# Kinross provides update on Lobo-Marte project Canonical Atlas analysis: https://atlas-extractions.minestarters.com/news/kinross-provides-update-on-lobo-marte-project--0bd01903-6fd8-468d-9a55-68cb798719cd Original source: https://money.tmx.com/en/quote/K/news/8770805363986198/kinross-provides-update-on-lobo-marte-project Publisher: tmx Original announcement: 2026-07-29T21:00:00.000Z Analysis by Minestarters Atlas Atlas analysis published: Unknown date Atlas analysis updated: Unknown date - Company: Kinross Gold Corporation - Ticker: K - Exchange: TSX - Region: Chile - Primary commodity: Gold - Secondary commodities: Copper - Document categories: Resource update, Metallurgy - Extracted: 2026-09-16 06:39:31 UTC Narrative sentiment: 0.80 · Bullish ## Minestarters Atlas summary Kinross Gold Corporation has provided an update on its Lobo-Marte project in Chile, highlighting robust economics with an estimated NPV of $4.3 billion and an IRR of 26% at a $4,100/oz gold price. The project outlines a 15-year operating life with average annual production of 350,000 gold ounces at a low all-in sustaining cost of approximately $1,000/oz. The update confirms 6.7 million ounces of Probable gold reserves, with permitting advancing and first gold production targeted for the early 2030s, requiring an initial capital investment of $1.8 billion. Reasoning: The update confirms strong project economics, a substantial gold reserve base, and progress on permitting for a long-life, low-cost operation, despite a high initial capital outlay and long development timeline. - Positive factor: Robust economics \(NPV $4.3B, IRR 26%, AISC ~$1,000/oz\) - Positive factor: Large Proven & Probable Reserves \(6.7 Moz Au\) - Positive factor: Significant resource optionality for mine life extension - Positive factor: Permitting advancing on track - Positive factor: Long mine life \(15 years\) - Positive factor: Low strip ratio \(2.0:1\) - Positive factor: Established heap leach processing with strong recovery \(69%\) - Positive factor: Project to be self-funded from operating cash flow - Negative factor: High initial capital expenditure \($1.8 billion\) - Negative factor: Long lead time to first production \(early 2030s\) Low confidence — this extraction should be reviewed alongside the original source. Facts used in scoring: 4 ## Classification and evidence **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: The mineral reserve and resource estimates are classified in accordance with NI 43-101. Evidence · text > classified in accordance with the Canadian Institute of Mining, Metallurgy and Petroleum \(“CIM”\) “CIM Definition Standards For Mineral Resources and Mineral Reserves” adopted by the CIM Council \(as amended, the “CIM Definition Standards”\) in accordance with the requirements of National Instrument 43-101 “Standards of Disclosure for Mineral Projects” \(“NI 43-101”\). **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: Mr. Nicos Pfeiffer is named as the Qualified Person who supervised and verified the mineral resource and reserve estimates. Evidence · text > The Company’s mineral resource and mineral reserve estimates were prepared under the supervision of and verified by Mr. Nicos Pfeiffer, who is a qualified person as defined by NI 43-101. **Probable Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: The document reports 6.73 million ounces of Probable Reserves. Evidence · table > 6,733 Context: 160,702 **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: The document reports 2.75 million ounces of Indicated Resources. Evidence · table > 2,752 Context: 120,762 **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: The document reports 0.67 million ounces of Inferred Resources. Evidence · table > 670 Context: 32,911 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: The news release provides a high-level update of the 2021 feasibility study economics for the project. Evidence · text > Kinross today provided a high-level update of the 2021 feasibility study \(“FS”\) economics for its Lobo-Marte project in Chile **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: The resource update is part of an update to a Feasibility Study \(FS\). Evidence · text > high-level update of the 2021 feasibility study \(“FS”\) economics **High Recovery** Polarity: positive Definition: Recovery at or above the exceptional band for the commodity and processing route. Why it applies: The project reports an average heap leach recovery rate of 69% for gold, which is strong for this processing route. Evidence · table > 69 Context: Average recovery rate \(% Au\) **Heap Leach Route** Polarity: neutral Definition: Processing via heap leach — lower CAPEX and OPEX, lower recovery expected. Why it applies: The project is described as a long-life, low-cost heap leach project utilizing heap leach processing facilities. Evidence · text > Long-life, low-cost heap leach project ## Extracted facts Stored fact records: 4. Some facts used in scoring do not have a stored record. ## Resource Estimates (3) ### probable [Link to this fact](https://atlas-extractions.minestarters.com/news/kinross-provides-update-on-lobo-marte-project--0bd01903-6fd8-468d-9a55-68cb798719cd#fact-resource-facts-0) Lobo-Marte · gold #### Identity - Project: Lobo-Marte - Commodity: gold - Region: chile - Reported Region: Chile - Ticker: K #### Resource scope - Estimate type: reserve - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Mr. Nicos Pfeiffer - Resource group id: resource:814557e44aeb81f3a64f - Deposit or zone: Lobo-Marte - Mining method: open\_pit - Ownership percent: 100 % #### Resource Data - Category: probable - Tonnes: 160702000 - Grade: 1.3 - Grade Unit: g/t - Contained Metal: 6733 - Contained Unit: koz #### Prior Estimate - Resource Date: 2025-12-31 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-07-29T00:00:00.000Z Reasoning: The project has a substantial Probable Reserve base of 6.73 million ounces of gold at a good grade, forming the foundation for a long-life operation. - Positive factor: Large Probable Reserve \(6.73 Moz Au\) - Positive factor: High grade for open pit \(1.3 g/t Au\) Evidence · table > 1.3 Context: 160,702 #### Tags used in scoring **Probable Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "probable" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/kinross-provides-update-on-lobo-marte-project--0bd01903-6fd8-468d-9a55-68cb798719cd#fact-resource-facts-1) Lobo-Marte · gold #### Identity - Project: Lobo-Marte - Commodity: gold - Region: chile - Reported Region: Chile - Ticker: K #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Mr. Nicos Pfeiffer - Resource group id: resource:404dcec171a9c0e52e09 - Deposit or zone: Lobo-Marte - Mining method: open\_pit - Ownership percent: 100 % #### Resource Data - Category: indicated - Tonnes: 120762000 - Grade: 0.7 - Grade Unit: g/t - Contained Metal: 2752 - Contained Unit: koz #### Prior Estimate - Resource Date: 2025-12-31 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-07-29T00:00:00.000Z Reasoning: A substantial Indicated Resource base offers potential for future reserve conversion and mine life extension. - Positive factor: Significant Indicated Resource \(2.75 Moz Au\) provides future optionality Evidence · table > 0.7 Context: 120,762 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/kinross-provides-update-on-lobo-marte-project--0bd01903-6fd8-468d-9a55-68cb798719cd#fact-resource-facts-2) Lobo-Marte · gold #### Identity - Project: Lobo-Marte - Commodity: gold - Region: chile - Reported Region: Chile - Ticker: K #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Mr. Nicos Pfeiffer - Resource group id: resource:513ba0ac1c705d320cee - Deposit or zone: Lobo-Marte - Mining method: open\_pit - Ownership percent: 100 % #### Resource Data - Category: inferred - Tonnes: 32911000 - Grade: 0.6 - Grade Unit: g/t - Contained Metal: 670 - Contained Unit: koz #### Prior Estimate - Resource Date: 2025-12-31 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-07-29T00:00:00.000Z Reasoning: The Inferred Resource provides further upside for future growth and exploration. - Positive factor: Additional Inferred Resource \(0.67 Moz Au\) for long-term potential Evidence · table > 0.6 Context: 32,911 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ## Metallurgical Results (1) ### Fact 1 [Link to this fact](https://atlas-extractions.minestarters.com/news/kinross-provides-update-on-lobo-marte-project--0bd01903-6fd8-468d-9a55-68cb798719cd#fact-metallurgical-facts-3) Lobo-Marte · gold #### Identity - Project: Lobo-Marte - Commodity: gold - Region: chile - Reported Region: Chile - Ticker: K #### Test Work - Program Status: detailed - Processing Route: heap leach #### Recovery - Recovery: 69 % - Recovery Basis: actual\_test - Head Grade: 1.3 - Head Grade Unit: g/t #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-07-29T00:00:00.000Z Reasoning: The project utilizes a conventional heap leach process achieving a strong gold recovery rate of 69%, supporting low operating costs. - Positive factor: Strong gold recovery for heap leach \(69%\) - Positive factor: Conventional and proven processing route Evidence · table > 69 Context: Average recovery rate \(% Au\) #### Tags used in scoring **Heap Leach Route** Polarity: neutral Definition: Processing via heap leach — lower CAPEX and OPEX, lower recovery expected. Why it applies: processing\_route matches the heap\_leach signal **Byproduct Commodity** Polarity: neutral Definition: The tested commodity is a byproduct rather than the primary economic driver. Why it applies: the release describes a byproduct credit ## How Atlas produces this analysis Minestarters Atlas uses automated extraction to summarize mining announcements, identify reported measurements, and classify supporting evidence. Sentiment reflects the extracted narrative and classification rules; it is an interpretation, not a reported measurement. Evidence quotes and context are provided where available. Missing data, low-confidence results, and review flags indicate limitations. Check the original publisher announcement before relying on an interpretation.