# First Quantum Files NI 43-101 Technical Report for La Granja

Canonical Atlas analysis: https://atlas-extractions.minestarters.com/news/first-quantum-files-ni-43-101-technical-report-for-la-granja--cf2a8466-da33-403a-b91a-a2aecdf5dbcc

Original source: https://money.tmx.com/en/quote/FM/news/8233282408244295/first-quantum-files-ni-43-101-technical-report-for-la-granja

Publisher: tmx

Original announcement: 2026-05-11T21:01:00.000Z

Analysis by Minestarters Atlas

Atlas analysis published: Unknown date

Atlas analysis updated: Unknown date

- Company: First Quantum Minerals Ltd.

- Ticker: FM

- Exchange: TSX

- Region: Peru

- Primary commodity: Copper

- Secondary commodities: Silver, Gold, Molybdenum

- Document categories: Resource update

- Extracted: 2026-09-17 22:50:39 UTC

Narrative sentiment: 0.80 · Bullish

## Minestarters Atlas summary

First Quantum Minerals has filed an updated NI 43-101 technical report for the La Granja project in Peru, featuring a massive mineral resource estimate. The update includes 4.831 billion tonnes of Measured and Indicated resources at 0.48% Cu and 5.206 billion tonnes of Inferred resources at 0.40% Cu.

Reasoning: The update provides a massive, high-confidence copper resource estimate for a Tier 1 scale project, though it remains early-stage with a significant inferred portion and metallurgical arsenic considerations.

- Positive factor: Massive scale of copper resource \(over 23 Mt contained Cu in M&I\)

- Positive factor: Improved geological confidence from targeted drilling

- Positive factor: Large-scale porphyry-skarn-epithermal system potential

- Positive factor: Open at depth with continuity demonstrated

- Negative factor: High Inferred component \(approx 52% of total tonnes\)

- Negative factor: Presence of variable arsenic content \(enargite\)

Facts used in scoring: 13

## Classification and evidence

**NI 43-101 Compliant**

Polarity: positive

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

Why it applies: The report was prepared in accordance with NI 43-101 standards.

Evidence · text

> The Report was prepared in accordance with National Instrument 43-101

**Inferred Resource**

Polarity: negative

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

Why it applies: A significant portion of the resource is classified as Inferred.

Evidence · text

> approximately 5.206 billion tonnes of Inferred Resources

**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: Multiple Qualified Persons are named as responsible for different aspects of the report.

Evidence · text

> Mr. Gomez meets the requirements of a Qualified Person \(“QP”\)

**Cut-off Disclosed**

Polarity: positive

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

Why it applies: The resource is reported at a specific 0.16% Cu cut-off grade.

Evidence · text

> reported at a 0.16% Cu cut-off grade

**Resource Update**

Polarity: neutral

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

Why it applies: The source explicitly discloses a revised resource estimate

Evidence · text

> updated Mineral Resource estimate

## Extracted facts

Stored fact records: 13. Some facts used in scoring do not have a stored record.

## Resource Estimates (13)

### measured

[Link to this fact](https://atlas-extractions.minestarters.com/news/first-quantum-files-ni-43-101-technical-report-for-la-granja--cf2a8466-da33-403a-b91a-a2aecdf5dbcc#fact-resource-facts-0)

La Granja · copper

#### Identity

- Project: La Granja
- Commodity: copper
- Region: peru
- Reported Region: Peru
- Ticker: FM

#### Resource scope

- Estimate type: resource
- Effective date: 2025-12-31T00:00:00.000Z
- Reporting standards: ni\_43\_101
- QP Signed: Yes
- Qualified person names: Carmelo Gomez Dominguez, Antti Sjöblom, Robert Stone
- Resource group id: resource:4daab6ec5217b55b6c5c
- Deposit or zone: La Granja
- Mining method: open\_pit
- Ownership percent: 55 %
- Resource basis: attributable

#### Resource Data

- Category: measured
- Tonnes: 1427000000
- Grade: 0.56
- Grade Unit: %
- Contained Metal: 8
- Contained Unit: mt
- Cutoff Grade: 0.16
- Cutoff Unit: % Cu

#### Prior Estimate

- Resource Date: 2025-12-31

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-05-11T00:00:00.000Z

Reasoning: Measured category provides high geological confidence.

- Positive factor: High grade for a large-scale porphyry

Evidence · table

> 0.56

Context: 1,427

#### Tags used in scoring

**Measured Resource**

Polarity: positive

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

Why it applies: category is "measured"

**Cut-off Disclosed**

Polarity: positive

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

Why it applies: cutoff\_grade is 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

### measured

[Link to this fact](https://atlas-extractions.minestarters.com/news/first-quantum-files-ni-43-101-technical-report-for-la-granja--cf2a8466-da33-403a-b91a-a2aecdf5dbcc#fact-resource-facts-1)

La Granja · silver

#### Identity

- Project: La Granja
- Commodity: silver
- Region: peru
- Reported Region: Peru
- Ticker: FM

#### Resource scope

- Estimate type: resource
- Effective date: 2025-12-31T00:00:00.000Z
- Reporting standards: ni\_43\_101
- QP Signed: Yes
- Qualified person names: Carmelo Gomez Dominguez, Antti Sjöblom, Robert Stone
- Resource group id: resource:4daab6ec5217b55b6c5c
- Deposit or zone: La Granja
- Mining method: open\_pit
- Ownership percent: 55 %
- Resource basis: attributable

#### Resource Data

- Category: measured
- Tonnes: 1427000000
- Grade: 4.26
- Grade Unit: g/t
- Contained Metal: 195.4
- Contained Unit: moz
- Cutoff Grade: 0.16
- Cutoff Unit: % Cu

#### Prior Estimate

- Resource Date: 2025-12-31

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-05-11T00:00:00.000Z

Reasoning: Byproduct silver grade.

Evidence · table

> 4.26

Context: 1,427

#### Tags used in scoring

**Measured Resource**

Polarity: positive

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

Why it applies: category is "measured"

**Cut-off Disclosed**

Polarity: positive

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

Why it applies: cutoff\_grade is 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

### measured

[Link to this fact](https://atlas-extractions.minestarters.com/news/first-quantum-files-ni-43-101-technical-report-for-la-granja--cf2a8466-da33-403a-b91a-a2aecdf5dbcc#fact-resource-facts-2)

La Granja · gold

#### Identity

- Project: La Granja
- Commodity: gold
- Region: peru
- Reported Region: Peru
- Ticker: FM

#### Resource scope

- Estimate type: resource
- Effective date: 2025-12-31T00:00:00.000Z
- Reporting standards: ni\_43\_101
- QP Signed: Yes
- Qualified person names: Carmelo Gomez Dominguez, Antti Sjöblom, Robert Stone
- Resource group id: resource:4daab6ec5217b55b6c5c
- Deposit or zone: La Granja
- Mining method: open\_pit
- Ownership percent: 55 %
- Resource basis: attributable

#### Resource Data

- Category: measured
- Tonnes: 1427000000
- Grade: 0.04
- Grade Unit: g/t
- Contained Metal: 2
- Contained Unit: moz
- Cutoff Grade: 0.16
- Cutoff Unit: % Cu

#### Prior Estimate

- Resource Date: 2025-12-31

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-05-11T00:00:00.000Z

Reasoning: Byproduct gold grade.

Evidence · table

> 0.04

Context: 1,427

#### Tags used in scoring

**Measured Resource**

Polarity: positive

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

Why it applies: category is "measured"

**Cut-off Disclosed**

Polarity: positive

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

Why it applies: cutoff\_grade is 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

### measured

[Link to this fact](https://atlas-extractions.minestarters.com/news/first-quantum-files-ni-43-101-technical-report-for-la-granja--cf2a8466-da33-403a-b91a-a2aecdf5dbcc#fact-resource-facts-3)

La Granja · molybdenum

#### Identity

- Project: La Granja
- Commodity: molybdenum
- Region: peru
- Reported Region: Peru
- Ticker: FM

#### Resource scope

- Estimate type: resource
- Effective date: 2025-12-31T00:00:00.000Z
- Reporting standards: ni\_43\_101
- QP Signed: Yes
- Qualified person names: Carmelo Gomez Dominguez, Antti Sjöblom, Robert Stone
- Resource group id: resource:4daab6ec5217b55b6c5c
- Deposit or zone: La Granja
- Mining method: open\_pit
- Ownership percent: 55 %
- Resource basis: attributable

#### Resource Data

- Category: measured
- Tonnes: 1427000000
- Grade: 231.8
- Grade Unit: mlbs
- Contained Metal: 231.8
- Contained Unit: mlbs
- Cutoff Grade: 0.16
- Cutoff Unit: %

#### Prior Estimate

- Resource Date: 2025-12-31

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-05-11T00:00:00.000Z

Reasoning: Byproduct molybdenum grade.

Evidence · table

> 231.8

Context: 1,427

#### Tags used in scoring

**Measured Resource**

Polarity: positive

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

Why it applies: category is "measured"

**Cut-off Disclosed**

Polarity: positive

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

Why it applies: cutoff\_grade is 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

### indicated

[Link to this fact](https://atlas-extractions.minestarters.com/news/first-quantum-files-ni-43-101-technical-report-for-la-granja--cf2a8466-da33-403a-b91a-a2aecdf5dbcc#fact-resource-facts-4)

La Granja · copper

#### Identity

- Project: La Granja
- Commodity: copper
- Region: peru
- Reported Region: Peru
- Ticker: FM

#### Resource scope

- Estimate type: resource
- Effective date: 2025-12-31T00:00:00.000Z
- Reporting standards: ni\_43\_101
- QP Signed: Yes
- Qualified person names: Carmelo Gomez Dominguez, Antti Sjöblom, Robert Stone
- Resource group id: resource:2e52fcad416a0e0751af
- Deposit or zone: La Granja
- Mining method: open\_pit
- Ownership percent: 55 %
- Resource basis: attributable

#### Resource Data

- Category: indicated
- Tonnes: 3404000000
- Grade: 0.44
- Grade Unit: %
- Contained Metal: 15
- Contained Unit: mt
- Cutoff Grade: 0.16
- Cutoff Unit: % Cu

#### Prior Estimate

- Resource Date: 2025-12-31

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-05-11T00:00:00.000Z

Reasoning: Indicated category provides reasonable geological confidence.

Evidence · table

> 0.44

Context: 3,404

#### 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 Disclosed**

Polarity: positive

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

Why it applies: cutoff\_grade is 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

### indicated

[Link to this fact](https://atlas-extractions.minestarters.com/news/first-quantum-files-ni-43-101-technical-report-for-la-granja--cf2a8466-da33-403a-b91a-a2aecdf5dbcc#fact-resource-facts-5)

La Granja · silver

#### Identity

- Project: La Granja
- Commodity: silver
- Region: peru
- Reported Region: Peru
- Ticker: FM

#### Resource scope

- Estimate type: resource
- Effective date: 2025-12-31T00:00:00.000Z
- Reporting standards: ni\_43\_101
- QP Signed: Yes
- Qualified person names: Carmelo Gomez Dominguez, Antti Sjöblom, Robert Stone
- Resource group id: resource:2e52fcad416a0e0751af
- Deposit or zone: La Granja
- Mining method: open\_pit
- Ownership percent: 55 %
- Resource basis: attributable

#### Resource Data

- Category: indicated
- Tonnes: 3404000000
- Grade: 3.74
- Grade Unit: g/t
- Contained Metal: 409.2
- Contained Unit: moz
- Cutoff Grade: 0.16
- Cutoff Unit: % Cu

#### Prior Estimate

- Resource Date: 2025-12-31

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-05-11T00:00:00.000Z

Reasoning: Byproduct silver grade.

Evidence · table

> 3.74

Context: 3,404

#### 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 Disclosed**

Polarity: positive

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

Why it applies: cutoff\_grade is 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

### indicated

[Link to this fact](https://atlas-extractions.minestarters.com/news/first-quantum-files-ni-43-101-technical-report-for-la-granja--cf2a8466-da33-403a-b91a-a2aecdf5dbcc#fact-resource-facts-6)

La Granja · gold

#### Identity

- Project: La Granja
- Commodity: gold
- Region: peru
- Reported Region: Peru
- Ticker: FM

#### Resource scope

- Estimate type: resource
- Effective date: 2025-12-31T00:00:00.000Z
- Reporting standards: ni\_43\_101
- QP Signed: Yes
- Qualified person names: Carmelo Gomez Dominguez, Antti Sjöblom, Robert Stone
- Resource group id: resource:2e52fcad416a0e0751af
- Deposit or zone: La Granja
- Mining method: open\_pit
- Ownership percent: 55 %
- Resource basis: attributable

#### Resource Data

- Category: indicated
- Tonnes: 3404000000
- Grade: 0.04
- Grade Unit: g/t
- Contained Metal: 4.7
- Contained Unit: moz
- Cutoff Grade: 0.16
- Cutoff Unit: % Cu

#### Prior Estimate

- Resource Date: 2025-12-31

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-05-11T00:00:00.000Z

Reasoning: Byproduct gold grade.

Evidence · table

> 0.04

Context: 3,404

#### 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 Disclosed**

Polarity: positive

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

Why it applies: cutoff\_grade is 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

### indicated

[Link to this fact](https://atlas-extractions.minestarters.com/news/first-quantum-files-ni-43-101-technical-report-for-la-granja--cf2a8466-da33-403a-b91a-a2aecdf5dbcc#fact-resource-facts-7)

La Granja · molybdenum

#### Identity

- Project: La Granja
- Commodity: molybdenum
- Region: peru
- Reported Region: Peru
- Ticker: FM

#### Resource scope

- Estimate type: resource
- Effective date: 2025-12-31T00:00:00.000Z
- Reporting standards: ni\_43\_101
- QP Signed: Yes
- Qualified person names: Carmelo Gomez Dominguez, Antti Sjöblom, Robert Stone
- Resource group id: resource:2e52fcad416a0e0751af
- Deposit or zone: La Granja
- Mining method: open\_pit
- Ownership percent: 55 %
- Resource basis: attributable

#### Resource Data

- Category: indicated
- Tonnes: 3404000000
- Grade: 427.9
- Grade Unit: mlbs
- Contained Metal: 427.9
- Contained Unit: mlbs
- Cutoff Grade: 0.16
- Cutoff Unit: %

#### Prior Estimate

- Resource Date: 2025-12-31

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-05-11T00:00:00.000Z

Reasoning: Byproduct molybdenum grade.

Evidence · table

> 427.9

Context: 3,404

#### 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 Disclosed**

Polarity: positive

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

Why it applies: cutoff\_grade is 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

### inferred

[Link to this fact](https://atlas-extractions.minestarters.com/news/first-quantum-files-ni-43-101-technical-report-for-la-granja--cf2a8466-da33-403a-b91a-a2aecdf5dbcc#fact-resource-facts-8)

La Granja · copper

#### Identity

- Project: La Granja
- Commodity: copper
- Region: peru
- Reported Region: Peru
- Ticker: FM

#### Resource scope

- Estimate type: resource
- Effective date: 2025-12-31T00:00:00.000Z
- Reporting standards: ni\_43\_101
- QP Signed: Yes
- Qualified person names: Carmelo Gomez Dominguez, Antti Sjöblom, Robert Stone
- Resource group id: resource:696652c7706bcf6d1e09
- Deposit or zone: La Granja
- Mining method: open\_pit
- Ownership percent: 55 %
- Resource basis: attributable

#### Resource Data

- Category: inferred
- Tonnes: 5206000000
- Grade: 0.4
- Grade Unit: %
- Contained Metal: 20.7
- Contained Unit: mt
- Cutoff Grade: 0.16
- Cutoff Unit: % Cu

#### Prior Estimate

- Resource Date: 2025-12-31

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-05-11T00:00:00.000Z

Reasoning: Inferred resources are speculative and cannot support economic studies alone.

- Negative factor: Inferred category limits engineering confidence

Evidence · table

> 0.40

Context: 5,206

#### 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 Disclosed**

Polarity: positive

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

Why it applies: cutoff\_grade is 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

### inferred

[Link to this fact](https://atlas-extractions.minestarters.com/news/first-quantum-files-ni-43-101-technical-report-for-la-granja--cf2a8466-da33-403a-b91a-a2aecdf5dbcc#fact-resource-facts-9)

La Granja · silver

#### Identity

- Project: La Granja
- Commodity: silver
- Region: peru
- Reported Region: Peru
- Ticker: FM

#### Resource scope

- Estimate type: resource
- Effective date: 2025-12-31T00:00:00.000Z
- Reporting standards: ni\_43\_101
- QP Signed: Yes
- Qualified person names: Carmelo Gomez Dominguez, Antti Sjöblom, Robert Stone
- Resource group id: resource:696652c7706bcf6d1e09
- Deposit or zone: La Granja
- Mining method: open\_pit
- Ownership percent: 55 %
- Resource basis: attributable

#### Resource Data

- Category: inferred
- Tonnes: 5206000000
- Grade: 3.34
- Grade Unit: g/t
- Contained Metal: 558.9
- Contained Unit: moz
- Cutoff Grade: 0.16
- Cutoff Unit: % Cu

#### Prior Estimate

- Resource Date: 2025-12-31

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-05-11T00:00:00.000Z

Reasoning: Byproduct silver grade.

Evidence · table

> 3.34

Context: 5,206

#### 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 Disclosed**

Polarity: positive

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

Why it applies: cutoff\_grade is 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

### inferred

[Link to this fact](https://atlas-extractions.minestarters.com/news/first-quantum-files-ni-43-101-technical-report-for-la-granja--cf2a8466-da33-403a-b91a-a2aecdf5dbcc#fact-resource-facts-10)

La Granja · gold

#### Identity

- Project: La Granja
- Commodity: gold
- Region: peru
- Reported Region: Peru
- Ticker: FM

#### Resource scope

- Estimate type: resource
- Effective date: 2025-12-31T00:00:00.000Z
- Reporting standards: ni\_43\_101
- QP Signed: Yes
- Qualified person names: Carmelo Gomez Dominguez, Antti Sjöblom, Robert Stone
- Resource group id: resource:696652c7706bcf6d1e09
- Deposit or zone: La Granja
- Mining method: open\_pit
- Ownership percent: 55 %
- Resource basis: attributable

#### Resource Data

- Category: inferred
- Tonnes: 5206000000
- Grade: 0.04
- Grade Unit: g/t
- Contained Metal: 6.1
- Contained Unit: moz
- Cutoff Grade: 0.16
- Cutoff Unit: % Cu

#### Prior Estimate

- Resource Date: 2025-12-31

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-05-11T00:00:00.000Z

Reasoning: Byproduct gold grade.

Evidence · table

> 0.04

Context: 5,206

#### 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 Disclosed**

Polarity: positive

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

Why it applies: cutoff\_grade is 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

### inferred

[Link to this fact](https://atlas-extractions.minestarters.com/news/first-quantum-files-ni-43-101-technical-report-for-la-granja--cf2a8466-da33-403a-b91a-a2aecdf5dbcc#fact-resource-facts-11)

La Granja · molybdenum

#### Identity

- Project: La Granja
- Commodity: molybdenum
- Region: peru
- Reported Region: Peru
- Ticker: FM

#### Resource scope

- Estimate type: resource
- Effective date: 2025-12-31T00:00:00.000Z
- Reporting standards: ni\_43\_101
- QP Signed: Yes
- Qualified person names: Carmelo Gomez Dominguez, Antti Sjöblom, Robert Stone
- Resource group id: resource:696652c7706bcf6d1e09
- Deposit or zone: La Granja
- Mining method: open\_pit
- Ownership percent: 55 %
- Resource basis: attributable

#### Resource Data

- Category: inferred
- Tonnes: 5206000000
- Grade: 600.8
- Grade Unit: mlbs
- Contained Metal: 600.8
- Contained Unit: mlbs
- Cutoff Grade: 0.16
- Cutoff Unit: %

#### Prior Estimate

- Resource Date: 2025-12-31

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-05-11T00:00:00.000Z

Reasoning: Byproduct molybdenum grade.

Evidence · table

> 600.8

Context: 5,206

#### 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 Disclosed**

Polarity: positive

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

Why it applies: cutoff\_grade is 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

### inferred

[Link to this fact](https://atlas-extractions.minestarters.com/news/first-quantum-files-ni-43-101-technical-report-for-la-granja--cf2a8466-da33-403a-b91a-a2aecdf5dbcc#fact-resource-facts-12)

La Granja · molybdenum

#### Identity

- Project: La Granja
- Commodity: molybdenum
- Region: peru
- Reported Region: Peru
- Ticker: FM

#### Resource scope

- Estimate type: resource
- Effective date: 2025-12-31T00:00:00.000Z
- Reporting standards: ni\_43\_101
- QP Signed: Yes
- Qualified person names: Carmelo Gomez Dominguez, Antti Sjöblom, Robert Stone
- Resource group id: resource:e1d5d50d11afd13a97eb
- Mining method: open\_pit
- Ownership percent: 55 %
- Resource basis: attributable

#### Resource Data

- Category: inferred
- Tonnes: 4831000000
- Grade: 659.7
- Grade Unit: mlbs
- Cutoff Grade: 0.16
- Cutoff Unit: %

#### Prior Estimate

- Resource Date: 2025-12-31

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-05-11T00:00:00.000Z

Reasoning: Inferred resources are speculative and cannot support economic studies alone. \(Expanded from multi-commodity resource table for completeness.\)

- Negative factor: Inferred category limits engineering confidence

Evidence · table

> 659.7

Context: 4,831

#### 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 Disclosed**

Polarity: positive

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

Why it applies: cutoff\_grade is 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

## 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.