2
Cutoff Unit
% CuEq

Prior Estimate

Resource Date
2026-02-04

Metal Equivalent

Metal Eq. Grade
0.41
Metal Eq. Unit
% CuEq
Assumptions Disclosed
Yes

Review

Needs Review
No
Historical
No

Dates

Event date
2026-03-23T00:00:00.000Z

Reasoning: The Inferred resource contains 66.2 Mlb of cobalt, indicating significant potential for this critical mineral.

Positive factors

  • Large contained cobalt in the Inferred category provides future upside for a critical mineral.

Negative factors

  • Lower confidence Inferred category.

Evidence · table

“76.62”

Context: 503

Tags used in scoring

Inferred Resourcenegative

Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.

Why it applies: category is "inferred"

Cut-off Disclosedpositive

Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff_grade is stated

QP/CP Signedpositive

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

Why it applies: qp_signed is true

NI 43-101 Compliantpositive

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

Why it applies: reporting_standards includes ni_43_101

PEA-Supportingneutral

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

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

PFS-Supportingneutral

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

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

DFS-Supportingneutral

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

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

inferredHat Project · silverTonnes: 503000000Grade: 0.38Grade Unit: g/tContained Metal: 4.19Contained Unit: mozView all details
Link to this fact

Identity

Project
Hat Project
Commodity
silver
Region
canada_bc
Reported Region
British Columbia
Ticker
DBG

Resource scope

Estimate type
resource
Reporting standards
ni_43_101
QP Signed
Yes
Qualified person names
Tomasz Wawruch
Resource group id
resource:221edf005c07aad83abf
Mining method
open_pit
Ownership percent
100 %

Resource Data

Category
inferred
Tonnes
503000000
Grade
0.38
Grade Unit
g/t
Contained Metal
4.19
Contained Unit
moz
Cutoff Grade
0.2
Cutoff Unit
% CuEq

Prior Estimate

Resource Date
2026-02-04

Metal Equivalent

Metal Eq. Grade
0.41
Metal Eq. Unit
% CuEq
Assumptions Disclosed
Yes

Review

Needs Review
No
Historical
No

Dates

Event date
2026-03-23T00:00:00.000Z

Reasoning: The Inferred resource includes 4.19 Moz of contained silver, adding to the project's overall metal endowment.

Positive factors

  • Large contained silver in the Inferred category provides future upside.

Negative factors

  • Lower confidence Inferred category.

Evidence · table

“0.38”

Context: 503

Tags used in scoring

Inferred Resourcenegative

Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.

Why it applies: category is "inferred"

Cut-off Disclosedpositive

Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff_grade is stated

QP/CP Signedpositive

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

Why it applies: qp_signed is true

NI 43-101 Compliantpositive

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

Why it applies: reporting_standards includes ni_43_101

PEA-Supportingneutral

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

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

PFS-Supportingneutral

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

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

DFS-Supportingneutral

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

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

inferredHat Project · scandiumTonnes: 503000000Grade: 28.69Grade Unit: g/tContained Metal: 1996Contained Unit: tView all details
Link to this fact

Identity

Project
Hat Project
Commodity
scandium
Region
canada_bc
Reported Region
British Columbia
Ticker
DBG

Resource scope

Estimate type
resource
Reporting standards
ni_43_101
QP Signed
Yes
Qualified person names
Tomasz Wawruch
Resource group id
resource:221edf005c07aad83abf
Mining method
open_pit
Ownership percent
100 %

Resource Data

Category
inferred
Tonnes
503000000
Grade
28.69
Grade Unit
g/t
Contained Metal
1996
Contained Unit
t
Cutoff Grade
0.2
Cutoff Unit
% CuEq

Prior Estimate

Resource Date
2026-02-04

Metal Equivalent

Assumptions Disclosed
Yes

Review

Needs Review
No
Historical
No

Dates

Event date
2026-03-23T00:00:00.000Z

Reasoning: The Inferred resource contains 1,996 t of scandium oxide, indicating significant potential for this strategic metal.

Positive factors

  • Large contained scandium oxide in the Inferred category provides future upside for a high-value critical mineral.

Negative factors

  • Lower confidence Inferred category.

Evidence · table

“28.69”

Context: 503

Tags used in scoring

Inferred Resourcenegative

Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.

Why it applies: category is "inferred"

Cut-off Disclosedpositive

Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff_grade is stated

QP/CP Signedpositive

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

Why it applies: qp_signed is true

NI 43-101 Compliantpositive

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

Why it applies: reporting_standards includes ni_43_101

PEA-Supportingneutral

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

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

PFS-Supportingneutral

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

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

DFS-Supportingneutral

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

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

Metallurgical Results (4)

flotationHat Project · copperRecovery: 85 %Head Grade: 0.21Head Grade Unit: %View all details
Link to this fact

Identity

Project
Hat Project
Commodity
copper
Region
canada_bc
Reported Region
British Columbia
Ticker
DBG

Test Work

Program Status
preliminary
Test Type
flotation
Processing Route
conventional Cu-Au-Ag-Co flotation concentrator with downstream hydrometallurgical scandium recovery circuit

Recovery

Recovery
85 %
Recovery Basis
actual_test
Head Grade
0.21
Head Grade Unit
%

Lab

Laboratory
Sepro Laboratories
Consultant
Magister Metallurgy

Review

Needs Review
No
Historical
No

Dates

Event date
2026-03-23T00:00:00.000Z

Reasoning: A copper recovery of 85% from preliminary testwork is positive, with potential for improvement through optimization.

Positive factors

  • Good copper recovery for a polymetallic ore.

Negative factors

  • Testwork is early-stage and not optimized.

Evidence · table

“85”

Context: Combined Concentrates

Tags used in scoring

Mill Routeneutral

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

Why it applies: processing_route matches the mill_cil signal

Byproduct Commodityneutral

The tested commodity is a byproduct rather than the primary economic driver.

Why it applies: the release describes a byproduct credit

flotationHat Project · cobaltRecovery: 78 %Head Grade: 132Head Grade Unit: g/tView all details
Link to this fact

Identity

Project
Hat Project
Commodity
cobalt
Region
canada_bc
Reported Region
British Columbia
Ticker
DBG

Test Work

Program Status
preliminary
Test Type
flotation
Processing Route
conventional Cu-Au-Ag-Co flotation concentrator with downstream hydrometallurgical scandium recovery circuit

Recovery

Recovery
78 %
Recovery Basis
actual_test
Head Grade
132
Head Grade Unit
g/t

Lab

Laboratory
Sepro Laboratories
Consultant
Magister Metallurgy

Review

Needs Review
No
Historical
No

Dates

Event date
2026-03-23T00:00:00.000Z

Reasoning: A cobalt recovery of 78% from preliminary testwork is very good, especially given its critical mineral status.

Positive factors

  • Strong cobalt recovery for a critical mineral.

Negative factors

  • Testwork is early-stage and not optimized.

Evidence · table

“78”

Context: Combined Concentrates

Tags used in scoring

Mill Routeneutral

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

Why it applies: processing_route matches the mill_cil signal

Byproduct Commodityneutral

The tested commodity is a byproduct rather than the primary economic driver.

Why it applies: the release describes a byproduct credit

flotationHat Project · goldRecovery: 89 %Head Grade: 0.34Head Grade Unit: g/tView all details
Link to this fact

Identity

Project
Hat Project
Commodity
gold
Region
canada_bc
Reported Region
British Columbia
Ticker
DBG

Test Work

Program Status
preliminary
Test Type
flotation
Processing Route
conventional Cu-Au-Ag-Co flotation concentrator with downstream hydrometallurgical scandium recovery circuit

Recovery

Recovery
89 %
Recovery Basis
actual_test
Head Grade
0.34
Head Grade Unit
g/t

Lab

Laboratory
Sepro Laboratories
Consultant
Magister Metallurgy

Review

Needs Review
No
Historical
No

Dates

Event date
2026-03-23T00:00:00.000Z

Reasoning: A gold recovery of 89% from preliminary testwork is excellent, contributing significantly to project economics.

Positive factors

  • High gold recovery for a co-product.

Negative factors

  • Testwork is early-stage and not optimized.

Evidence · table

“89”

Context: Combined Concentrates

Tags used in scoring

Mill Routeneutral

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

Why it applies: processing_route matches the mill_cil signal

Byproduct Commodityneutral

The tested commodity is a byproduct rather than the primary economic driver.

Why it applies: the release describes a byproduct credit

flotationHat Project · silverRecovery: 68 %Head Grade: 2.9Head Grade Unit: g/tView all details
Link to this fact

Identity

Project
Hat Project
Commodity
silver
Region
canada_bc
Reported Region
British Columbia
Ticker
DBG

Test Work

Program Status
preliminary
Test Type
flotation
Processing Route
conventional Cu-Au-Ag-Co flotation concentrator with downstream hydrometallurgical scandium recovery circuit

Recovery

Recovery
68 %
Recovery Basis
actual_test
Head Grade
2.9
Head Grade Unit
g/t

Lab

Laboratory
Sepro Laboratories
Consultant
Magister Metallurgy

Review

Needs Review
No
Historical
No

Dates

Event date
2026-03-23T00:00:00.000Z

Reasoning: A silver recovery of 68% from preliminary testwork is acceptable for a byproduct, with potential for optimization.

Positive factors

  • Reasonable silver recovery for a byproduct.

Negative factors

  • Testwork is early-stage and not optimized.

Evidence · table

“68”

Context: Combined Concentrates

Tags used in scoring

Mill Routeneutral

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

Why it applies: processing_route matches the mill_cil signal

Low Recoverynegative

Recovery below the weak band for the commodity and processing route.

Why it applies: 68% is below the weak band (75%)

Byproduct Commodityneutral

The tested commodity is a byproduct rather than the primary economic driver.

Why it applies: the release describes a byproduct credit

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.