Fortuna Reports 15% Increase YoY in Consolidated Mineral Reserves and updates estimate of Sunbird deposit, Séguéla
Original announcement by tmx on
- Company
- Fortuna Mining Corp.
- Ticker
- FVI
- Exchange
- TSX
- Region
- Unavailable
- Primary commodity
- Gold
- Secondary commodities
- Silver, Lead, Zinc
- Document categories
- Resource update
- Extracted
- 2026-09-12 03:48:54 UTC
Analysis by Minestarters Atlas
Minestarters Atlas analysis
Summary
Fortuna Mining Corp. announced a 15% year-over-year increase in consolidated Mineral Reserves and a 56% increase in Measured and Indicated Resources. This growth was primarily driven by successful infill and exploration drilling at the Séguéla Mine in Côte d’Ivoire, which saw a 34% increase in underground Mineral Reserves, and the Diamba Sud Project in Senegal, where Indicated Resources grew by 165%. The company also provided updated estimates for its Lindero and Caylloma operations, noting some depletion and grade changes.
Reasoning: Fortuna Mining Corp. reported a substantial increase in consolidated Mineral Reserves and Measured & Indicated Resources, driven by successful drilling at Séguéla and Diamba Sud, which significantly de-risks and expands the company's asset base. While some projects experienced depletion or grade dilution, the overall growth and resource conversion are highly positive. The estimates are compliant with NI 43-101 and supported by Qualified Persons, enhancing confidence.
Positive factors
- Significant year-over-year increase in consolidated Mineral Reserves (15%) and Measured & Indicated Resources (56%)
- Strong growth in Séguéla's underground Mineral Reserves (34%) and Inferred Mineral Resources (55%) due to successful drilling
- Exceptional growth in Diamba Sud's Indicated Mineral Resources (165%) driven by infill and exploration drilling
- Resource upgrading to reserves, particularly at Séguéla, contributing to overall reserve growth
- Estimates are NI 43-101 compliant and signed off by Qualified Persons
- Metal equivalent assumptions are clearly disclosed
Negative factors
- Lindero Mine Mineral Reserves decreased due to production depletion
- Caylloma Mine Mineral Reserves and Resources were negatively impacted by production depletion and changes in metal price ratios
- Séguéla's Proven and Probable gold grade decreased slightly despite tonnage growth
- Diamba Sud's Inferred Mineral Resources decreased due to upgrading to higher confidence categories, indicating a shift rather than pure growth
- Caylloma reports variable and sometimes low metallurgical recovery rates for gold (21% or 58%)
Low confidence — this extraction should be reviewed alongside the original source.
Facts used in scoring: 50
Classification and evidence
Tonnage Growthpositive
Tonnage increase reaching the strong tier vs prior estimate, with grade maintained or improved.
Why it applies: Consolidated Proven and Probable Mineral Reserves increased by 15% year-over-year, and Séguéla's underground Mineral Reserves increased by 34%.
Evidence · text
“Fortuna successfully increased Mineral Reserves by 15% year-over-year”
Contained Metal Growthpositive
True scale improvement — contained metal ounces/tonnes increased vs prior, accounting for both tonnage and grade changes.
Why it applies: Consolidated Proven and Probable Mineral Reserves increased by 15% year-over-year in GEOs, and Diamba Sud's Indicated Mineral Resources increased by 165% in gold ounces.
Evidence · text
“Consolidated Proven and Probable Mineral Reserves are reported containing 3.0 million gold equivalent ounces (“GEOs”) representing a year-over-year increase of 15%.”
Category Upgradepositive
Resource confidence improved — Inferred upgraded to Indicated, or Indicated to Measured. De-risking signal.
Why it applies: The increase in Mineral Reserves is due to the upgrading of resources to reserves, primarily at Séguéla, and Diamba Sud's Inferred Resources decreased due to upgrading in resource classification.
Evidence · text
“Changes are due to the upgrading of resources to reserves representing 819,000 GEOs, primarily at Séguéla”
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: Eric Chapman, P. Geo. and Raul Espinoza, FAusIMM (CP) are named as Qualified Persons responsible for Mineral Resources and Mineral Reserves, respectively.
Evidence · text
“Eric Chapman, P. Geo. (EGBC #36328), is the Qualified Person responsible for Mineral Resources; Raul Espinoza (FAUSIMM (CP) #309581) is the Qualified Person responsible for Mineral Reserves”
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: Reserve and resource estimates included in this news release have been prepared in accordance with National Instrument 43-101 Standards of Disclosure for Mineral Projects.
Evidence · text
“Reserve and resource estimates included in this news release have been prepared in accordance with National Instrument 43-101 Standards of Disclosure for Mineral Projects (“NI 43-101”)”
Grade Declinenegative
Average grade fell below the red-flag bound vs prior estimate — deposit economics worsening. May indicate high-grading in early drilling.
Why it applies: Séguéla's Proven and Probable gold grade decreased slightly from 3.38 g/t to 3.01 g/t Au, and Diamba Sud's Indicated gold grade decreased by 21%.
Evidence · text
“while the gold grade decreased slightly from 3.38 g/t to 3.01 g/t Au”
Tonnage Declinenegative
Resource tonnage decreased vs prior estimate — pit optimization removed marginal material or geological model revised down.
Why it applies: Lindero Mine experienced a decrease in Mineral Reserves of 6.1 Mt due to year-over-year mining depletion, and Caylloma's Proven and Probable Mineral Reserve tonnes decreased from 2.44 Mt to 2.28 Mt.
Evidence · text
“Year-over-year mining depletion resulted in a decrease in Mineral Reserves of 6.1 Mt containing 121,000 ounces of gold.”
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: Diamba Sud's feasibility study remains on track for first-time reporting of Mineral Reserves.
Evidence · text
“Diamba Sud’s feasibility study remains on track for first-time reporting of Mineral Reserves”
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: The document provides updated consolidated Mineral Reserve and Mineral Resource estimates for its operating mines and projects.
Evidence · text
“Fortuna Mining Corp. (NYSE: FSM | TSX: FVI) provides updated consolidated Mineral Reserve and Mineral Resource estimates”
Extracted facts
Stored fact records: 50. Some facts used in scoring do not have a stored record.
Resource Estimates (50)
provenSéguéla · goldTonnes: 588000Grade: 1.6Grade Unit: g/tContained Metal: 30Contained Unit: kozView all detailsHide details
Identity
- Project
- Séguéla
- Commodity
- gold
- Region
- côte d’ivoire
- Reported Region
- Côte d’Ivoire
- Ticker
- FVI
Resource scope
- Estimate type
- reserve
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Eric Chapman, Raul Espinoza
- Resource group id
- resource:59a7d80d92874a01c170
Resource Data
- Category
- proven
- Tonnes
- 588000
- Grade
- 1.6
- Grade Unit
- g/t
- Contained Metal
- 30
- Contained Unit
- koz
- Cutoff Grade
- 2.14
- Cutoff Unit
- g/t Au
Prior Estimate
- Resource Date
- 2026-03-31
- Prior Tonnes
- 9750000
- Prior Grade
- 3.38
Metal Equivalent
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-04-23T00:00:00.000Z
Reasoning: This Proven reserve contributes to the overall positive reserve growth at Séguéla, although its grade is lower than the Probable category.
Positive factors
- Part of a significant overall reserve increase for the project
- High confidence category (Proven)
Negative factors
- Grade is lower than the project's probable reserve grade
Evidence · table
“588”
Context: Proven
Tags used in scoring
Proven Reservepositive
Measured Resource with demonstrated economic viability after applying modifying factors.
Why it applies: category is "proven"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Tonnage Declinenegative
Resource tonnage decreased vs prior estimate — pit optimization removed marginal material or geological model revised down.
Why it applies: 588000 against 9750000 previously
Grade Declinenegative
Average grade fell below the red-flag bound vs prior estimate — deposit economics worsening. May indicate high-grading in early drilling.
Why it applies: 1.6 against 3.38 previously
probableSéguéla · goldTonnes: 15768000Grade: 3.13Grade Unit: g/tContained Metal: 1586Contained Unit: kozView all detailsHide details
Identity
- Project
- Séguéla
- Commodity
- gold
- Region
- côte d’ivoire
- Reported Region
- Côte d’Ivoire
- Ticker
- FVI
Resource scope
- Estimate type
- reserve
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Eric Chapman, Raul Espinoza
- Resource group id
- resource:2c2d4a5d4e1046d4b6fd
Resource Data
- Category
- probable
- Tonnes
- 15768000
- Grade
- 3.13
- Grade Unit
- g/t
- Contained Metal
- 1586
- Contained Unit
- koz
- Cutoff Grade
- 2.14
- Cutoff Unit
- g/t Au
Prior Estimate
- Resource Date
- 2026-03-31
- Prior Tonnes
- 9750000
- Prior Grade
- 3.38
Metal Equivalent
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-04-23T00:00:00.000Z
Reasoning: This Probable reserve represents a substantial portion of the increased underground reserves at Séguéla, indicating strong confidence and growth for the project.
Positive factors
- Significant tonnage and contained gold in the Probable category
- Contributes to a 34% increase in underground Mineral Reserves for Séguéla's Sunbird deposit
- Grade is strong for an underground gold reserve
Negative factors
- Grade is slightly lower than the prior estimate for P+P reserves
Evidence · table
“15,768”
Context: Probable
Tags used in scoring
Probable Reservepositive
Indicated Resource with demonstrated economic viability after applying modifying factors.
Why it applies: category is "probable"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Tonnage Growthpositive
Tonnage increase reaching the strong tier vs prior estimate, with grade maintained or improved.
Why it applies: 15768000 against 9750000 previously
Grade Declinenegative
Average grade fell below the red-flag bound vs prior estimate — deposit economics worsening. May indicate high-grading in early drilling.
Why it applies: 3.13 against 3.38 previously
probableSéguéla · goldTonnes: 16356000Grade: 3.01Grade Unit: g/tContained Metal: 1616Contained Unit: kozView all detailsHide details
Identity
- Project
- Séguéla
- Commodity
- gold
- Region
- côte d’ivoire
- Reported Region
- Côte d’Ivoire
- Ticker
- FVI
Resource scope
- Estimate type
- reserve
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Eric Chapman, Raul Espinoza
- Resource group id
- resource:c39ee92b4d2f6089b947
Resource Data
- Category
- probable
- Tonnes
- 16356000
- Grade
- 3.01
- Grade Unit
- g/t
- Contained Metal
- 1616
- Contained Unit
- koz
- Cutoff Grade
- 2.14
- Cutoff Unit
- g/t Au
Prior Estimate
- Resource Date
- 2026-03-31
- Prior Tonnes
- 9750000
- Prior Grade
- 3.38
Metal Equivalent
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-04-23T00:00:00.000Z
Reasoning: The combined Proven + Probable reserve for Séguéla shows substantial growth in tonnage and contained metal, despite a slight decrease in grade, indicating successful resource conversion and expansion.
Positive factors
- Significant increase in Proven + Probable tonnes (68%) and contained gold (from 9.75 Mt to 16.36 Mt)
- Represents a 34% increase in underground Mineral Reserves for Séguéla's Sunbird deposit
Negative factors
- Gold grade decreased slightly from 3.38 g/t to 3.01 g/t Au compared to the prior estimate
Evidence · table
“16,356”
Context: Proven + Probable
Tags used in scoring
Probable Reservepositive
Indicated Resource with demonstrated economic viability after applying modifying factors.
Why it applies: category is "probable"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Tonnage Growthpositive
Tonnage increase reaching the strong tier vs prior estimate, with grade maintained or improved.
Why it applies: 16356000 against 9750000 previously
Grade Declinenegative
Average grade fell below the red-flag bound vs prior estimate — deposit economics worsening. May indicate high-grading in early drilling.
Why it applies: 3.01 against 3.38 previously
provenLindero · goldTonnes: 22291000Grade: 0.54Grade Unit: g/tContained Metal: 390Contained Unit: kozView all detailsHide details
Identity
- Project
- Lindero
- Commodity
- gold
- Region
- argentina
- Reported Region
- Argentina
- Ticker
- FVI
Resource scope
- Estimate type
- reserve
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Eric Chapman, Raul Espinoza
- Resource group id
- resource:4e7969e7eff8ba0c3785
Resource Data
- Category
- proven
- Tonnes
- 22291000
- Grade
- 0.54
- Grade Unit
- g/t
- Contained Metal
- 390
- Contained Unit
- koz
- Cutoff Grade
- 0.25
- Cutoff Unit
- g/t Au
Prior Estimate
- Resource Date
- 2025-12-31
- Prior Tonnes
- 70500000
- Prior Contained Metal
- 1221
Metal Equivalent
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-04-23T00:00:00.000Z
Reasoning: This Proven reserve contributes to the Lindero project, but the overall project reserves saw a decrease due to depletion.
Positive factors
- High confidence category (Proven)
Negative factors
- Overall Lindero reserves decreased due to production depletion
Evidence · table
“22,291”
Context: Proven
Tags used in scoring
Proven Reservepositive
Measured Resource with demonstrated economic viability after applying modifying factors.
Why it applies: category is "proven"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Tonnage Declinenegative
Resource tonnage decreased vs prior estimate — pit optimization removed marginal material or geological model revised down.
Why it applies: 22291000 against 70500000 previously
Contained Metal Declinenegative
Contained metal decreased vs prior despite tonnage growth — grade dilution exceeds volume gain.
Why it applies: 390 against 1221 previously
probableLindero · goldTonnes: 42064000Grade: 0.53Grade Unit: g/tContained Metal: 718Contained Unit: kozView all detailsHide details
Identity
- Project
- Lindero
- Commodity
- gold
- Region
- argentina
- Reported Region
- Argentina
- Ticker
- FVI
Resource scope
- Estimate type
- reserve
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Eric Chapman, Raul Espinoza
- Resource group id
- resource:40a73adac62e51ecbc95
Resource Data
- Category
- probable
- Tonnes
- 42064000
- Grade
- 0.53
- Grade Unit
- g/t
- Contained Metal
- 718
- Contained Unit
- koz
- Cutoff Grade
- 0.25
- Cutoff Unit
- g/t Au
Prior Estimate
- Resource Date
- 2025-12-31
- Prior Tonnes
- 70500000
- Prior Contained Metal
- 1221
Metal Equivalent
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-04-23T00:00:00.000Z
Reasoning: This Probable reserve is part of the Lindero project, which experienced a decrease in overall reserves due to depletion.
Negative factors
- Overall Lindero reserves decreased due to production depletion
Evidence · table
“42,064”
Context: Probable
Tags used in scoring
Probable Reservepositive
Indicated Resource with demonstrated economic viability after applying modifying factors.
Why it applies: category is "probable"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Tonnage Declinenegative
Resource tonnage decreased vs prior estimate — pit optimization removed marginal material or geological model revised down.
Why it applies: 42064000 against 70500000 previously
Contained Metal Declinenegative
Contained metal decreased vs prior despite tonnage growth — grade dilution exceeds volume gain.
Why it applies: 718 against 1221 previously
probableLindero · goldTonnes: 64355000Grade: 0.54Grade Unit: g/tContained Metal: 1108Contained Unit: kozView all detailsHide details
Identity
- Project
- Lindero
- Commodity
- gold
- Region
- argentina
- Reported Region
- Argentina
- Ticker
- FVI
Resource scope
- Estimate type
- reserve
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Eric Chapman, Raul Espinoza
- Resource group id
- resource:ab271873eafdeafc0d3b
Resource Data
- Category
- probable
- Tonnes
- 64355000
- Grade
- 0.54
- Grade Unit
- g/t
- Contained Metal
- 1108
- Contained Unit
- koz
- Cutoff Grade
- 0.25
- Cutoff Unit
- g/t Au
Prior Estimate
- Resource Date
- 2025-12-31
- Prior Tonnes
- 70500000
- Prior Contained Metal
- 1221
Metal Equivalent
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-04-23T00:00:00.000Z
Reasoning: The Lindero Proven + Probable reserves show a decrease in contained gold year-over-year due to mining depletion, which is a negative for the project.
Negative factors
- Lindero Mine Mineral Reserves decreased by 6.1 Mt containing 121,000 ounces of gold due to production depletion
- Overall contained gold decreased compared to the prior year
Evidence · table
“64,355”
Context: Proven + Probable
Tags used in scoring
Probable Reservepositive
Indicated Resource with demonstrated economic viability after applying modifying factors.
Why it applies: category is "probable"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Tonnage Declinenegative
Resource tonnage decreased vs prior estimate — pit optimization removed marginal material or geological model revised down.
Why it applies: 64355000 against 70500000 previously
Contained Metal Declinenegative
Contained metal decreased vs prior despite tonnage growth — grade dilution exceeds volume gain.
Why it applies: 1108 against 1221 previously
provenCaylloma · silverTonnes: 171000Grade: 114Grade Unit: g/tContained Metal: 19Contained Unit: kozView all detailsHide details
Identity
- Project
- Caylloma
- Commodity
- silver
- Region
- peru
- Reported Region
- Peru
- Ticker
- FVI
Resource scope
- Estimate type
- reserve
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Eric Chapman, Raul Espinoza
- Resource group id
- resource:8ab95a8a18373033ebf2
Resource Data
- Category
- proven
- Tonnes
- 171000
- Grade
- 114
- Grade Unit
- g/t
- Contained Metal
- 19
- Contained Unit
- koz
Prior Estimate
- Resource Date
- 2025-12-31
- Prior Tonnes
- 2440000
Metal Equivalent
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-04-23T00:00:00.000Z
Reasoning: This Proven silver reserve is part of the Caylloma project, which experienced an overall decrease in reserves.
Positive factors
- High confidence category (Proven)
- High silver grade
Negative factors
- Overall Caylloma reserves decreased due to depletion and metal price ratios
Evidence · table
“171”
Context: Proven
Tags used in scoring
Proven Reservepositive
Measured Resource with demonstrated economic viability after applying modifying factors.
Why it applies: category is "proven"
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
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
Tonnage Declinenegative
Resource tonnage decreased vs prior estimate — pit optimization removed marginal material or geological model revised down.
Why it applies: 171000 against 2440000 previously
provenCaylloma · goldTonnes: 171000Grade: 0.38Grade Unit: g/tView all detailsHide details
Identity
- Project
- Caylloma
- Commodity
- gold
- Region
- peru
- Reported Region
- Peru
- Ticker
- FVI
Resource scope
- Estimate type
- reserve
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Eric Chapman, Raul Espinoza
- Resource group id
- resource:8ab95a8a18373033ebf2
Resource Data
- Category
- proven
- Tonnes
- 171000
- Grade
- 0.38
- Grade Unit
- g/t
Prior Estimate
- Resource Date
- 2025-12-31
- Prior Tonnes
- 2440000
Metal Equivalent
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-04-23T00:00:00.000Z
Reasoning: This Proven gold reserve has a low grade for an underground operation and is part of a project with overall reserve decline.
Positive factors
- High confidence category (Proven)
Negative factors
- Low gold grade for an underground reserve
- Overall Caylloma reserves decreased due to depletion and metal price ratios
Evidence · table
“0.38”
Context: Proven
Tags used in scoring
Proven Reservepositive
Measured Resource with demonstrated economic viability after applying modifying factors.
Why it applies: category is "proven"
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
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
Tonnage Declinenegative
Resource tonnage decreased vs prior estimate — pit optimization removed marginal material or geological model revised down.
Why it applies: 171000 against 2440000 previously
provenCaylloma · leadTonnes: 171000Grade: 2.8Grade Unit: %View all detailsHide details
Identity
- Project
- Caylloma
- Commodity
- lead
- Region
- peru
- Reported Region
- Peru
- Ticker
- FVI
Resource scope
- Estimate type
- reserve
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Eric Chapman, Raul Espinoza
- Resource group id
- resource:8ab95a8a18373033ebf2
Resource Data
- Category
- proven
- Tonnes
- 171000
- Grade
- 2.8
- Grade Unit
- %
Prior Estimate
- Resource Date
- 2025-12-31
- Prior Tonnes
- 2440000
Metal Equivalent
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-04-23T00:00:00.000Z
Reasoning: This Proven lead reserve is part of the Caylloma project, which experienced an overall decrease in reserves.
Positive factors
- High confidence category (Proven)
Negative factors
- Overall Caylloma reserves decreased due to depletion and metal price ratios
Evidence · table
“2.80”
Context: Proven
Tags used in scoring
Proven Reservepositive
Measured Resource with demonstrated economic viability after applying modifying factors.
Why it applies: category is "proven"
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
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
Tonnage Declinenegative
Resource tonnage decreased vs prior estimate — pit optimization removed marginal material or geological model revised down.
Why it applies: 171000 against 2440000 previously
provenCaylloma · zincTonnes: 171000Grade: 2.77Grade Unit: %View all detailsHide details
Identity
- Project
- Caylloma
- Commodity
- zinc
- Region
- peru
- Reported Region
- Peru
- Ticker
- FVI
Resource scope
- Estimate type
- reserve
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Eric Chapman, Raul Espinoza
- Resource group id
- resource:8ab95a8a18373033ebf2
Resource Data
- Category
- proven
- Tonnes
- 171000
- Grade
- 2.77
- Grade Unit
- %
Prior Estimate
- Resource Date
- 2025-12-31
- Prior Tonnes
- 2440000
Metal Equivalent
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-04-23T00:00:00.000Z
Reasoning: This Proven zinc reserve is part of the Caylloma project, which experienced an overall decrease in reserves.
Positive factors
- High confidence category (Proven)
Negative factors
- Overall Caylloma reserves decreased due to depletion and metal price ratios
Evidence · table
“2.77”
Context: Proven
Tags used in scoring
Proven Reservepositive
Measured Resource with demonstrated economic viability after applying modifying factors.
Why it applies: category is "proven"
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
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
Tonnage Declinenegative
Resource tonnage decreased vs prior estimate — pit optimization removed marginal material or geological model revised down.
Why it applies: 171000 against 2440000 previously
probableCaylloma · silverTonnes: 2104000Grade: 86Grade Unit: g/tContained Metal: 218Contained Unit: kozView all detailsHide details
Identity
- Project
- Caylloma
- Commodity
- silver
- Region
- peru
- Reported Region
- Peru
- Ticker
- FVI
Resource scope
- Estimate type
- reserve
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Eric Chapman, Raul Espinoza
- Resource group id
- resource:36794f13b73d2d0ba6a4
Resource Data
- Category
- probable
- Tonnes
- 2104000
- Grade
- 86
- Grade Unit
- g/t
- Contained Metal
- 218
- Contained Unit
- koz
Prior Estimate
- Resource Date
- 2025-12-31
- Prior Tonnes
- 2440000
Metal Equivalent
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-04-23T00:00:00.000Z
Reasoning: This Probable silver reserve is part of the Caylloma project, which experienced an overall decrease in reserves.
Positive factors
- Good silver grade
Negative factors
- Overall Caylloma reserves decreased due to depletion and metal price ratios
Evidence · table
“2,104”
Context: Probable
Tags used in scoring
Probable Reservepositive
Indicated Resource with demonstrated economic viability after applying modifying factors.
Why it applies: category is "probable"
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
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
Tonnage Declinenegative
Resource tonnage decreased vs prior estimate — pit optimization removed marginal material or geological model revised down.
Why it applies: 2104000 against 2440000 previously
probableCaylloma · goldTonnes: 2104000Grade: 0.27Grade Unit: g/tView all detailsHide details
Identity
- Project
- Caylloma
- Commodity
- gold
- Region
- peru
- Reported Region
- Peru
- Ticker
- FVI
Resource scope
- Estimate type
- reserve
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Eric Chapman, Raul Espinoza
- Resource group id
- resource:36794f13b73d2d0ba6a4
Resource Data
- Category
- probable
- Tonnes
- 2104000
- Grade
- 0.27
- Grade Unit
- g/t
Prior Estimate
- Resource Date
- 2025-12-31
- Prior Tonnes
- 2440000
Metal Equivalent
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-04-23T00:00:00.000Z
Reasoning: This Probable gold reserve has a low grade for an underground operation and is part of a project with overall reserve decline.
Negative factors
- Low gold grade for an underground reserve
- Overall Caylloma reserves decreased due to depletion and metal price ratios
Evidence · table
“0.27”
Context: Probable
Tags used in scoring
Probable Reservepositive
Indicated Resource with demonstrated economic viability after applying modifying factors.
Why it applies: category is "probable"
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
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
Tonnage Declinenegative
Resource tonnage decreased vs prior estimate — pit optimization removed marginal material or geological model revised down.
Why it applies: 2104000 against 2440000 previously
probableCaylloma · leadTonnes: 2104000Grade: 2.39Grade Unit: %View all detailsHide details
Identity
- Project
- Caylloma
- Commodity
- lead
- Region
- peru
- Reported Region
- Peru
- Ticker
- FVI
Resource scope
- Estimate type
- reserve
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Eric Chapman, Raul Espinoza
- Resource group id
- resource:36794f13b73d2d0ba6a4
Resource Data
- Category
- probable
- Tonnes
- 2104000
- Grade
- 2.39
- Grade Unit
- %
Prior Estimate
- Resource Date
- 2025-12-31
- Prior Tonnes
- 2440000
Metal Equivalent
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-04-23T00:00:00.000Z
Reasoning: This Probable lead reserve is part of the Caylloma project, which experienced an overall decrease in reserves.
Negative factors
- Overall Caylloma reserves decreased due to depletion and metal price ratios
Evidence · table
“2.39”
Context: Probable
Tags used in scoring
Probable Reservepositive
Indicated Resource with demonstrated economic viability after applying modifying factors.
Why it applies: category is "probable"
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
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
Tonnage Declinenegative
Resource tonnage decreased vs prior estimate — pit optimization removed marginal material or geological model revised down.
Why it applies: 2104000 against 2440000 previously
probableCaylloma · zincTonnes: 2104000Grade: 3.56Grade Unit: %View all detailsHide details
Identity
- Project
- Caylloma
- Commodity
- zinc
- Region
- peru
- Reported Region
- Peru
- Ticker
- FVI
Resource scope
- Estimate type
- reserve
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Eric Chapman, Raul Espinoza
- Resource group id
- resource:36794f13b73d2d0ba6a4
Resource Data
- Category
- probable
- Tonnes
- 2104000
- Grade
- 3.56
- Grade Unit
- %
Prior Estimate
- Resource Date
- 2025-12-31
- Prior Tonnes
- 2440000
Metal Equivalent
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-04-23T00:00:00.000Z
Reasoning: This Probable zinc reserve is part of the Caylloma project, which experienced an overall decrease in reserves.
Negative factors
- Overall Caylloma reserves decreased due to depletion and metal price ratios
Evidence · table
“3.56”
Context: Probable
Tags used in scoring
Probable Reservepositive
Indicated Resource with demonstrated economic viability after applying modifying factors.
Why it applies: category is "probable"
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
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
Tonnage Declinenegative
Resource tonnage decreased vs prior estimate — pit optimization removed marginal material or geological model revised down.
Why it applies: 2104000 against 2440000 previously
probableCaylloma · silverTonnes: 2275000Grade: 89Grade Unit: g/tContained Metal: 238Contained Unit: kozView all detailsHide details
Identity
- Project
- Caylloma
- Commodity
- silver
- Region
- peru
- Reported Region
- Peru
- Ticker
- FVI
Resource scope
- Estimate type
- reserve
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Eric Chapman, Raul Espinoza
- Resource group id
- resource:8cad9afae27410a10a3e
Resource Data
- Category
- probable
- Tonnes
- 2275000
- Grade
- 89
- Grade Unit
- g/t
- Contained Metal
- 238
- Contained Unit
- koz
Prior Estimate
- Resource Date
- 2025-12-31
- Prior Tonnes
- 2440000
Metal Equivalent
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-04-23T00:00:00.000Z
Reasoning: The Caylloma Proven + Probable silver reserve shows a decrease in tonnage year-over-year due to depletion and metal price ratio changes, which is a negative for the project.
Positive factors
- Good silver grade
Negative factors
- Proven + Probable tonnes decreased from 2.44 Mt to 2.28 Mt year-over-year
- Impacted by production related depletion and higher precious to base metal price ratios
Evidence · table
“2,275”
Context: Proven + Probable
Tags used in scoring
Probable Reservepositive
Indicated Resource with demonstrated economic viability after applying modifying factors.
Why it applies: category is "probable"
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
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
Tonnage Declinenegative
Resource tonnage decreased vs prior estimate — pit optimization removed marginal material or geological model revised down.
Why it applies: 2275000 against 2440000 previously
probableCaylloma · goldTonnes: 2275000Grade: 0.28Grade Unit: g/tView all detailsHide details
Identity
- Project
- Caylloma
- Commodity
- gold
- Region
- peru
- Reported Region
- Peru
- Ticker
- FVI
Resource scope
- Estimate type
- reserve
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Eric Chapman, Raul Espinoza
- Resource group id
- resource:8cad9afae27410a10a3e
Resource Data
- Category
- probable
- Tonnes
- 2275000
- Grade
- 0.28
- Grade Unit
- g/t
Prior Estimate
- Resource Date
- 2025-12-31
- Prior Tonnes
- 2440000
Metal Equivalent
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-04-23T00:00:00.000Z
Reasoning: The Caylloma Proven + Probable gold reserve has a low grade and shows a decrease in tonnage year-over-year due to depletion and metal price ratio changes, which is a negative for the project.
Negative factors
- Low gold grade for an underground reserve
- Proven + Probable tonnes decreased from 2.44 Mt to 2.28 Mt year-over-year
- Impacted by production related depletion and higher precious to base metal price ratios
Evidence · table
“0.28”
Context: Proven + Probable
Tags used in scoring
Probable Reservepositive
Indicated Resource with demonstrated economic viability after applying modifying factors.
Why it applies: category is "probable"
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
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
Tonnage Declinenegative
Resource tonnage decreased vs prior estimate — pit optimization removed marginal material or geological model revised down.
Why it applies: 2275000 against 2440000 previously
probableCaylloma · leadTonnes: 2275000Grade: 2.42Grade Unit: %View all detailsHide details
Identity
- Project
- Caylloma
- Commodity
- lead
- Region
- peru
- Reported Region
- Peru
- Ticker
- FVI
Resource scope
- Estimate type
- reserve
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Eric Chapman, Raul Espinoza
- Resource group id
- resource:8cad9afae27410a10a3e
Resource Data
- Category
- probable
- Tonnes
- 2275000
- Grade
- 2.42
- Grade Unit
- %
Prior Estimate
- Resource Date
- 2025-12-31
- Prior Tonnes
- 2440000
Metal Equivalent
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-04-23T00:00:00.000Z
Reasoning: The Caylloma Proven + Probable lead reserve shows a decrease in tonnage year-over-year due to depletion and metal price ratio changes, which is a negative for the project.
Negative factors
- Proven + Probable tonnes decreased from 2.44 Mt to 2.28 Mt year-over-year
- Impacted by production related depletion and higher precious to base metal price ratios
Evidence · table
“2.42”
Context: Proven + Probable
Tags used in scoring
Probable Reservepositive
Indicated Resource with demonstrated economic viability after applying modifying factors.
Why it applies: category is "probable"
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
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
Tonnage Declinenegative
Resource tonnage decreased vs prior estimate — pit optimization removed marginal material or geological model revised down.
Why it applies: 2275000 against 2440000 previously
probableCaylloma · zincTonnes: 2275000Grade: 3.5Grade Unit: %View all detailsHide details
Identity
- Project
- Caylloma
- Commodity
- zinc
- Region
- peru
- Reported Region
- Peru
- Ticker
- FVI
Resource scope
- Estimate type
- reserve
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Eric Chapman, Raul Espinoza
- Resource group id
- resource:8cad9afae27410a10a3e
Resource Data
- Category
- probable
- Tonnes
- 2275000
- Grade
- 3.5
- Grade Unit
- %
Prior Estimate
- Resource Date
- 2025-12-31
- Prior Tonnes
- 2440000
Metal Equivalent
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-04-23T00:00:00.000Z
Reasoning: The Caylloma Proven + Probable zinc reserve shows a decrease in tonnage year-over-year due to depletion and metal price ratio changes, which is a negative for the project.
Negative factors
- Proven + Probable tonnes decreased from 2.44 Mt to 2.28 Mt year-over-year
- Impacted by production related depletion and higher precious to base metal price ratios
Evidence · table
“3.50”
Context: Proven + Probable
Tags used in scoring
Probable Reservepositive
Indicated Resource with demonstrated economic viability after applying modifying factors.
Why it applies: category is "probable"
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
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
Tonnage Declinenegative
Resource tonnage decreased vs prior estimate — pit optimization removed marginal material or geological model revised down.
Why it applies: 2275000 against 2440000 previously
probableConsolidated Total · goldTonnes: 80711000Grade: 1.04Grade Unit: g/tContained Metal: 2724Contained Unit: kozView all detailsHide details
Identity
- Project
- Consolidated Total
- Commodity
- gold
- Ticker
- FVI
Resource scope
- Estimate type
- reserve
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Eric Chapman, Raul Espinoza
- Resource group id
- resource:5f53bcab15ed87fb7461
Resource Data
- Category
- probable
- Tonnes
- 80711000
- Grade
- 1.04
- Grade Unit
- g/t
- Contained Metal
- 2724
- Contained Unit
- koz
Prior Estimate
- Resource Date
- 2025-12-31
- Prior Contained Metal
- 2574.78
Metal Equivalent
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-04-23T00:00:00.000Z
Reasoning: The consolidated Proven + Probable gold reserve shows a strong year-over-year increase in contained metal, indicating overall growth for the company's reserve base.
Positive factors
- Represents a 15% year-over-year increase in consolidated Mineral Reserves (GEOs)
- Significant contained gold ounces
Evidence · table
“80,711”
Context: Total
Tags used in scoring
Probable Reservepositive
Indicated Resource with demonstrated economic viability after applying modifying factors.
Why it applies: category is "probable"
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
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
Contained Metal Growthpositive
True scale improvement — contained metal ounces/tonnes increased vs prior, accounting for both tonnage and grade changes.
Why it applies: 2724 against 2574.78 previously
probableConsolidated Total · goldContained Metal: 2961Contained Unit: kozView all detailsHide details
Identity
- Project
- Consolidated Total
- Commodity
- gold
- Ticker
- FVI
Resource scope
- Estimate type
- reserve
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Eric Chapman, Raul Espinoza
- Resource group id
- resource:e04681627c60d6417a09
Resource Data
- Category
- probable
- Contained Metal
- 2961
- Contained Unit
- koz
Prior Estimate
- Resource Date
- 2025-12-31
- Prior Contained Metal
- 2574.78
Metal Equivalent
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-04-23T00:00:00.000Z
Reasoning: The consolidated Proven + Probable GEOs show a strong year-over-year increase, indicating overall growth for the company's reserve base.
Positive factors
- Represents a 15% year-over-year increase in consolidated Mineral Reserves (GEOs)
- Significant contained gold equivalent ounces
Evidence · table
“2,961”
Context: Total
Tags used in scoring
Probable Reservepositive
Indicated Resource with demonstrated economic viability after applying modifying factors.
Why it applies: category is "probable"
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
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
Contained Metal Growthpositive
True scale improvement — contained metal ounces/tonnes increased vs prior, accounting for both tonnage and grade changes.
Why it applies: 2961 against 2574.78 previously
indicatedSéguéla · goldTonnes: 5651000Grade: 2.58Grade Unit: g/tContained Metal: 469Contained Unit: kozView all detailsHide details
Identity
- Project
- Séguéla
- Commodity
- gold
- Region
- côte d’ivoire
- Reported Region
- Côte d’Ivoire
- Ticker
- FVI
Resource scope
- Estimate type
- resource
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Eric Chapman, Raul Espinoza
- Resource group id
- resource:e38de00cf99f16050436
Resource Data
- Category
- indicated
- Tonnes
- 5651000
- Grade
- 2.58
- Grade Unit
- g/t
- Contained Metal
- 469
- Contained Unit
- koz
- Cutoff Grade
- 0.66
- Cutoff Unit
- g/t Au
Prior Estimate
- Resource Date
- 2026-03-31
- Prior Tonnes
- 3440000
- Prior Grade
- 3.59
- Prior Contained Metal
- 405.555
Metal Equivalent
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-04-23T00:00:00.000Z
Reasoning: The Séguéla Indicated resource shows strong growth in tonnage and contained gold, but with a notable decrease in grade, which could impact project economics.
Positive factors
- Significant increase in Measured + Indicated tonnes (64%) and contained gold (18%) compared to prior year
- High confidence category (Indicated)
Negative factors
- Gold grade decreased from 3.59 g/t to 2.58 g/t gold compared to the prior estimate
Evidence · table
“5,651”
Context: Indicated
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Tonnage Growthpositive
Tonnage increase reaching the strong tier vs prior estimate, with grade maintained or improved.
Why it applies: 5651000 against 3440000 previously
Grade Declinenegative
Average grade fell below the red-flag bound vs prior estimate — deposit economics worsening. May indicate high-grading in early drilling.
Why it applies: 2.58 against 3.59 previously
Contained Metal Growthpositive
True scale improvement — contained metal ounces/tonnes increased vs prior, accounting for both tonnage and grade changes.
Why it applies: 469 against 405.555 previously
indicatedSéguéla · goldTonnes: 5651000Grade: 2.58Grade Unit: g/tContained Metal: 469Contained Unit: kozView all detailsHide details
Identity
- Project
- Séguéla
- Commodity
- gold
- Region
- côte d’ivoire
- Reported Region
- Côte d’Ivoire
- Ticker
- FVI
Resource scope
- Estimate type
- resource
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Eric Chapman, Raul Espinoza
- Resource group id
- resource:e38de00cf99f16050436
Resource Data
- Category
- indicated
- Tonnes
- 5651000
- Grade
- 2.58
- Grade Unit
- g/t
- Contained Metal
- 469
- Contained Unit
- koz
- Cutoff Grade
- 0.66
- Cutoff Unit
- g/t Au
Prior Estimate
- Resource Date
- 2026-03-31
- Prior Tonnes
- 3440000
- Prior Grade
- 3.59
- Prior Contained Metal
- 405.555
Metal Equivalent
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-04-23T00:00:00.000Z
Reasoning: The combined Measured + Indicated resource for Séguéla shows strong growth in tonnage and contained gold, but with a notable decrease in grade, which could impact project economics.
Positive factors
- Significant increase in Measured + Indicated tonnes (64%) and contained gold (18%) compared to prior year
- High confidence category (Indicated)
Negative factors
- Gold grade decreased from 3.59 g/t to 2.58 g/t gold compared to the prior estimate
Evidence · table
“5,651”
Context: Measured + Indicated
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Tonnage Growthpositive
Tonnage increase reaching the strong tier vs prior estimate, with grade maintained or improved.
Why it applies: 5651000 against 3440000 previously
Grade Declinenegative
Average grade fell below the red-flag bound vs prior estimate — deposit economics worsening. May indicate high-grading in early drilling.
Why it applies: 2.58 against 3.59 previously
Contained Metal Growthpositive
True scale improvement — contained metal ounces/tonnes increased vs prior, accounting for both tonnage and grade changes.
Why it applies: 469 against 405.555 previously
measuredLindero · goldTonnes: 1692000Grade: 0.53Grade Unit: g/tContained Metal: 29Contained Unit: kozView all detailsHide details
Identity
- Project
- Lindero
- Commodity
- gold
- Region
- argentina
- Reported Region
- Argentina
- Ticker
- FVI
Resource scope
- Estimate type
- resource
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Eric Chapman, Raul Espinoza
- Resource group id
- resource:18dfbc95e3061323b3d7
Resource Data
- Category
- measured
- Tonnes
- 1692000
- Grade
- 0.53
- Grade Unit
- g/t
- Contained Metal
- 29
- Contained Unit
- koz
- Cutoff Grade
- 0.23
- Cutoff Unit
- g/t Au
Prior Estimate
- Resource Date
- 2025-12-31
Metal Equivalent
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-04-23T00:00:00.000Z
Reasoning: This Measured resource at Lindero provides high confidence but has a relatively low gold grade for an open pit operation.
Positive factors
- High confidence category (Measured)
Negative factors
- Low gold grade for an open pit resource
Evidence · table
“1,692”
Context: Measured
Tags used in scoring
Measured Resourcepositive
Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves.
Why it applies: category is "measured"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
indicatedLindero · goldTonnes: 26975000Grade: 0.43Grade Unit: g/tContained Metal: 375Contained Unit: kozView all detailsHide details
Identity
- Project
- Lindero
- Commodity
- gold
- Region
- argentina
- Reported Region
- Argentina
- Ticker
- FVI
Resource scope
- Estimate type
- resource
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Eric Chapman, Raul Espinoza
- Resource group id
- resource:7e2d42f5602f68ad79cb
Resource Data
- Category
- indicated
- Tonnes
- 26975000
- Grade
- 0.43
- Grade Unit
- g/t
- Contained Metal
- 375
- Contained Unit
- koz
- Cutoff Grade
- 0.23
- Cutoff Unit
- g/t Au
Prior Estimate
- Resource Date
- 2025-12-31
Metal Equivalent
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-04-23T00:00:00.000Z
Reasoning: This Indicated resource at Lindero has good tonnage but a relatively low gold grade for an open pit operation.
Positive factors
- Good tonnage in the Indicated category
Negative factors
- Low gold grade for an open pit resource
Evidence · table
“26,975”
Context: Indicated
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
indicatedLindero · goldTonnes: 28668000Grade: 0.44Grade Unit: g/tContained Metal: 403Contained Unit: kozView all detailsHide details
Identity
- Project
- Lindero
- Commodity
- gold
- Region
- argentina
- Reported Region
- Argentina
- Ticker
- FVI
Resource scope
- Estimate type
- resource
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Eric Chapman, Raul Espinoza
- Resource group id
- resource:3ad111f4860db70ef9ee
Resource Data
- Category
- indicated
- Tonnes
- 28668000
- Grade
- 0.44
- Grade Unit
- g/t
- Contained Metal
- 403
- Contained Unit
- koz
- Cutoff Grade
- 0.23
- Cutoff Unit
- g/t Au
Prior Estimate
- Resource Date
- 2025-12-31
Metal Equivalent
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-04-23T00:00:00.000Z
Reasoning: The combined Measured + Indicated resource at Lindero has good tonnage but a relatively low gold grade for an open pit operation.
Positive factors
- Good tonnage in the Measured + Indicated category
Negative factors
- Low gold grade for an open pit resource
Evidence · table
“28,668”
Context: Measured + Indicated
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
indicatedConsolidated Total · goldTonnes: 34318000Grade: 0.79Grade Unit: g/tContained Metal: 873Contained Unit: kozView all detailsHide details
Identity
- Project
- Consolidated Total
- Commodity
- gold
- Ticker
- FVI
Resource scope
- Estimate type
- resource
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Eric Chapman, Raul Espinoza
- Resource group id
- resource:654e5eb717e440622706
Resource Data
- Category
- indicated
- Tonnes
- 34318000
- Grade
- 0.79
- Grade Unit
- g/t
- Contained Metal
- 873
- Contained Unit
- koz
Prior Estimate
- Resource Date
- 2025-12-31
- Prior Contained Metal
- 1378.84
Metal Equivalent
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-04-23T00:00:00.000Z
Reasoning: The consolidated Measured + Indicated gold resource shows strong year-over-year growth in contained metal, indicating overall expansion of the company's higher-confidence resource base.
Positive factors
- Represents a 56% year-over-year increase in consolidated Measured + Indicated Resources (GEOs)
- Significant contained gold ounces
Evidence · table
“34,318”
Context: Total
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
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
Contained Metal Declinenegative
Contained metal decreased vs prior despite tonnage growth — grade dilution exceeds volume gain.
Why it applies: 873 against 1378.84 previously
measuredCaylloma · silverTonnes: 39000Grade: 99Grade Unit: g/tContained Metal: 3Contained Unit: kozView all detailsHide details
Identity
- Project
- Caylloma
- Commodity
- silver
- Region
- peru
- Reported Region
- Peru
- Ticker
- FVI
Resource scope
- Estimate type
- resource
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Eric Chapman, Raul Espinoza
- Resource group id
- resource:61d9ae50147154a5d761
Resource Data
- Category
- measured
- Tonnes
- 39000
- Grade
- 99
- Grade Unit
- g/t
- Contained Metal
- 3
- Contained Unit
- koz
- Cutoff Grade
- 58
- Cutoff Unit
- $/t
Prior Estimate
- Resource Date
- 2025-12-31
Metal Equivalent
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-04-23T00:00:00.000Z
Reasoning: This Measured silver resource at Caylloma has high confidence and good grade, but is part of a project with overall resource challenges.
Positive factors
- High confidence category (Measured)
- Good silver grade
Negative factors
- Overall Caylloma resources impacted by depletion and metal price ratios
Evidence · table
“39”
Context: Measured
Tags used in scoring
Measured Resourcepositive
Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves.
Why it applies: category is "measured"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
measuredCaylloma · goldTonnes: 39000Grade: 0.31Grade Unit: g/tView all detailsHide details
Identity
- Project
- Caylloma
- Commodity
- gold
- Region
- peru
- Reported Region
- Peru
- Ticker
- FVI
Resource scope
- Estimate type
- resource
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Eric Chapman, Raul Espinoza
- Resource group id
- resource:61d9ae50147154a5d761
Resource Data
- Category
- measured
- Tonnes
- 39000
- Grade
- 0.31
- Grade Unit
- g/t
Prior Estimate
- Resource Date
- 2025-12-31
Metal Equivalent
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-04-23T00:00:00.000Z
Reasoning: This Measured gold resource at Caylloma has high confidence but a low grade for an underground operation, and is part of a project with overall resource challenges.
Positive factors
- High confidence category (Measured)
Negative factors
- Low gold grade for an underground resource
- Overall Caylloma resources impacted by depletion and metal price ratios
Evidence · table
“0.31”
Context: Measured
Tags used in scoring
Measured Resourcepositive
Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves.
Why it applies: category is "measured"
Cut-off 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
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
measuredCaylloma · leadTonnes: 39000Grade: 1.3Grade Unit: %View all detailsHide details
Identity
- Project
- Caylloma
- Commodity
- lead
- Region
- peru
- Reported Region
- Peru
- Ticker
- FVI
Resource scope
- Estimate type
- resource
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Eric Chapman, Raul Espinoza
- Resource group id
- resource:61d9ae50147154a5d761
Resource Data
- Category
- measured
- Tonnes
- 39000
- Grade
- 1.3
- Grade Unit
- %
Prior Estimate
- Resource Date
- 2025-12-31
Metal Equivalent
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-04-23T00:00:00.000Z
Reasoning: This Measured lead resource at Caylloma has high confidence but is part of a project with overall resource challenges.
Positive factors
- High confidence category (Measured)
Negative factors
- Overall Caylloma resources impacted by depletion and metal price ratios
Evidence · table
“1.30”
Context: Measured
Tags used in scoring
Measured Resourcepositive
Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves.
Why it applies: category is "measured"
Cut-off 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
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
measuredCaylloma · zincTonnes: 39000Grade: 2.27Grade Unit: %View all detailsHide details
Identity
- Project
- Caylloma
- Commodity
- zinc
- Region
- peru
- Reported Region
- Peru
- Ticker
- FVI
Resource scope
- Estimate type
- resource
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Eric Chapman, Raul Espinoza
- Resource group id
- resource:61d9ae50147154a5d761
Resource Data
- Category
- measured
- Tonnes
- 39000
- Grade
- 2.27
- Grade Unit
- %
Prior Estimate
- Resource Date
- 2025-12-31
Metal Equivalent
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-04-23T00:00:00.000Z
Reasoning: This Measured zinc resource at Caylloma has high confidence but is part of a project with overall resource challenges.
Positive factors
- High confidence category (Measured)
Negative factors
- Overall Caylloma resources impacted by depletion and metal price ratios
Evidence · table
“2.27”
Context: Measured
Tags used in scoring
Measured Resourcepositive
Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves.
Why it applies: category is "measured"
Cut-off 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
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
indicatedCaylloma · silverTonnes: 282000Grade: 95Grade Unit: g/tContained Metal: 21Contained Unit: kozView all detailsHide details
Identity
- Project
- Caylloma
- Commodity
- silver
- Region
- peru
- Reported Region
- Peru
- Ticker
- FVI
Resource scope
- Estimate type
- resource
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Eric Chapman, Raul Espinoza
- Resource group id
- resource:37ce340e5dc5ac8b65cd
Resource Data
- Category
- indicated
- Tonnes
- 282000
- Grade
- 95
- Grade Unit
- g/t
- Contained Metal
- 21
- Contained Unit
- koz
- Cutoff Grade
- 58
- Cutoff Unit
- $/t
Prior Estimate
- Resource Date
- 2025-12-31
Metal Equivalent
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-04-23T00:00:00.000Z
Reasoning: This Indicated silver resource at Caylloma has good grade but is part of a project with overall resource challenges.
Positive factors
- Good silver grade
Negative factors
- Overall Caylloma resources impacted by depletion and metal price ratios
Evidence · table
“282”
Context: Indicated
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
indicatedCaylloma · goldTonnes: 282000Grade: 0.18Grade Unit: g/tView all detailsHide details
Identity
- Project
- Caylloma
- Commodity
- gold
- Region
- peru
- Reported Region
- Peru
- Ticker
- FVI
Resource scope
- Estimate type
- resource
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Eric Chapman, Raul Espinoza
- Resource group id
- resource:37ce340e5dc5ac8b65cd
Resource Data
- Category
- indicated
- Tonnes
- 282000
- Grade
- 0.18
- Grade Unit
- g/t
Prior Estimate
- Resource Date
- 2025-12-31
Metal Equivalent
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-04-23T00:00:00.000Z
Reasoning: This Indicated gold resource at Caylloma has a very low grade for an underground operation and is part of a project with overall resource challenges.
Negative factors
- Very low gold grade for an underground resource
- Overall Caylloma resources impacted by depletion and metal price ratios
Evidence · table
“0.18”
Context: Indicated
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
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
indicatedCaylloma · leadTonnes: 282000Grade: 1Grade Unit: %View all detailsHide details
Identity
- Project
- Caylloma
- Commodity
- lead
- Region
- peru
- Reported Region
- Peru
- Ticker
- FVI
Resource scope
- Estimate type
- resource
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Eric Chapman, Raul Espinoza
- Resource group id
- resource:37ce340e5dc5ac8b65cd
Resource Data
- Category
- indicated
- Tonnes
- 282000
- Grade
- 1
- Grade Unit
- %
Prior Estimate
- Resource Date
- 2025-12-31
Metal Equivalent
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-04-23T00:00:00.000Z
Reasoning: This Indicated lead resource at Caylloma is part of a project with overall resource challenges.
Negative factors
- Overall Caylloma resources impacted by depletion and metal price ratios
Evidence · table
“1.00”
Context: Indicated
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
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
indicatedCaylloma · zincTonnes: 282000Grade: 2.18Grade Unit: %View all detailsHide details
Identity
- Project
- Caylloma
- Commodity
- zinc
- Region
- peru
- Reported Region
- Peru
- Ticker
- FVI
Resource scope
- Estimate type
- resource
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Eric Chapman, Raul Espinoza
- Resource group id
- resource:37ce340e5dc5ac8b65cd
Resource Data
- Category
- indicated
- Tonnes
- 282000
- Grade
- 2.18
- Grade Unit
- %
Prior Estimate
- Resource Date
- 2025-12-31
Metal Equivalent
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-04-23T00:00:00.000Z
Reasoning: This Indicated zinc resource at Caylloma is part of a project with overall resource challenges.
Negative factors
- Overall Caylloma resources impacted by depletion and metal price ratios
Evidence · table
“2.18”
Context: Indicated
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
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
indicatedCaylloma · silverTonnes: 321000Grade: 95Grade Unit: g/tContained Metal: 25Contained Unit: kozView all detailsHide details
Identity
- Project
- Caylloma
- Commodity
- silver
- Region
- peru
- Reported Region
- Peru
- Ticker
- FVI
Resource scope
- Estimate type
- resource
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Eric Chapman, Raul Espinoza
- Resource group id
- resource:97854a64097699d4aba8
Resource Data
- Category
- indicated
- Tonnes
- 321000
- Grade
- 95
- Grade Unit
- g/t
- Contained Metal
- 25
- Contained Unit
- koz
- Cutoff Grade
- 58
- Cutoff Unit
- $/t
Prior Estimate
- Resource Date
- 2025-12-31
Metal Equivalent
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-04-23T00:00:00.000Z
Reasoning: The combined Measured + Indicated silver resource at Caylloma shows a reduction in Indicated resources due to geological reinterpretation and cut-off grade changes, which is a negative.
Positive factors
- Good silver grade
Negative factors
- Overall Caylloma resources impacted by depletion and metal price ratios
- Reduction of 0.25 Mt or 25,000 GEOs in Indicated Mineral Resources due to changes in geologic interpretation and cut-off grades
Evidence · table
“321”
Context: Measured + Indicated
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
indicatedCaylloma · goldTonnes: 321000Grade: 0.2Grade Unit: g/tView all detailsHide details
Identity
- Project
- Caylloma
- Commodity
- gold
- Region
- peru
- Reported Region
- Peru
- Ticker
- FVI
Resource scope
- Estimate type
- resource
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Eric Chapman, Raul Espinoza
- Resource group id
- resource:97854a64097699d4aba8
Resource Data
- Category
- indicated
- Tonnes
- 321000
- Grade
- 0.2
- Grade Unit
- g/t
Prior Estimate
- Resource Date
- 2025-12-31
Metal Equivalent
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-04-23T00:00:00.000Z
Reasoning: The combined Measured + Indicated gold resource at Caylloma has a very low grade and shows a reduction in Indicated resources due to geological reinterpretation and cut-off grade changes, which is a negative.
Negative factors
- Very low gold grade for an underground resource
- Overall Caylloma resources impacted by depletion and metal price ratios
- Reduction of 0.25 Mt or 25,000 GEOs in Indicated Mineral Resources due to changes in geologic interpretation and cut-off grades
Evidence · table
“0.20”
Context: Measured + Indicated
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
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
indicatedCaylloma · leadTonnes: 321000Grade: 1.03Grade Unit: %View all detailsHide details
Identity
- Project
- Caylloma
- Commodity
- lead
- Region
- peru
- Reported Region
- Peru
- Ticker
- FVI
Resource scope
- Estimate type
- resource
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Eric Chapman, Raul Espinoza
- Resource group id
- resource:97854a64097699d4aba8
Resource Data
- Category
- indicated
- Tonnes
- 321000
- Grade
- 1.03
- Grade Unit
- %
Prior Estimate
- Resource Date
- 2025-12-31
Metal Equivalent
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-04-23T00:00:00.000Z
Reasoning: The combined Measured + Indicated lead resource at Caylloma shows a reduction in Indicated resources due to geological reinterpretation and cut-off grade changes, which is a negative.
Negative factors
- Overall Caylloma resources impacted by depletion and metal price ratios
- Reduction of 0.25 Mt or 25,000 GEOs in Indicated Mineral Resources due to changes in geologic interpretation and cut-off grades
Evidence · table
“1.03”
Context: Measured + Indicated
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
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
indicatedCaylloma · zincTonnes: 321000Grade: 2.19Grade Unit: %View all detailsHide details
Identity
- Project
- Caylloma
- Commodity
- zinc
- Region
- peru
- Reported Region
- Peru
- Ticker
- FVI
Resource scope
- Estimate type
- resource
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Eric Chapman, Raul Espinoza
- Resource group id
- resource:97854a64097699d4aba8
Resource Data
- Category
- indicated
- Tonnes
- 321000
- Grade
- 2.19
- Grade Unit
- %
Prior Estimate
- Resource Date
- 2025-12-31
Metal Equivalent
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-04-23T00:00:00.000Z
Reasoning: The combined Measured + Indicated zinc resource at Caylloma shows a reduction in Indicated resources due to geological reinterpretation and cut-off grade changes, which is a negative.
Negative factors
- Overall Caylloma resources impacted by depletion and metal price ratios
- Reduction of 0.25 Mt or 25,000 GEOs in Indicated Mineral Resources due to changes in geologic interpretation and cut-off grades
Evidence · table
“2.19”
Context: Measured + Indicated
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
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
indicatedDiamba Sud · goldTonnes: 26027000Grade: 1.5Grade Unit: g/tContained Metal: 1254Contained Unit: kozView all detailsHide details
Identity
- Project
- Diamba Sud
- Commodity
- gold
- Region
- senegal
- Reported Region
- Senegal
- Ticker
- FVI
Resource scope
- Estimate type
- resource
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Eric Chapman, Raul Espinoza
- Resource group id
- resource:95cddd9c15753f584e51
Resource Data
- Category
- indicated
- Tonnes
- 26027000
- Grade
- 1.5
- Grade Unit
- g/t
- Contained Metal
- 1254
- Contained Unit
- koz
- Cutoff Grade
- 0.26
- Cutoff Unit
- g/t Au
Prior Estimate
- Resource Date
- 2026-01-16
- Prior Tonnes
- 7800000
- Prior Contained Metal
- 473.333
Metal Equivalent
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-04-23T00:00:00.000Z
Reasoning: The Diamba Sud Indicated resource shows exceptional growth in tonnage and contained gold, significantly advancing the project towards a construction decision, despite a decrease in grade.
Positive factors
- Exceptional increase in Measured + Indicated tonnes (236%) and contained gold (165%) compared to prior year
- High confidence category (Indicated)
- Feasibility study on track for first-time reporting of Mineral Reserves
Negative factors
- Gold grade decreased by 21% compared to the prior estimate
Evidence · table
“26,027”
Context: Indicated
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Tonnage Growthpositive
Tonnage increase reaching the strong tier vs prior estimate, with grade maintained or improved.
Why it applies: 26027000 against 7800000 previously
Contained Metal Growthpositive
True scale improvement — contained metal ounces/tonnes increased vs prior, accounting for both tonnage and grade changes.
Why it applies: 1254 against 473.333 previously
indicatedDiamba Sud · goldTonnes: 26027000Grade: 1.5Grade Unit: g/tContained Metal: 1254Contained Unit: kozView all detailsHide details
Identity
- Project
- Diamba Sud
- Commodity
- gold
- Region
- senegal
- Reported Region
- Senegal
- Ticker
- FVI
Resource scope
- Estimate type
- resource
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Eric Chapman, Raul Espinoza
- Resource group id
- resource:95cddd9c15753f584e51
Resource Data
- Category
- indicated
- Tonnes
- 26027000
- Grade
- 1.5
- Grade Unit
- g/t
- Contained Metal
- 1254
- Contained Unit
- koz
- Cutoff Grade
- 0.26
- Cutoff Unit
- g/t Au
Prior Estimate
- Resource Date
- 2026-01-16
- Prior Tonnes
- 7800000
- Prior Contained Metal
- 473.333
Metal Equivalent
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-04-23T00:00:00.000Z
Reasoning: The combined Measured + Indicated resource for Diamba Sud shows exceptional growth in tonnage and contained gold, significantly advancing the project towards a construction decision, despite a decrease in grade.
Positive factors
- Exceptional increase in Measured + Indicated tonnes (236%) and contained gold (165%) compared to prior year
- High confidence category (Indicated)
- Feasibility study on track for first-time reporting of Mineral Reserves
Negative factors
- Gold grade decreased by 21% compared to the prior estimate
Evidence · table
“26,027”
Context: Measured + Indicated
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Tonnage Growthpositive
Tonnage increase reaching the strong tier vs prior estimate, with grade maintained or improved.
Why it applies: 26027000 against 7800000 previously
Contained Metal Growthpositive
True scale improvement — contained metal ounces/tonnes increased vs prior, accounting for both tonnage and grade changes.
Why it applies: 1254 against 473.333 previously
indicatedConsolidated Total · goldContained Metal: 2151Contained Unit: kozView all detailsHide details
Identity
- Project
- Consolidated Total
- Commodity
- gold
- Ticker
- FVI
Resource scope
- Estimate type
- resource
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Eric Chapman, Raul Espinoza
- Resource group id
- resource:2a2a4382049b471aee8a
Resource Data
- Category
- indicated
- Contained Metal
- 2151
- Contained Unit
- koz
Prior Estimate
- Resource Date
- 2025-12-31
- Prior Contained Metal
- 1378.84
Metal Equivalent
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-04-23T00:00:00.000Z
Reasoning: The consolidated Measured + Indicated GEOs show strong year-over-year growth, indicating overall expansion of the company's higher-confidence resource base.
Positive factors
- Represents a 56% year-over-year increase in consolidated Measured + Indicated Resources (GEOs)
- Significant contained gold equivalent ounces
Evidence · table
“2,151”
Context: Total
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
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
Contained Metal Growthpositive
True scale improvement — contained metal ounces/tonnes increased vs prior, accounting for both tonnage and grade changes.
Why it applies: 2151 against 1378.84 previously
inferredSéguéla · goldTonnes: 9989000Grade: 2.74Grade Unit: g/tContained Metal: 879Contained Unit: kozView all detailsHide details
Identity
- Project
- Séguéla
- Commodity
- gold
- Region
- côte d’ivoire
- Reported Region
- Côte d’Ivoire
- Ticker
- FVI
Resource scope
- Estimate type
- resource
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Eric Chapman, Raul Espinoza
- Resource group id
- resource:15c756036291e74fb821
Resource Data
- Category
- inferred
- Tonnes
- 9989000
- Grade
- 2.74
- Grade Unit
- g/t
- Contained Metal
- 879
- Contained Unit
- koz
- Cutoff Grade
- 1.89
- Cutoff Unit
- g/t Au
Prior Estimate
- Resource Date
- 2026-03-31
- Prior Tonnes
- 6770000
- Prior Contained Metal
- 621.428
Metal Equivalent
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-04-23T00:00:00.000Z
Reasoning: The Séguéla Inferred resource shows strong growth in tonnage and contained gold, indicating significant exploration success and future potential, despite a slight grade decrease and lower confidence category.
Positive factors
- Significant increase in Inferred Mineral Resource tonnes (48%) and contained gold (42%) compared to prior year
- Represents a 55% increase in Inferred Mineral Resources for the Sunbird deposit
Negative factors
- Gold grade decreased by 4% compared to the prior estimate
- Inferred category has lower geological confidence
Evidence · table
“9,989”
Context: Inferred
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Tonnage Growthpositive
Tonnage increase reaching the strong tier vs prior estimate, with grade maintained or improved.
Why it applies: 9989000 against 6770000 previously
Contained Metal Growthpositive
True scale improvement — contained metal ounces/tonnes increased vs prior, accounting for both tonnage and grade changes.
Why it applies: 879 against 621.428 previously
inferredLindero · goldTonnes: 29330000Grade: 0.46Grade Unit: g/tContained Metal: 434Contained Unit: kozView all detailsHide details
Identity
- Project
- Lindero
- Commodity
- gold
- Region
- argentina
- Reported Region
- Argentina
- Ticker
- FVI
Resource scope
- Estimate type
- resource
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Eric Chapman, Raul Espinoza
- Resource group id
- resource:99a2a1d9ba0641cd6cc7
Resource Data
- Category
- inferred
- Tonnes
- 29330000
- Grade
- 0.46
- Grade Unit
- g/t
- Contained Metal
- 434
- Contained Unit
- koz
- Cutoff Grade
- 0.23
- Cutoff Unit
- g/t Au
Prior Estimate
- Resource Date
- 2025-12-31
Metal Equivalent
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-04-23T00:00:00.000Z
Reasoning: This Inferred resource at Lindero has good tonnage but a relatively low gold grade and lower confidence, indicating early-stage potential.
Positive factors
- Good tonnage in the Inferred category
Negative factors
- Low gold grade for an open pit resource
- Inferred category has lower geological confidence
Evidence · table
“29,330”
Context: Inferred
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
inferredCaylloma · silverTonnes: 3901000Grade: 96Grade Unit: g/tContained Metal: 381Contained Unit: kozView all detailsHide details
Identity
- Project
- Caylloma
- Commodity
- silver
- Region
- peru
- Reported Region
- Peru
- Ticker
- FVI
Resource scope
- Estimate type
- resource
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Eric Chapman, Raul Espinoza
- Resource group id
- resource:97d89833930df53561eb
Resource Data
- Category
- inferred
- Tonnes
- 3901000
- Grade
- 96
- Grade Unit
- g/t
- Contained Metal
- 381
- Contained Unit
- koz
- Cutoff Grade
- 58
- Cutoff Unit
- $/t
Prior Estimate
- Resource Date
- 2025-12-31
- Prior Tonnes
- 3790000
Metal Equivalent
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-04-23T00:00:00.000Z
Reasoning: The Caylloma Inferred silver resource shows a slight tonnage increase but is subject to overall resource challenges and reductions due to sterilization, indicating mixed prospects.
Positive factors
- Good silver grade
- Inferred tonnes increased by 3% year-over-year
Negative factors
- Overall Caylloma resources impacted by depletion and metal price ratios
- Inferred category has lower geological confidence
- Inferred Mineral Resources reduced by 250,000 tonnes containing 38,000 GEOs due to sterilization of non-economic mineralization
Evidence · table
“3,901”
Context: Inferred
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
inferredCaylloma · goldTonnes: 3901000Grade: 0.38Grade Unit: g/tView all detailsHide details
Identity
- Project
- Caylloma
- Commodity
- gold
- Region
- peru
- Reported Region
- Peru
- Ticker
- FVI
Resource scope
- Estimate type
- resource
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Eric Chapman, Raul Espinoza
- Resource group id
- resource:97d89833930df53561eb
Resource Data
- Category
- inferred
- Tonnes
- 3901000
- Grade
- 0.38
- Grade Unit
- g/t
Prior Estimate
- Resource Date
- 2025-12-31
- Prior Tonnes
- 3790000
Metal Equivalent
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-04-23T00:00:00.000Z
Reasoning: The Caylloma Inferred gold resource has a low grade and is subject to overall resource challenges and reductions due to sterilization, indicating mixed prospects.
Positive factors
- Inferred tonnes increased by 3% year-over-year
Negative factors
- Low gold grade for an underground resource
- Overall Caylloma resources impacted by depletion and metal price ratios
- Inferred category has lower geological confidence
- Inferred Mineral Resources reduced by 250,000 tonnes containing 38,000 GEOs due to sterilization of non-economic mineralization
Evidence · table
“0.38”
Context: Inferred
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
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
inferredCaylloma · leadTonnes: 3901000Grade: 1.83Grade Unit: %View all detailsHide details
Identity
- Project
- Caylloma
- Commodity
- lead
- Region
- peru
- Reported Region
- Peru
- Ticker
- FVI
Resource scope
- Estimate type
- resource
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Eric Chapman, Raul Espinoza
- Resource group id
- resource:97d89833930df53561eb
Resource Data
- Category
- inferred
- Tonnes
- 3901000
- Grade
- 1.83
- Grade Unit
- %
Prior Estimate
- Resource Date
- 2025-12-31
- Prior Tonnes
- 3790000
Metal Equivalent
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-04-23T00:00:00.000Z
Reasoning: The Caylloma Inferred lead resource shows a slight tonnage increase but is subject to overall resource challenges and reductions due to sterilization, indicating mixed prospects.
Positive factors
- Inferred tonnes increased by 3% year-over-year
Negative factors
- Overall Caylloma resources impacted by depletion and metal price ratios
- Inferred category has lower geological confidence
- Inferred Mineral Resources reduced by 250,000 tonnes containing 38,000 GEOs due to sterilization of non-economic mineralization
Evidence · table
“1.83”
Context: Inferred
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
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
inferredCaylloma · zincTonnes: 3901000Grade: 2.81Grade Unit: %View all detailsHide details
Identity
- Project
- Caylloma
- Commodity
- zinc
- Region
- peru
- Reported Region
- Peru
- Ticker
- FVI
Resource scope
- Estimate type
- resource
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Eric Chapman, Raul Espinoza
- Resource group id
- resource:97d89833930df53561eb
Resource Data
- Category
- inferred
- Tonnes
- 3901000
- Grade
- 2.81
- Grade Unit
- %
Prior Estimate
- Resource Date
- 2025-12-31
- Prior Tonnes
- 3790000
Metal Equivalent
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-04-23T00:00:00.000Z
Reasoning: The Caylloma Inferred zinc resource shows a slight tonnage increase but is subject to overall resource challenges and reductions due to sterilization, indicating mixed prospects.
Positive factors
- Inferred tonnes increased by 3% year-over-year
Negative factors
- Overall Caylloma resources impacted by depletion and metal price ratios
- Inferred category has lower geological confidence
- Inferred Mineral Resources reduced by 250,000 tonnes containing 38,000 GEOs due to sterilization of non-economic mineralization
Evidence · table
“2.81”
Context: Inferred
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
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
inferredArizaro · goldTonnes: 32900000Grade: 0.38Grade Unit: g/tContained Metal: 402Contained Unit: kozView all detailsHide details
Identity
- Project
- Arizaro
- Commodity
- gold
- Region
- argentina
- Reported Region
- Argentina
- Ticker
- FVI
Resource scope
- Estimate type
- resource
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Eric Chapman, Raul Espinoza
- Resource group id
- resource:bde70398ebbc40c5de6d
Resource Data
- Category
- inferred
- Tonnes
- 32900000
- Grade
- 0.38
- Grade Unit
- g/t
- Contained Metal
- 402
- Contained Unit
- koz
- Cutoff Grade
- 0.23
- Cutoff Unit
- g/t Au
Prior Estimate
- Resource Date
- 2025-12-31
- Prior Contained Metal
- 390.291
Metal Equivalent
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-04-23T00:00:00.000Z
Reasoning: The Arizaro Inferred resource shows a modest increase in contained gold, driven by higher gold price assumptions, but remains a lower-confidence, low-grade resource.
Positive factors
- Contained gold ounces increased by 3% compared to the prior year
- Good tonnage in the Inferred category
Negative factors
- Low gold grade for an open pit resource
- Inferred category has lower geological confidence
Evidence · table
“32,900”
Context: Inferred
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
inferredDiamba Sud · goldTonnes: 2105000Grade: 1.13Grade Unit: g/tContained Metal: 77Contained Unit: kozView all detailsHide details
Identity
- Project
- Diamba Sud
- Commodity
- gold
- Region
- senegal
- Reported Region
- Senegal
- Ticker
- FVI
Resource scope
- Estimate type
- resource
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Eric Chapman, Raul Espinoza
- Resource group id
- resource:87deb9143f8a9b5bbe1c
Resource Data
- Category
- inferred
- Tonnes
- 2105000
- Grade
- 1.13
- Grade Unit
- g/t
- Contained Metal
- 77
- Contained Unit
- koz
- Cutoff Grade
- 0.26
- Cutoff Unit
- g/t Au
Prior Estimate
- Resource Date
- 2026-01-16
- Prior Tonnes
- 3100000
- Prior Contained Metal
- 147.916
Metal Equivalent
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-04-23T00:00:00.000Z
Reasoning: The Diamba Sud Inferred resource shows a significant decrease in tonnage, grade, and contained gold, primarily due to successful upgrading to higher confidence categories, which is a positive for the project's overall maturity but a negative for the Inferred category itself.
Negative factors
- Inferred Mineral Resource tonnes decreased from 3.1 Mt to 2.1 Mt
- Gold grade decreased by 23%
- Contained gold decreased by 48% due to upgrading in resource classification
- Inferred category has lower geological confidence
Evidence · table
“2,105”
Context: Inferred
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Tonnage Declinenegative
Resource tonnage decreased vs prior estimate — pit optimization removed marginal material or geological model revised down.
Why it applies: 2105000 against 3100000 previously
Contained Metal Declinenegative
Contained metal decreased vs prior despite tonnage growth — grade dilution exceeds volume gain.
Why it applies: 77 against 147.916 previously
inferredConsolidated Total · goldContained Metal: 2172Contained Unit: kozView all detailsHide details
Identity
- Project
- Consolidated Total
- Commodity
- gold
- Ticker
- FVI
Resource scope
- Estimate type
- resource
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Eric Chapman, Raul Espinoza
- Resource group id
- resource:d1313b434d0b4a7a7166
Resource Data
- Category
- inferred
- Contained Metal
- 2172
- Contained Unit
- koz
Prior Estimate
- Resource Date
- 2025-12-31
- Prior Contained Metal
- 2088.46
Metal Equivalent
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-04-23T00:00:00.000Z
Reasoning: The consolidated Inferred GEOs show a modest year-over-year increase, indicating continued exploration success, though in a lower confidence category.
Positive factors
- Represents a 4% year-over-year increase in consolidated Inferred Mineral Resources (GEOs)
- Significant contained gold equivalent ounces
Negative factors
- Inferred category has lower geological confidence
Evidence · table
“2,172”
Context: Total
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
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
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.