Ero Announces Inaugural PEA for Furnas, Outlines Low Capital Intensity Project with a 24-Year Initial Mine Life
Original announcement by tmx on
- Company
- Ero Copper Corp.
- Ticker
- ERO
- Exchange
- TSX
- Region
- Pará State, Brazil
- Primary commodity
- Copper
- Secondary commodities
- Gold, Silver
- Document categories
- Resource update, Metallurgy
- Extracted
- 2026-09-13 22:46:45 UTC
Analysis by Minestarters Atlas
Minestarters Atlas analysis
Summary
Ero Copper Corp. announced the inaugural Preliminary Economic Assessment (PEA) for its Furnas Copper-Gold Project in Brazil, outlining a low capital intensity project with a 24-year mine life. The PEA highlights robust economics, including an after-tax NPV (8%) of $2.0 billion and a 27.0% IRR, supported by significant copper, gold, and silver production. The project benefits from an updated mineral resource estimate and a conventional flotation processing flowsheet, with metallurgical testwork demonstrating strong recoveries.
Reasoning: The inaugural PEA for the Furnas project outlines strong economics, a long mine life, and low capital intensity, supported by an updated mineral resource estimate and conventional processing, though it is preliminary and includes inferred resources.
Positive factors
- robust production profile
- exceptional economics
- low capital intensity
- 24-year initial mine life
- updated mineral resource estimate
- conventional flotation processing
- QP/CP signed
- multi-domain tested metallurgical work
Negative factors
- PEA is preliminary in nature
- includes inferred mineral resources
- value-enhancing opportunities are in early stages and not reflected in current economics
Facts used in scoring: 21
Classification and evidence
Maiden Resourceneutral
First formal MRE for the project — establishes baseline but typically exploration-stage with high Inferred component. No prior estimate exists, so every change band is not applicable.
Why it applies: The document states this is the 'Inaugural PEA for Furnas' and the 'first ever published on the Project', indicating it's the first formal resource estimate.
Evidence · text
“Ero Announces Inaugural PEA for Furnas, Outlines Low Capital Intensity Project with a 24-Year Initial Mine Life ... The results of the PEA on Furnas, the first ever published on the Project, reinforce what an exceptional asset it is”
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: The mineral resource estimate has been prepared in accordance with National Instrument 43-101.
Evidence · text
“The Canadian Institute of Mining, Metallurgy and Petroleum ("CIM") Definition Standards (2014) were used for reporting Mineral Resources, which are effective as at November 30, 2025 and presented on a 100% ownership basis.”
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: Mr. João Estevão Junior, MAIG, of SDPM, an independent qualified person within the meanings of NI 43-101, supervised the preparation and validation of the mineral resource estimate.
Evidence · text
“Mr. João Estevão Junior, MAIG, of SDPM, an independent qualified person within the meanings of NI 43-101, supervised the preparation and validation of the mineral resource estimate.”
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: The applied copper-equivalent cut-off grades were clearly stated for both underground and open pit mining methods.
Evidence · text
“The applied copper-equivalent cut-off grades were 0.45% (break-even) and 0.43% (marginal) for underground, and 0.20% (break-even) and 0.17% (marginal) for open pit.”
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: The resource estimate includes a significant portion classified as Indicated, indicating reasonable geological confidence.
Evidence · table
“Indicated”
Context: Category Open Pit
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: A substantial portion of the resource is classified as Inferred, which is a speculative category with lower geological confidence.
Evidence · table
“Inferred”
Context: Category Open Pit
High Recoverypositive
Recovery at or above the exceptional band for the commodity and processing route.
Why it applies: Copper recovery of 90.3% is strong for a conventional flotation process.
Evidence · table
“90.3%”
Context: Copper
Mill Routeneutral
Processing via mill or concentrator (CIL, CIP, tank leach, flotation).
Why it applies: The processing flowsheet is based on conventional crushing, grinding, and flotation.
Evidence · text
“Mined tonnage will be processed through a centralized sulphide flotation plant with a design capacity of approximately 13.5 million tonnes per annum, or approximately 37,000 tpd. The processing plant is based on a conventional crushing, grinding and flotation flowsheet using proven technologies currently in place across the Company's operations, minimizing operational risk at the contemplated production scale.”
Multi-Domain Testedpositive
Variability across ore domains (oxide, transition, fresh) has been addressed.
Why it applies: Metallurgical testwork demonstrates strong and consistent performance across a large variability dataset.
Evidence · text
“Metallurgical testwork demonstrates strong and consistent performance across a large variability dataset, achieving average copper recoveries of approximately 90%, producing a copper concentrate grading over 30% copper.”
Free Millingpositive
Simple, clean ore amenable to standard processing without oxidation.
Why it applies: The processing plant is based on a conventional crushing, grinding and flotation flowsheet using proven technologies, implying non-refractory ore.
Evidence · text
“The processing plant is based on a conventional crushing, grinding and flotation flowsheet using proven technologies currently in place across the Company's operations, minimizing operational risk at the contemplated production scale.”
Gravity Routeneutral
Gravity separation forms a material part of the flowsheet.
Why it applies: the document describes a gravity route ("gravity")
Extracted facts
Stored fact records: 21. Some facts used in scoring do not have a stored record.
Resource Estimates (18)
indicatedFurnas · copperTonnes: 272200000Grade: 0.59Grade Unit: %Contained Metal: 1594Contained Unit: ktView all detailsHide details
Identity
- Project
- Furnas
- Commodity
- copper
- Region
- brazil
- Reported Region
- Pará State, Brazil
- Ticker
- ERO
Resource scope
- Estimate type
- resource
- Effective date
- 2024-06-30T00:00:00.000Z
- Reporting standards
- ni_43_101, jorc
- QP Signed
- Yes
- Qualified person names
- João Estevão Junior
- Resource group id
- resource:7f041acc614b1ad844cd
- Deposit or zone
- Open Pit
- Mining method
- combined
Resource Data
- Category
- indicated
- Tonnes
- 272200000
- Grade
- 0.59
- Grade Unit
- %
- Contained Metal
- 1594
- Contained Unit
- kt
- Cutoff Grade
- 0.2
- Cutoff Unit
- % CuEq
Prior Estimate
- Resource Date
- 2025-11-30
Metal Equivalent
- Metal Eq. Grade
- 0.83
- Metal Eq. Unit
- % CuEq
- Assumptions Disclosed
- Yes
Location
- Loc. Confidence
- medium
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-02-23T00:00:00.000Z
Reasoning: The indicated open pit resource shows significant tonnage and a good copper grade, contributing materially to the project's economics.
Positive factors
- significant indicated tonnage
- good copper grade for open pit
- QP/CP signed
- NI 43-101 compliant
Evidence · table
“0.59”
Context: 272.2
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
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
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
indicatedFurnas · goldTonnes: 272200000Grade: 0.31Grade Unit: g/tContained Metal: 2748Contained Unit: kozView all detailsHide details
Identity
- Project
- Furnas
- Commodity
- gold
- Region
- brazil
- Reported Region
- Pará State, Brazil
- Ticker
- ERO
Resource scope
- Estimate type
- resource
- Effective date
- 2024-06-30T00:00:00.000Z
- Reporting standards
- ni_43_101, jorc
- QP Signed
- Yes
- Qualified person names
- João Estevão Junior
- Resource group id
- resource:7f041acc614b1ad844cd
- Deposit or zone
- Open Pit
- Mining method
- combined
Resource Data
- Category
- indicated
- Tonnes
- 272200000
- Grade
- 0.31
- Grade Unit
- g/t
- Contained Metal
- 2748
- Contained Unit
- koz
- Cutoff Grade
- 0.2
- Cutoff Unit
- % CuEq
Prior Estimate
- Resource Date
- 2025-11-30
Metal Equivalent
- Assumptions Disclosed
- Yes
Location
- Loc. Confidence
- medium
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-02-23T00:00:00.000Z
Reasoning: The indicated open pit resource includes a substantial amount of gold, providing valuable byproduct credits to the project.
Positive factors
- significant contained gold as byproduct
- QP/CP signed
- NI 43-101 compliant
Evidence · table
“0.31”
Context: 272.2
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
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
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
indicatedFurnas · silverTonnes: 272200000Grade: 1.66Grade Unit: g/tContained Metal: 14546Contained Unit: kozView all detailsHide details
Identity
- Project
- Furnas
- Commodity
- silver
- Region
- brazil
- Reported Region
- Pará State, Brazil
- Ticker
- ERO
Resource scope
- Estimate type
- resource
- Effective date
- 2024-06-30T00:00:00.000Z
- Reporting standards
- ni_43_101, jorc
- QP Signed
- Yes
- Qualified person names
- João Estevão Junior
- Resource group id
- resource:7f041acc614b1ad844cd
- Deposit or zone
- Open Pit
- Mining method
- combined
Resource Data
- Category
- indicated
- Tonnes
- 272200000
- Grade
- 1.66
- Grade Unit
- g/t
- Contained Metal
- 14546
- Contained Unit
- koz
- Cutoff Grade
- 0.2
- Cutoff Unit
- % CuEq
Prior Estimate
- Resource Date
- 2025-11-30
Metal Equivalent
- Assumptions Disclosed
- Yes
Location
- Loc. Confidence
- medium
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-02-23T00:00:00.000Z
Reasoning: The indicated open pit resource includes a substantial amount of silver, providing valuable byproduct credits to the project.
Positive factors
- significant contained silver as byproduct
- QP/CP signed
- NI 43-101 compliant
Evidence · table
“1.66”
Context: 272.2
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
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
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
inferredFurnas · copperTonnes: 117100000Grade: 0.51Grade Unit: %Contained Metal: 601Contained Unit: ktView all detailsHide details
Identity
- Project
- Furnas
- Commodity
- copper
- Region
- brazil
- Reported Region
- Pará State, Brazil
- Ticker
- ERO
Resource scope
- Estimate type
- resource
- Effective date
- 2024-06-30T00:00:00.000Z
- Reporting standards
- ni_43_101, jorc
- QP Signed
- Yes
- Qualified person names
- João Estevão Junior
- Resource group id
- resource:f1fdc16cdee03e25e19e
- Deposit or zone
- Open Pit
- Mining method
- combined
Resource Data
- Category
- inferred
- Tonnes
- 117100000
- Grade
- 0.51
- Grade Unit
- %
- Contained Metal
- 601
- Contained Unit
- kt
- Cutoff Grade
- 0.2
- Cutoff Unit
- % CuEq
Prior Estimate
- Resource Date
- 2025-11-30
Metal Equivalent
- Metal Eq. Grade
- 0.75
- Metal Eq. Unit
- % CuEq
- Assumptions Disclosed
- Yes
Location
- Loc. Confidence
- medium
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-02-23T00:00:00.000Z
Reasoning: The inferred open pit resource adds significant copper tonnage, but its lower confidence category means it is more speculative.
Positive factors
- additional copper tonnage
- QP/CP signed
- NI 43-101 compliant
Negative factors
- inferred category has lower confidence
Evidence · table
“0.51”
Context: 117.1
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
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
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
inferredFurnas · goldTonnes: 117100000Grade: 0.31Grade Unit: g/tContained Metal: 1160Contained Unit: kozView all detailsHide details
Identity
- Project
- Furnas
- Commodity
- gold
- Region
- brazil
- Reported Region
- Pará State, Brazil
- Ticker
- ERO
Resource scope
- Estimate type
- resource
- Effective date
- 2024-06-30T00:00:00.000Z
- Reporting standards
- ni_43_101, jorc
- QP Signed
- Yes
- Qualified person names
- João Estevão Junior
- Resource group id
- resource:f1fdc16cdee03e25e19e
- Deposit or zone
- Open Pit
- Mining method
- combined
Resource Data
- Category
- inferred
- Tonnes
- 117100000
- Grade
- 0.31
- Grade Unit
- g/t
- Contained Metal
- 1160
- Contained Unit
- koz
- Cutoff Grade
- 0.2
- Cutoff Unit
- % CuEq
Prior Estimate
- Resource Date
- 2025-11-30
Metal Equivalent
- Assumptions Disclosed
- Yes
Location
- Loc. Confidence
- medium
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-02-23T00:00:00.000Z
Reasoning: The inferred open pit resource adds to the contained gold, but its lower confidence category means it is more speculative.
Positive factors
- additional contained gold as byproduct
- QP/CP signed
- NI 43-101 compliant
Negative factors
- inferred category has lower confidence
Evidence · table
“0.31”
Context: 117.1
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
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
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
inferredFurnas · silverTonnes: 117100000Grade: 1.24Grade Unit: g/tContained Metal: 4662Contained Unit: kozView all detailsHide details
Identity
- Project
- Furnas
- Commodity
- silver
- Region
- brazil
- Reported Region
- Pará State, Brazil
- Ticker
- ERO
Resource scope
- Estimate type
- resource
- Effective date
- 2024-06-30T00:00:00.000Z
- Reporting standards
- ni_43_101, jorc
- QP Signed
- Yes
- Qualified person names
- João Estevão Junior
- Resource group id
- resource:f1fdc16cdee03e25e19e
- Deposit or zone
- Open Pit
- Mining method
- combined
Resource Data
- Category
- inferred
- Tonnes
- 117100000
- Grade
- 1.24
- Grade Unit
- g/t
- Contained Metal
- 4662
- Contained Unit
- koz
- Cutoff Grade
- 0.2
- Cutoff Unit
- % CuEq
Prior Estimate
- Resource Date
- 2025-11-30
Metal Equivalent
- Assumptions Disclosed
- Yes
Location
- Loc. Confidence
- medium
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-02-23T00:00:00.000Z
Reasoning: The inferred open pit resource adds to the contained silver, but its lower confidence category means it is more speculative.
Positive factors
- additional contained silver as byproduct
- QP/CP signed
- NI 43-101 compliant
Negative factors
- inferred category has lower confidence
Evidence · table
“1.24”
Context: 117.1
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
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
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
indicatedFurnas · copperTonnes: 3400000Grade: 0.57Grade Unit: %Contained Metal: 19Contained Unit: ktView all detailsHide details
Identity
- Project
- Furnas
- Commodity
- copper
- Region
- brazil
- Reported Region
- Pará State, Brazil
- Ticker
- ERO
Resource scope
- Estimate type
- resource
- Effective date
- 2024-06-30T00:00:00.000Z
- Reporting standards
- ni_43_101, jorc
- QP Signed
- Yes
- Qualified person names
- João Estevão Junior
- Resource group id
- resource:824afe183fa4dc19578b
- Deposit or zone
- Underground
- Mining method
- combined
Resource Data
- Category
- indicated
- Tonnes
- 3400000
- Grade
- 0.57
- Grade Unit
- %
- Contained Metal
- 19
- Contained Unit
- kt
- Cutoff Grade
- 0.45
- Cutoff Unit
- % CuEq
Prior Estimate
- Resource Date
- 2025-11-30
Metal Equivalent
- Metal Eq. Grade
- 0.75
- Metal Eq. Unit
- % CuEq
- Assumptions Disclosed
- Yes
Location
- Loc. Confidence
- medium
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-02-23T00:00:00.000Z
Reasoning: A small indicated underground resource provides a high-confidence component for future underground operations.
Positive factors
- indicated resource for underground mining
- QP/CP signed
- NI 43-101 compliant
Evidence · table
“0.57”
Context: 3.4
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
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
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
indicatedFurnas · goldTonnes: 3400000Grade: 0.23Grade Unit: g/tContained Metal: 25Contained Unit: kozView all detailsHide details
Identity
- Project
- Furnas
- Commodity
- gold
- Region
- brazil
- Reported Region
- Pará State, Brazil
- Ticker
- ERO
Resource scope
- Estimate type
- resource
- Effective date
- 2024-06-30T00:00:00.000Z
- Reporting standards
- ni_43_101, jorc
- QP Signed
- Yes
- Qualified person names
- João Estevão Junior
- Resource group id
- resource:824afe183fa4dc19578b
- Deposit or zone
- Underground
- Mining method
- combined
Resource Data
- Category
- indicated
- Tonnes
- 3400000
- Grade
- 0.23
- Grade Unit
- g/t
- Contained Metal
- 25
- Contained Unit
- koz
- Cutoff Grade
- 0.45
- Cutoff Unit
- % CuEq
Prior Estimate
- Resource Date
- 2025-11-30
Metal Equivalent
- Assumptions Disclosed
- Yes
Location
- Loc. Confidence
- medium
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-02-23T00:00:00.000Z
Reasoning: The indicated underground resource includes gold as a byproduct, contributing to overall project value.
Positive factors
- contained gold as byproduct
- QP/CP signed
- NI 43-101 compliant
Evidence · table
“0.23”
Context: 3.4
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
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
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
indicatedFurnas · silverTonnes: 3400000Grade: 1.44Grade Unit: g/tContained Metal: 156Contained Unit: kozView all detailsHide details
Identity
- Project
- Furnas
- Commodity
- silver
- Region
- brazil
- Reported Region
- Pará State, Brazil
- Ticker
- ERO
Resource scope
- Estimate type
- resource
- Effective date
- 2024-06-30T00:00:00.000Z
- Reporting standards
- ni_43_101, jorc
- QP Signed
- Yes
- Qualified person names
- João Estevão Junior
- Resource group id
- resource:824afe183fa4dc19578b
- Deposit or zone
- Underground
- Mining method
- combined
Resource Data
- Category
- indicated
- Tonnes
- 3400000
- Grade
- 1.44
- Grade Unit
- g/t
- Contained Metal
- 156
- Contained Unit
- koz
- Cutoff Grade
- 0.45
- Cutoff Unit
- % CuEq
Prior Estimate
- Resource Date
- 2025-11-30
Metal Equivalent
- Assumptions Disclosed
- Yes
Location
- Loc. Confidence
- medium
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-02-23T00:00:00.000Z
Reasoning: The indicated underground resource includes silver as a byproduct, contributing to overall project value.
Positive factors
- contained silver as byproduct
- QP/CP signed
- NI 43-101 compliant
Evidence · table
“1.44”
Context: 3.4
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
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
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
inferredFurnas · copperTonnes: 78800000Grade: 0.53Grade Unit: %Contained Metal: 418Contained Unit: ktView all detailsHide details
Identity
- Project
- Furnas
- Commodity
- copper
- Region
- brazil
- Reported Region
- Pará State, Brazil
- Ticker
- ERO
Resource scope
- Estimate type
- resource
- Effective date
- 2024-06-30T00:00:00.000Z
- Reporting standards
- ni_43_101, jorc
- QP Signed
- Yes
- Qualified person names
- João Estevão Junior
- Resource group id
- resource:cfaeeb1a225665e076fc
- Deposit or zone
- Underground
- Mining method
- combined
Resource Data
- Category
- inferred
- Tonnes
- 78800000
- Grade
- 0.53
- Grade Unit
- %
- Contained Metal
- 418
- Contained Unit
- kt
- Cutoff Grade
- 0.45
- Cutoff Unit
- % CuEq
Prior Estimate
- Resource Date
- 2025-11-30
Metal Equivalent
- Metal Eq. Grade
- 0.77
- Metal Eq. Unit
- % CuEq
- Assumptions Disclosed
- Yes
Location
- Loc. Confidence
- medium
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-02-23T00:00:00.000Z
Reasoning: The inferred underground resource adds significant copper tonnage for potential future underground operations, but its lower confidence category means it is more speculative.
Positive factors
- significant inferred tonnage for underground mining
- QP/CP signed
- NI 43-101 compliant
Negative factors
- inferred category has lower confidence
Evidence · table
“0.53”
Context: 78.8
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
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
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
inferredFurnas · goldTonnes: 78800000Grade: 0.31Grade Unit: g/tContained Metal: 791Contained Unit: kozView all detailsHide details
Identity
- Project
- Furnas
- Commodity
- gold
- Region
- brazil
- Reported Region
- Pará State, Brazil
- Ticker
- ERO
Resource scope
- Estimate type
- resource
- Effective date
- 2024-06-30T00:00:00.000Z
- Reporting standards
- ni_43_101, jorc
- QP Signed
- Yes
- Qualified person names
- João Estevão Junior
- Resource group id
- resource:cfaeeb1a225665e076fc
- Deposit or zone
- Underground
- Mining method
- combined
Resource Data
- Category
- inferred
- Tonnes
- 78800000
- Grade
- 0.31
- Grade Unit
- g/t
- Contained Metal
- 791
- Contained Unit
- koz
- Cutoff Grade
- 0.45
- Cutoff Unit
- % CuEq
Prior Estimate
- Resource Date
- 2025-11-30
Metal Equivalent
- Assumptions Disclosed
- Yes
Location
- Loc. Confidence
- medium
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-02-23T00:00:00.000Z
Reasoning: The inferred underground resource adds to the contained gold, but its lower confidence category means it is more speculative.
Positive factors
- additional contained gold as byproduct
- QP/CP signed
- NI 43-101 compliant
Negative factors
- inferred category has lower confidence
Evidence · table
“0.31”
Context: 78.8
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
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
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
inferredFurnas · silverTonnes: 78800000Grade: 1.5Grade Unit: g/tContained Metal: 3809Contained Unit: kozView all detailsHide details
Identity
- Project
- Furnas
- Commodity
- silver
- Region
- brazil
- Reported Region
- Pará State, Brazil
- Ticker
- ERO
Resource scope
- Estimate type
- resource
- Effective date
- 2024-06-30T00:00:00.000Z
- Reporting standards
- ni_43_101, jorc
- QP Signed
- Yes
- Qualified person names
- João Estevão Junior
- Resource group id
- resource:cfaeeb1a225665e076fc
- Deposit or zone
- Underground
- Mining method
- combined
Resource Data
- Category
- inferred
- Tonnes
- 78800000
- Grade
- 1.5
- Grade Unit
- g/t
- Contained Metal
- 3809
- Contained Unit
- koz
- Cutoff Grade
- 0.45
- Cutoff Unit
- % CuEq
Prior Estimate
- Resource Date
- 2025-11-30
Metal Equivalent
- Assumptions Disclosed
- Yes
Location
- Loc. Confidence
- medium
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-02-23T00:00:00.000Z
Reasoning: The inferred underground resource adds to the contained silver, but its lower confidence category means it is more speculative.
Positive factors
- additional contained silver as byproduct
- QP/CP signed
- NI 43-101 compliant
Negative factors
- inferred category has lower confidence
Evidence · table
“1.50”
Context: 78.8
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
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
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
indicatedFurnas · copperTonnes: 275600000Grade: 0.59Grade Unit: %Contained Metal: 1613Contained Unit: ktView all detailsHide details
Identity
- Project
- Furnas
- Commodity
- copper
- Region
- brazil
- Reported Region
- Pará State, Brazil
- Ticker
- ERO
Resource scope
- Estimate type
- resource
- Effective date
- 2024-06-30T00:00:00.000Z
- Reporting standards
- ni_43_101, jorc
- QP Signed
- Yes
- Qualified person names
- João Estevão Junior
- Resource group id
- resource:8a3b2cb9a66bd1726f89
- Deposit or zone
- Total
- Mining method
- combined
Resource Data
- Category
- indicated
- Tonnes
- 275600000
- Grade
- 0.59
- Grade Unit
- %
- Contained Metal
- 1613
- Contained Unit
- kt
Prior Estimate
- Resource Date
- 2025-11-30
Metal Equivalent
- Metal Eq. Grade
- 0.83
- Metal Eq. Unit
- % CuEq
- Assumptions Disclosed
- Yes
Location
- Loc. Confidence
- medium
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-02-23T00:00:00.000Z
Reasoning: The total indicated resource represents a substantial, high-confidence copper inventory for the project.
Positive factors
- significant total indicated tonnage
- good copper grade
- QP/CP signed
- NI 43-101 compliant
Evidence · table
“0.59”
Context: 275.6
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 Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was 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
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
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
indicatedFurnas · goldTonnes: 275600000Grade: 0.31Grade Unit: g/tContained Metal: 2773Contained Unit: kozView all detailsHide details
Identity
- Project
- Furnas
- Commodity
- gold
- Region
- brazil
- Reported Region
- Pará State, Brazil
- Ticker
- ERO
Resource scope
- Estimate type
- resource
- Effective date
- 2024-06-30T00:00:00.000Z
- Reporting standards
- ni_43_101, jorc
- QP Signed
- Yes
- Qualified person names
- João Estevão Junior
- Resource group id
- resource:8a3b2cb9a66bd1726f89
- Deposit or zone
- Total
- Mining method
- combined
Resource Data
- Category
- indicated
- Tonnes
- 275600000
- Grade
- 0.31
- Grade Unit
- g/t
- Contained Metal
- 2773
- Contained Unit
- koz
Prior Estimate
- Resource Date
- 2025-11-30
Metal Equivalent
- Assumptions Disclosed
- Yes
Location
- Loc. Confidence
- medium
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-02-23T00:00:00.000Z
Reasoning: The total indicated resource includes a substantial amount of gold, providing valuable byproduct credits to the project.
Positive factors
- significant total contained gold as byproduct
- QP/CP signed
- NI 43-101 compliant
Evidence · table
“0.31”
Context: 275.6
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 Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was 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
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
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
indicatedFurnas · silverTonnes: 275600000Grade: 1.66Grade Unit: g/tContained Metal: 14702Contained Unit: kozView all detailsHide details
Identity
- Project
- Furnas
- Commodity
- silver
- Region
- brazil
- Reported Region
- Pará State, Brazil
- Ticker
- ERO
Resource scope
- Estimate type
- resource
- Effective date
- 2024-06-30T00:00:00.000Z
- Reporting standards
- ni_43_101, jorc
- QP Signed
- Yes
- Qualified person names
- João Estevão Junior
- Resource group id
- resource:8a3b2cb9a66bd1726f89
- Deposit or zone
- Total
- Mining method
- combined
Resource Data
- Category
- indicated
- Tonnes
- 275600000
- Grade
- 1.66
- Grade Unit
- g/t
- Contained Metal
- 14702
- Contained Unit
- koz
Prior Estimate
- Resource Date
- 2025-11-30
Metal Equivalent
- Assumptions Disclosed
- Yes
Location
- Loc. Confidence
- medium
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-02-23T00:00:00.000Z
Reasoning: The total indicated resource includes a substantial amount of silver, providing valuable byproduct credits to the project.
Positive factors
- significant total contained silver as byproduct
- QP/CP signed
- NI 43-101 compliant
Evidence · table
“1.66”
Context: 275.6
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 Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was 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
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
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
inferredFurnas · copperTonnes: 195900000Grade: 0.52Grade Unit: %Contained Metal: 1020Contained Unit: ktView all detailsHide details
Identity
- Project
- Furnas
- Commodity
- copper
- Region
- brazil
- Reported Region
- Pará State, Brazil
- Ticker
- ERO
Resource scope
- Estimate type
- resource
- Effective date
- 2024-06-30T00:00:00.000Z
- Reporting standards
- ni_43_101, jorc
- QP Signed
- Yes
- Qualified person names
- João Estevão Junior
- Resource group id
- resource:52e4be96557a95e46da6
- Deposit or zone
- Total
- Mining method
- combined
Resource Data
- Category
- inferred
- Tonnes
- 195900000
- Grade
- 0.52
- Grade Unit
- %
- Contained Metal
- 1020
- Contained Unit
- kt
Prior Estimate
- Resource Date
- 2025-11-30
Metal Equivalent
- Metal Eq. Grade
- 0.76
- Metal Eq. Unit
- % CuEq
- Assumptions Disclosed
- Yes
Location
- Loc. Confidence
- medium
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-02-23T00:00:00.000Z
Reasoning: The total inferred resource adds significant copper tonnage, but its lower confidence category means it is more speculative.
Positive factors
- additional total copper tonnage
- QP/CP signed
- NI 43-101 compliant
Negative factors
- inferred category has lower confidence
Evidence · table
“0.52”
Context: 195.9
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 Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was 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
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
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
inferredFurnas · goldTonnes: 195900000Grade: 0.31Grade Unit: g/tContained Metal: 1952Contained Unit: kozView all detailsHide details
Identity
- Project
- Furnas
- Commodity
- gold
- Region
- brazil
- Reported Region
- Pará State, Brazil
- Ticker
- ERO
Resource scope
- Estimate type
- resource
- Effective date
- 2024-06-30T00:00:00.000Z
- Reporting standards
- ni_43_101, jorc
- QP Signed
- Yes
- Qualified person names
- João Estevão Junior
- Resource group id
- resource:52e4be96557a95e46da6
- Deposit or zone
- Total
- Mining method
- combined
Resource Data
- Category
- inferred
- Tonnes
- 195900000
- Grade
- 0.31
- Grade Unit
- g/t
- Contained Metal
- 1952
- Contained Unit
- koz
Prior Estimate
- Resource Date
- 2025-11-30
Metal Equivalent
- Assumptions Disclosed
- Yes
Location
- Loc. Confidence
- medium
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-02-23T00:00:00.000Z
Reasoning: The total inferred resource adds to the contained gold, but its lower confidence category means it is more speculative.
Positive factors
- additional total contained gold as byproduct
- QP/CP signed
- NI 43-101 compliant
Negative factors
- inferred category has lower confidence
Evidence · table
“0.31”
Context: 195.9
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 Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was 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
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
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
inferredFurnas · silverTonnes: 195900000Grade: 1.34Grade Unit: g/tContained Metal: 8470Contained Unit: kozView all detailsHide details
Identity
- Project
- Furnas
- Commodity
- silver
- Region
- brazil
- Reported Region
- Pará State, Brazil
- Ticker
- ERO
Resource scope
- Estimate type
- resource
- Effective date
- 2024-06-30T00:00:00.000Z
- Reporting standards
- ni_43_101, jorc
- QP Signed
- Yes
- Qualified person names
- João Estevão Junior
- Resource group id
- resource:52e4be96557a95e46da6
- Deposit or zone
- Total
- Mining method
- combined
Resource Data
- Category
- inferred
- Tonnes
- 195900000
- Grade
- 1.34
- Grade Unit
- g/t
- Contained Metal
- 8470
- Contained Unit
- koz
Prior Estimate
- Resource Date
- 2025-11-30
Metal Equivalent
- Assumptions Disclosed
- Yes
Location
- Loc. Confidence
- medium
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-02-23T00:00:00.000Z
Reasoning: The total inferred resource adds to the contained silver, but its lower confidence category means it is more speculative.
Positive factors
- additional total contained silver as byproduct
- QP/CP signed
- NI 43-101 compliant
Negative factors
- inferred category has lower confidence
Evidence · table
“1.34”
Context: 195.9
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 Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was 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
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
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 (3)
flotationFurnas · copperRecovery: 90.3 %Head Grade: 0.58Head Grade Unit: %View all detailsHide details
Identity
- Project
- Furnas
- Commodity
- copper
- Region
- brazil
- Reported Region
- Pará State, Brazil
- Ticker
- ERO
Test Work
- Program Status
- detailed
- Test Type
- flotation
- Processing Route
- conventional crushing, grinding and flotation
Recovery
- Recovery
- 90.3 %
- Recovery Basis
- actual_test
- Head Grade
- 0.58
- Head Grade Unit
- %
- Conc. Grade
- 30
- Conc. Grade Unit
- %
Location
- Loc. Confidence
- medium
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-02-23T00:00:00.000Z
Reasoning: The metallurgical testwork demonstrates strong copper recovery of 90.3% via conventional flotation, producing a high-grade concentrate, which is a key positive for project economics.
Positive factors
- high copper recovery for flotation
- conventional and proven flowsheet
- high concentrate grade
- multi-domain tested
Evidence · table
“90.3%”
Context: Copper
Tags used in scoring
Mill Routeneutral
Processing via mill or concentrator (CIL, CIP, tank leach, flotation).
Why it applies: processing_route matches the flotation signal
Byproduct Commodityneutral
The tested commodity is a byproduct rather than the primary economic driver.
Why it applies: the release describes a byproduct credit
flotationFurnas · goldRecovery: 74.6 %Head Grade: 0.35Head Grade Unit: g/tView all detailsHide details
Identity
- Project
- Furnas
- Commodity
- gold
- Region
- brazil
- Reported Region
- Pará State, Brazil
- Ticker
- ERO
Test Work
- Program Status
- detailed
- Test Type
- flotation
- Processing Route
- conventional crushing, grinding and flotation
Recovery
- Recovery
- 74.6 %
- Recovery Basis
- actual_test
- Head Grade
- 0.35
- Head Grade Unit
- g/t
Location
- Loc. Confidence
- medium
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-02-23T00:00:00.000Z
Reasoning: The metallurgical testwork shows good gold recovery of 74.6% as a byproduct within the copper concentrate, contributing to project revenue.
Positive factors
- good gold recovery as byproduct
- conventional and proven flowsheet
- multi-domain tested
Evidence · table
“74.6%”
Context: Gold
Tags used in scoring
Mill Routeneutral
Processing via mill or concentrator (CIL, CIP, tank leach, flotation).
Why it applies: processing_route matches the flotation signal
Low Recoverynegative
Recovery below the weak band for the commodity and processing route.
Why it applies: 74.6% is below the weak band (80%)
Byproduct Commodityneutral
The tested commodity is a byproduct rather than the primary economic driver.
Why it applies: the release describes a byproduct credit
flotationFurnas · silverRecovery: 71 %Head Grade: 1.64Head Grade Unit: g/tView all detailsHide details
Identity
- Project
- Furnas
- Commodity
- silver
- Region
- brazil
- Reported Region
- Pará State, Brazil
- Ticker
- ERO
Test Work
- Program Status
- detailed
- Test Type
- flotation
- Processing Route
- conventional crushing, grinding and flotation
Recovery
- Recovery
- 71 %
- Recovery Basis
- actual_test
- Head Grade
- 1.64
- Head Grade Unit
- g/t
Location
- Loc. Confidence
- medium
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-02-23T00:00:00.000Z
Reasoning: The metallurgical testwork shows good silver recovery of 71.0% as a byproduct within the copper concentrate, contributing to project revenue.
Positive factors
- good silver recovery as byproduct
- conventional and proven flowsheet
- multi-domain tested
Evidence · table
“71.0%”
Context: Silver
Tags used in scoring
Mill Routeneutral
Processing via mill or concentrator (CIL, CIP, tank leach, flotation).
Why it applies: processing_route matches the flotation signal
Low Recoverynegative
Recovery below the weak band for the commodity and processing route.
Why it applies: 71% 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.