# Ecuador's Copper-Gold Buildout Is Accelerating. This Carried-Interest Play Just Got a Lot More Interesting. Canonical Atlas analysis: https://atlas-extractions.minestarters.com/news/ecuador-s-copper-gold-buildout-is-accelerating-this-carried-interest-play-just-g--502b2c51-8a70-40f7-b396-f7be09377cc3 Original source: https://money.tmx.com/en/quote/LUG/news/6127806021011619/ecuador-s-copper-gold-buildout-is-accelerating-this-carried-interest-play-just-g Publisher: tmx Original announcement: 2026-08-27T13:10:00.000Z Analysis by Minestarters Atlas Atlas analysis published: Unknown date Atlas analysis updated: Unknown date - Company: Salazar Resources Limited - Ticker: SRL - Exchange: TSX - Region: Ecuador - Primary commodity: Copper - Secondary commodities: Gold, Zinc, Lead, Silver, Tungsten - Document categories: Resource update, Drill results - Extracted: 2026-09-12 10:22:19 UTC Narrative sentiment: 0.80 · Bullish ## Minestarters Atlas summary Salazar Resources' El Domo project in Ecuador has seen a 121% increase in after-tax NPV to US$573 million following an updated technical study. The update includes expanded Mineral Reserves \(7.13 Mt\) and Mineral Resources \(11.4 Mt M&I\), with significant growth in the Inferred category. Reasoning: The update shows massive economic improvement \(NPV\) and resource expansion for the El Domo project, which Salazar holds a fully carried interest in. - Positive factor: Significant NPV increase of 121% - Positive factor: Expansion of Mineral Reserves and Resources - Positive factor: Fully carried 25% interest in a mine under construction - Positive factor: Contained metal growth across all payable elements - Negative factor: Capital cost revised upward by 14% - Negative factor: Resource grades modestly lower due to cut-off changes - Negative factor: Concentration of risk in a single asset \(El Domo\) Facts used in scoring: 12 ## Classification and evidence **Tonnage Growth** Polarity: positive Definition: Tonnage increase reaching the strong tier vs prior estimate, with grade maintained or improved. Why it applies: Proven and Probable Reserves increased 10% and M&I Resources grew 27%. Evidence · text > Proven and Probable Reserves increased 10% from 6.48 million tonnes to 7.13 million tonnes **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: The updated technical report was prepared in accordance with NI 43-101 standards. Evidence · text > updated independent NI 43-101 Technical Report **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: Falong Hu \(FAusIMM\) is named as the qualified person who reviewed and approved the technical disclosure. Evidence · text > Mr. Falong Hu \(FAusIMM\), a qualified person under NI 43-101... reviewed and approved ## Extracted facts Stored fact records: 12. Some facts used in scoring do not have a stored record. ## Drill Results (1) ### MERC-011 [Link to this fact](https://atlas-extractions.minestarters.com/news/ecuador-s-copper-gold-buildout-is-accelerating-this-carried-interest-play-just-g--502b2c51-8a70-40f7-b396-f7be09377cc3#fact-drill-facts-11) tungsten Historical result Needs review: historical\_restatement #### Identity - Hole ID: MERC-011 - Commodity: tungsten - Region: ecuador - Reported Region: ecuador - Ticker: SRL #### Geometry - Grade: 2.27 - Grade Unit: % - Intercept: 2 m #### Classification - Sample Type: drill #### QA/QC - QP Signed: Yes #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Interp. Status: scored - Historical: Yes #### Dates - Event date: 2026-08-27T00:00:00.000Z Reasoning: A high-grade tungsten sub-interval was identified via re-interpretation of historical data, but it is a single narrow interval with no resource estimate. - Positive factor: High grade tungsten intercept - Negative factor: Re-interpretation of historical data, not new drilling - Negative factor: Single narrow interval - Negative factor: No mineral resource estimated Evidence · text > 2.00 metre sub-interval in hole MERC-011 grading 1.80% tungsten — equivalent to 2.27% WO3 #### 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 **Stale Data Re-release** Polarity: negative Definition: Historical results re-announced with no new assays or reinterpretation — low genuine novelty. Why it applies: the fact restates a prior release ## Resource Estimates (11) ### probable [Link to this fact](https://atlas-extractions.minestarters.com/news/ecuador-s-copper-gold-buildout-is-accelerating-this-carried-interest-play-just-g--502b2c51-8a70-40f7-b396-f7be09377cc3#fact-resource-facts-0) El Domo · copper #### Identity - Project: El Domo - Commodity: copper - Region: ecuador - Reported Region: Ecuador - Ticker: SRL #### Resource scope - Estimate type: reserve - Effective date: 2025-12-31T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Falong Hu - Resource group id: resource:aa14cb69bb1d7cc26562 - Mining method: combined - Ownership percent: 100 % #### Resource Data - Category: probable - Tonnes: 7130000 - Contained Metal: 137700 - Contained Unit: t #### Prior Estimate - Resource Date: 2025-12-31 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-08-27T00:00:00.000Z Reasoning: Copper reserves increased by 10%. - Positive factor: 10% increase in contained copper Evidence · text > copper up 10% to 137,700 tonnes #### Tags used in scoring **Probable Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "probable" **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 **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 ### probable [Link to this fact](https://atlas-extractions.minestarters.com/news/ecuador-s-copper-gold-buildout-is-accelerating-this-carried-interest-play-just-g--502b2c51-8a70-40f7-b396-f7be09377cc3#fact-resource-facts-1) El Domo · gold #### Identity - Project: El Domo - Commodity: gold - Region: ecuador - Reported Region: Ecuador - Ticker: SRL #### Resource scope - Estimate type: reserve - Effective date: 2025-12-31T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Falong Hu - Resource group id: resource:aa14cb69bb1d7cc26562 - Mining method: combined - Ownership percent: 100 % #### Resource Data - Category: probable - Tonnes: 7130000 - Contained Metal: 584000 - Contained Unit: oz #### Prior Estimate - Resource Date: 2025-12-31 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-08-27T00:00:00.000Z Reasoning: Gold reserves increased by 11%. - Positive factor: 11% increase in contained gold Evidence · text > gold up 11% to 584,000 ounces #### Tags used in scoring **Probable Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "probable" **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 **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 ### probable [Link to this fact](https://atlas-extractions.minestarters.com/news/ecuador-s-copper-gold-buildout-is-accelerating-this-carried-interest-play-just-g--502b2c51-8a70-40f7-b396-f7be09377cc3#fact-resource-facts-2) El Domo · zinc #### Identity - Project: El Domo - Commodity: zinc - Region: ecuador - Reported Region: Ecuador - Ticker: SRL #### Resource scope - Estimate type: reserve - Effective date: 2025-12-31T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Falong Hu - Resource group id: resource:aa14cb69bb1d7cc26562 - Mining method: combined - Ownership percent: 100 % #### Resource Data - Category: probable - Tonnes: 7130000 - Contained Metal: 187700 - Contained Unit: t #### Prior Estimate - Resource Date: 2025-12-31 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-08-27T00:00:00.000Z Reasoning: Zinc reserves increased by 16%. - Positive factor: 16% increase in contained zinc Evidence · text > zinc up 16% to 187,700 tonnes #### Tags used in scoring **Probable Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "probable" **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 **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 ### probable [Link to this fact](https://atlas-extractions.minestarters.com/news/ecuador-s-copper-gold-buildout-is-accelerating-this-carried-interest-play-just-g--502b2c51-8a70-40f7-b396-f7be09377cc3#fact-resource-facts-3) El Domo · lead #### Identity - Project: El Domo - Commodity: lead - Region: ecuador - Reported Region: Ecuador - Ticker: SRL #### Resource scope - Estimate type: reserve - Effective date: 2025-12-31T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Falong Hu - Resource group id: resource:aa14cb69bb1d7cc26562 - Mining method: combined - Ownership percent: 100 % #### Resource Data - Category: probable - Tonnes: 7130000 - Contained Metal: 18400 - Contained Unit: t #### Prior Estimate - Resource Date: 2025-12-31 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-08-27T00:00:00.000Z Reasoning: Lead reserves increased by 14%. - Positive factor: 14% increase in contained lead Evidence · text > lead up 14% to 18,400 tonnes #### Tags used in scoring **Probable Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "probable" **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 **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 ### probable [Link to this fact](https://atlas-extractions.minestarters.com/news/ecuador-s-copper-gold-buildout-is-accelerating-this-carried-interest-play-just-g--502b2c51-8a70-40f7-b396-f7be09377cc3#fact-resource-facts-4) El Domo · silver #### Identity - Project: El Domo - Commodity: silver - Region: ecuador - Reported Region: Ecuador - Ticker: SRL #### Resource scope - Estimate type: reserve - Effective date: 2025-12-31T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Falong Hu - Resource group id: resource:aa14cb69bb1d7cc26562 - Mining method: combined - Ownership percent: 100 % #### Resource Data - Category: probable - Tonnes: 7130000 - Contained Metal: 11 - Contained Unit: moz #### Prior Estimate - Resource Date: 2025-12-31 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-08-27T00:00:00.000Z Reasoning: Silver reserves increased by 15%. - Positive factor: 15% increase in contained silver Evidence · text > silver up 15% to 11.0 million ounces #### Tags used in scoring **Probable Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "probable" **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 **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 ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/ecuador-s-copper-gold-buildout-is-accelerating-this-carried-interest-play-just-g--502b2c51-8a70-40f7-b396-f7be09377cc3#fact-resource-facts-5) El Domo · copper #### Identity - Project: El Domo - Commodity: copper - Region: ecuador - Reported Region: Ecuador - Ticker: SRL #### Resource scope - Estimate type: resource - Effective date: 2025-12-31T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Falong Hu - Resource group id: resource:42e61b82e8cc037818eb - Mining method: combined - Ownership percent: 100 % #### Resource Data - Category: indicated - Tonnes: 11400000 - Contained Metal: 211600 - Contained Unit: t #### Prior Estimate - Resource Date: 2025-12-31 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-08-27T00:00:00.000Z Reasoning: M&I copper resource expanded in tonnage and contained metal. - Positive factor: 27% increase in M&I tonnage - Negative factor: Grades modestly lower due to cut-off changes Evidence · text > Measured and Indicated Resources grew 27% from 9.0 million tonnes to 11.4 million tonnes, containing 211,600 tonnes of 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 **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 ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/ecuador-s-copper-gold-buildout-is-accelerating-this-carried-interest-play-just-g--502b2c51-8a70-40f7-b396-f7be09377cc3#fact-resource-facts-6) El Domo · gold #### Identity - Project: El Domo - Commodity: gold - Region: ecuador - Reported Region: Ecuador - Ticker: SRL #### Resource scope - Estimate type: resource - Effective date: 2025-12-31T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Falong Hu - Resource group id: resource:42e61b82e8cc037818eb - Mining method: combined - Ownership percent: 100 % #### Resource Data - Category: indicated - Tonnes: 11400000 - Contained Metal: 775000 - Contained Unit: oz #### Prior Estimate - Resource Date: 2025-12-31 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-08-27T00:00:00.000Z Reasoning: M&I gold resource expanded in tonnage and contained metal. - Positive factor: Contained gold increased in M&I - Negative factor: Grades modestly lower due to cut-off changes Evidence · text > 775,000 ounces of 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 **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 ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/ecuador-s-copper-gold-buildout-is-accelerating-this-carried-interest-play-just-g--502b2c51-8a70-40f7-b396-f7be09377cc3#fact-resource-facts-7) El Domo · zinc #### Identity - Project: El Domo - Commodity: zinc - Region: ecuador - Reported Region: Ecuador - Ticker: SRL #### Resource scope - Estimate type: resource - Effective date: 2025-12-31T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Falong Hu - Resource group id: resource:42e61b82e8cc037818eb - Mining method: combined - Ownership percent: 100 % #### Resource Data - Category: indicated - Tonnes: 11400000 - Contained Metal: 275900 - Contained Unit: t #### Prior Estimate - Resource Date: 2025-12-31 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-08-27T00:00:00.000Z Reasoning: M&I zinc resource expanded in tonnage and contained metal. - Positive factor: Contained zinc increased in M&I - Negative factor: Grades modestly lower due to cut-off changes Evidence · text > 275,900 tonnes of zinc #### 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 **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 ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/ecuador-s-copper-gold-buildout-is-accelerating-this-carried-interest-play-just-g--502b2c51-8a70-40f7-b396-f7be09377cc3#fact-resource-facts-8) El Domo · lead #### Identity - Project: El Domo - Commodity: lead - Region: ecuador - Reported Region: Ecuador - Ticker: SRL #### Resource scope - Estimate type: resource - Effective date: 2025-12-31T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Falong Hu - Resource group id: resource:42e61b82e8cc037818eb - Mining method: combined - Ownership percent: 100 % #### Resource Data - Category: indicated - Tonnes: 11400000 - Contained Metal: 25200 - Contained Unit: t #### Prior Estimate - Resource Date: 2025-12-31 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-08-27T00:00:00.000Z Reasoning: M&I lead resource expanded in tonnage and contained metal. - Positive factor: Contained lead increased in M&I - Negative factor: Grades modestly lower due to cut-off changes Evidence · text > 25,200 tonnes of lead #### 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 **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 ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/ecuador-s-copper-gold-buildout-is-accelerating-this-carried-interest-play-just-g--502b2c51-8a70-40f7-b396-f7be09377cc3#fact-resource-facts-9) El Domo · silver #### Identity - Project: El Domo - Commodity: silver - Region: ecuador - Reported Region: Ecuador - Ticker: SRL #### Resource scope - Estimate type: resource - Effective date: 2025-12-31T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Falong Hu - Resource group id: resource:42e61b82e8cc037818eb - Mining method: combined - Ownership percent: 100 % #### Resource Data - Category: indicated - Tonnes: 11400000 - Contained Metal: 15.3 - Contained Unit: moz #### Prior Estimate - Resource Date: 2025-12-31 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-08-27T00:00:00.000Z Reasoning: M&I silver resource expanded in tonnage and contained metal. - Positive factor: Contained silver increased in M&I - Negative factor: Grades modestly lower due to cut-off changes Evidence · text > 15.3 million ounces of 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 **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 ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/ecuador-s-copper-gold-buildout-is-accelerating-this-carried-interest-play-just-g--502b2c51-8a70-40f7-b396-f7be09377cc3#fact-resource-facts-10) El Domo · copper #### Identity - Project: El Domo - Commodity: copper - Region: ecuador - Reported Region: Ecuador - Ticker: SRL #### Resource scope - Estimate type: resource - Effective date: 2025-12-31T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Falong Hu - Resource group id: resource:7e0a8c7c92a78e7c4ac4 - Mining method: combined - Ownership percent: 100 % #### Resource Data - Category: inferred - Tonnes: 3800000 #### Prior Estimate - Resource Date: 2025-12-31 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-08-27T00:00:00.000Z Reasoning: Dramatic expansion of Inferred resource signals significant exploration upside. - Positive factor: 245% increase in Inferred tonnage - Negative factor: Inferred category is speculative Evidence · text > Inferred Resource category expanded dramatically — up 245% from 1.1 million tonnes to 3.8 million tonnes #### 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 **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 ## 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.