# Kootenay Silver Announces Positive PEA with a US$763 Million After-Tax NPV & 41% IRR for La Cigarra Silver Project Canonical Atlas analysis: https://atlas-extractions.minestarters.com/news/kootenay-silver-announces-positive-pea-with-a-us-763-million-after-tax-npv-41-ir--576bdbbd-8e80-435c-992b-00bed519999e Original source: https://money.tmx.com/en/quote/KTN/news/5688854533989384/kootenay-silver-announces-positive-pea-with-a-us-763-million-after-tax-npv-41-ir Publisher: tmx Original announcement: 2026-06-15T14:29:00.000Z Analysis by Minestarters Atlas Atlas analysis published: Unknown date Atlas analysis updated: Unknown date - Company: Kootenay Silver Inc. - Ticker: KTN - Exchange: TSX - Region: Chihuahua, Mexico - Primary commodity: Silver - Secondary commodities: Gold, Lead, Zinc - Document categories: Resource update, Economic study - Extracted: 2026-09-18 06:43:41 UTC Narrative sentiment: 0.80 · Bullish ## Minestarters Atlas summary Kootenay Silver announced a positive Preliminary Economic Assessment \(PEA\) for its La Cigarra Silver Project in Chihuahua, Mexico, outlining a US$763 million after-tax NPV \(5%\) and a 41% after-tax IRR. The PEA projects a 14-year open-pit mine life with 63.7 million ounces of payable silver production and a rapid 1.9-year payback period. The study is based on an updated Mineral Resource Estimate with 23.02 Mt Measured and Indicated resources grading 81 g/t AgEq, and 6.78 Mt Inferred resources grading 90 g/t AgEq. Reasoning: Kootenay Silver's PEA for the La Cigarra Silver Project demonstrates robust economics with a US$763 million after-tax NPV and 41% IRR, supported by a 14-year mine life and substantial silver production. The underlying resource estimate shows high confidence with 77.2% M&I. However, the study is preliminary, includes Inferred resources, and lacks full transparency on some economic assumptions and permitting status. - Positive factor: Strong after-tax NPV and IRR for a PEA-stage project - Positive factor: Rapid payback period of 1.9 years - Positive factor: Long mine life of 14 years - Positive factor: Significant payable silver production profile - Positive factor: High M&I confidence in the underlying resource estimate - Positive factor: Project located in a well-established mining district with existing infrastructure - Positive factor: PEA and MRE prepared by Qualified Persons under NI 43-101 standards - Negative factor: Preliminary Economic Assessment \(PEA\) is conceptual and includes Inferred Mineral Resources - Negative factor: No Mineral Reserves have been demonstrated - Negative factor: IRR and price deck basis \(real/nominal\) are undisclosed, limiting comparability - Negative factor: High average strip ratio of 8.0:1 - Negative factor: Permitting is still in progress - Negative factor: Closure funding mechanism is undisclosed - Negative factor: No explicit sensitivity analysis for key economic variables disclosed Low confidence — this extraction should be reviewed alongside the original source. Facts used in scoring: 22 ## Classification and evidence **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: A current resource fact retains the disclosed cut-off grade ## Extracted facts Stored fact records: 20. Some facts used in scoring do not have a stored record. ## Resource Estimates (20) ### measured [Link to this fact](https://atlas-extractions.minestarters.com/news/kootenay-silver-announces-positive-pea-with-a-us-763-million-after-tax-npv-41-ir--576bdbbd-8e80-435c-992b-00bed519999e#fact-resource-facts-2) La Cigarra Silver Project · silver #### Identity - Project: La Cigarra Silver Project - Commodity: silver - Region: mexico - Reported Region: Chihuahua, Mexico - Ticker: KTN #### Resource scope - Estimate type: resource - Effective date: 2026-04-04T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Allan Armitage - Resource group id: resource:1f1cd17045660d05d3cb - Mining method: open\_pit - Ownership percent: 100 % - Resource basis: gross #### Resource Data - Category: measured - Tonnes: 2930000 - Grade: 84 - Grade Unit: g/t - Contained Metal: 7.87 - Contained Unit: moz - Cutoff Grade: 30 - Cutoff Unit: g/t AgEq #### Prior Estimate - Resource Date: 2026-04-04 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-06-15T00:00:00.000Z Reasoning: The Measured silver resource provides a high-confidence base for the project, supporting the economic assessment with well-defined geological data. - Positive factor: Measured resource category indicates high geological confidence - Positive factor: Resource estimate is NI 43-101 compliant and QP signed - Positive factor: Grade of 84 g/t Ag is economic for silver deposits #### Tags used in scoring **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: The resource is classified as Measured, indicating the highest level of confidence. Evidence · table > Measured Context: Measured **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: The MRE is part of the PEA which was reviewed and approved by Qualified Persons. Evidence · text > Allan Armitage \(PhD. P.Geo.\), SGS Canada Inc. Geological Services **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: The MRE is consistent with CIM Definition Standards and forms the basis for an NI 43-101 compliant PEA. Evidence · text > The classification of the current MRE into Measured, Indicated, and Inferred is consistent with current CIM Definition Standards For Mineral Resources and Mineral Reserves \(CIM, 2014\). **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: The document refers to this as an 'updated Project Mineral Resource estimate'. Evidence · text > The updated Project Mineral Resource estimate \("MRE"\) \(Table 1\) forms the basis of the PEA. **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-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 ### measured [Link to this fact](https://atlas-extractions.minestarters.com/news/kootenay-silver-announces-positive-pea-with-a-us-763-million-after-tax-npv-41-ir--576bdbbd-8e80-435c-992b-00bed519999e#fact-resource-facts-3) La Cigarra Silver Project · gold #### Identity - Project: La Cigarra Silver Project - Commodity: gold - Region: mexico - Reported Region: Chihuahua, Mexico - Ticker: KTN #### Resource scope - Estimate type: resource - Effective date: 2026-04-04T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Allan Armitage - Resource group id: resource:1f1cd17045660d05d3cb - Mining method: open\_pit - Ownership percent: 100 % - Resource basis: gross #### Resource Data - Category: measured - Tonnes: 2930000 - Grade: 0.06 - Grade Unit: g/t - Contained Metal: 5.6 - Contained Unit: koz - Cutoff Grade: 30 - Cutoff Unit: g/t AgEq #### Prior Estimate - Resource Date: 2026-04-04 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-06-15T00:00:00.000Z Reasoning: The Measured gold resource, while high confidence, is very low grade, indicating it is a byproduct rather than a primary economic driver for the project. - Positive factor: Measured resource category indicates high geological confidence - Positive factor: Resource estimate is NI 43-101 compliant and QP signed - Negative factor: Low gold grade of 0.06 g/t suggests it is a byproduct #### Tags used in scoring **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: The resource is classified as Measured, indicating the highest level of confidence. Evidence · table > Measured Context: Measured **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: The MRE is part of the PEA which was reviewed and approved by Qualified Persons. Evidence · text > Allan Armitage \(PhD. P.Geo.\), SGS Canada Inc. Geological Services **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: The MRE is consistent with CIM Definition Standards and forms the basis for an NI 43-101 compliant PEA. Evidence · text > The classification of the current MRE into Measured, Indicated, and Inferred is consistent with current CIM Definition Standards For Mineral Resources and Mineral Reserves \(CIM, 2014\). **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: The document refers to this as an 'updated Project Mineral Resource estimate'. Evidence · text > The updated Project Mineral Resource estimate \("MRE"\) \(Table 1\) forms the basis of the PEA. **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-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 #### Rejected tags **Byproduct Commodity** — Rejected; excluded from scoring Polarity: neutral Story-specific tag Definition: The tested commodity is a byproduct rather than the primary economic driver. Reason: The gold grade of 0.06 g/t is very low, indicating it is a byproduct. Evidence · table > 0.06 Context: 2.93 ### measured [Link to this fact](https://atlas-extractions.minestarters.com/news/kootenay-silver-announces-positive-pea-with-a-us-763-million-after-tax-npv-41-ir--576bdbbd-8e80-435c-992b-00bed519999e#fact-resource-facts-4) La Cigarra Silver Project · lead #### Identity - Project: La Cigarra Silver Project - Commodity: lead - Region: mexico - Reported Region: Chihuahua, Mexico - Ticker: KTN #### Resource scope - Estimate type: resource - Effective date: 2026-04-04T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Allan Armitage - Resource group id: resource:1f1cd17045660d05d3cb - Mining method: open\_pit - Ownership percent: 100 % - Resource basis: gross #### Resource Data - Category: measured - Tonnes: 2930000 - Grade: 0.14 - Grade Unit: % - Contained Metal: 9.1 - Contained Unit: mlb - Cutoff Grade: 30 - Cutoff Unit: g/t AgEq #### Prior Estimate - Resource Date: 2026-04-04 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-06-15T00:00:00.000Z Reasoning: The Measured lead resource, while high confidence, is low grade, indicating it is a byproduct rather than a primary economic driver for the project. - Positive factor: Measured resource category indicates high geological confidence - Positive factor: Resource estimate is NI 43-101 compliant and QP signed - Negative factor: Low lead grade of 0.14% suggests it is a byproduct #### Tags used in scoring **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: The resource is classified as Measured, indicating the highest level of confidence. Evidence · table > Measured Context: Measured **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: The MRE is part of the PEA which was reviewed and approved by Qualified Persons. Evidence · text > Allan Armitage \(PhD. P.Geo.\), SGS Canada Inc. Geological Services **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: The MRE is consistent with CIM Definition Standards and forms the basis for an NI 43-101 compliant PEA. Evidence · text > The classification of the current MRE into Measured, Indicated, and Inferred is consistent with current CIM Definition Standards For Mineral Resources and Mineral Reserves \(CIM, 2014\). **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: The document refers to this as an 'updated Project Mineral Resource estimate'. Evidence · text > The updated Project Mineral Resource estimate \("MRE"\) \(Table 1\) forms the basis of the PEA. **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-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 #### Rejected tags **Byproduct Commodity** — Rejected; excluded from scoring Polarity: neutral Story-specific tag Definition: The tested commodity is a byproduct rather than the primary economic driver. Reason: The lead grade of 0.14% is low, indicating it is a byproduct. Evidence · table > 0.14 Context: 2.93 ### measured [Link to this fact](https://atlas-extractions.minestarters.com/news/kootenay-silver-announces-positive-pea-with-a-us-763-million-after-tax-npv-41-ir--576bdbbd-8e80-435c-992b-00bed519999e#fact-resource-facts-5) La Cigarra Silver Project · zinc #### Identity - Project: La Cigarra Silver Project - Commodity: zinc - Region: mexico - Reported Region: Chihuahua, Mexico - Ticker: KTN #### Resource scope - Estimate type: resource - Effective date: 2026-04-04T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Allan Armitage - Resource group id: resource:1f1cd17045660d05d3cb - Mining method: open\_pit - Ownership percent: 100 % - Resource basis: gross #### Resource Data - Category: measured - Tonnes: 2930000 - Grade: 0.19 - Grade Unit: % - Contained Metal: 12.4 - Contained Unit: mlb - Cutoff Grade: 30 - Cutoff Unit: g/t AgEq #### Prior Estimate - Resource Date: 2026-04-04 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-06-15T00:00:00.000Z Reasoning: The Measured zinc resource, while high confidence, is low grade, indicating it is a byproduct rather than a primary economic driver for the project. - Positive factor: Measured resource category indicates high geological confidence - Positive factor: Resource estimate is NI 43-101 compliant and QP signed - Negative factor: Low zinc grade of 0.19% suggests it is a byproduct #### Tags used in scoring **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: The resource is classified as Measured, indicating the highest level of confidence. Evidence · table > Measured Context: Measured **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: The MRE is part of the PEA which was reviewed and approved by Qualified Persons. Evidence · text > Allan Armitage \(PhD. P.Geo.\), SGS Canada Inc. Geological Services **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: The MRE is consistent with CIM Definition Standards and forms the basis for an NI 43-101 compliant PEA. Evidence · text > The classification of the current MRE into Measured, Indicated, and Inferred is consistent with current CIM Definition Standards For Mineral Resources and Mineral Reserves \(CIM, 2014\). **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: The document refers to this as an 'updated Project Mineral Resource estimate'. Evidence · text > The updated Project Mineral Resource estimate \("MRE"\) \(Table 1\) forms the basis of the PEA. **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-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 #### Rejected tags **Byproduct Commodity** — Rejected; excluded from scoring Polarity: neutral Story-specific tag Definition: The tested commodity is a byproduct rather than the primary economic driver. Reason: The zinc grade of 0.19% is low, indicating it is a byproduct. Evidence · table > 0.19 Context: 2.93 ### measured [Link to this fact](https://atlas-extractions.minestarters.com/news/kootenay-silver-announces-positive-pea-with-a-us-763-million-after-tax-npv-41-ir--576bdbbd-8e80-435c-992b-00bed519999e#fact-resource-facts-6) La Cigarra Silver Project · silver #### Identity - Project: La Cigarra Silver Project - Commodity: silver - Region: mexico - Reported Region: Chihuahua, Mexico - Ticker: KTN #### Resource scope - Estimate type: resource - Effective date: 2026-04-04T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Allan Armitage - Resource group id: resource:1f1cd17045660d05d3cb - Mining method: open\_pit - Ownership percent: 100 % - Resource basis: gross #### Resource Data - Category: measured - Tonnes: 2930000 - Grade: 96 - Grade Unit: g/t - Contained Metal: 9.01 - Contained Unit: moz - Cutoff Grade: 30 - Cutoff Unit: g/t AgEq #### Prior Estimate - Resource Date: 2026-04-04 #### Metal Equivalent - Metal Eq. Grade: 96 - Metal Eq. Unit: g/t AgEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-06-15T00:00:00.000Z Reasoning: The Measured silver equivalent resource provides a high-confidence base for the project, supporting the economic assessment with well-defined geological data, with assumptions for the equivalent grade disclosed. - Positive factor: Measured resource category indicates high geological confidence - Positive factor: Resource estimate is NI 43-101 compliant and QP signed - Positive factor: Silver equivalent grade of 96 g/t AgEq is economic #### Tags used in scoring **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: The resource is classified as Measured, indicating the highest level of confidence. Evidence · table > Measured Context: Measured **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: The MRE is part of the PEA which was reviewed and approved by Qualified Persons. Evidence · text > Allan Armitage \(PhD. P.Geo.\), SGS Canada Inc. Geological Services **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: The MRE is consistent with CIM Definition Standards and forms the basis for an NI 43-101 compliant PEA. Evidence · text > The classification of the current MRE into Measured, Indicated, and Inferred is consistent with current CIM Definition Standards For Mineral Resources and Mineral Reserves \(CIM, 2014\). **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: The document refers to this as an 'updated Project Mineral Resource estimate'. Evidence · text > The updated Project Mineral Resource estimate \("MRE"\) \(Table 1\) forms the basis of the PEA. **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-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/kootenay-silver-announces-positive-pea-with-a-us-763-million-after-tax-npv-41-ir--576bdbbd-8e80-435c-992b-00bed519999e#fact-resource-facts-7) La Cigarra Silver Project · silver #### Identity - Project: La Cigarra Silver Project - Commodity: silver - Region: mexico - Reported Region: Chihuahua, Mexico - Ticker: KTN #### Resource scope - Estimate type: resource - Effective date: 2026-04-04T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Allan Armitage - Resource group id: resource:7ee419d223923d972c0b - Mining method: open\_pit - Ownership percent: 100 % - Resource basis: gross #### Resource Data - Category: indicated - Tonnes: 20090000 - Grade: 81 - Grade Unit: g/t - Contained Metal: 52.14 - Contained Unit: moz - Cutoff Grade: 30 - Cutoff Unit: g/t AgEq #### Prior Estimate - Resource Date: 2026-04-04 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-06-15T00:00:00.000Z Reasoning: The Indicated silver resource adds significant tonnage with reasonable confidence, contributing positively to the project's overall scale and economic viability. - Positive factor: Indicated resource category provides reasonable geological confidence - Positive factor: Resource estimate is NI 43-101 compliant and QP signed - Positive factor: Grade of 81 g/t Ag is economic for silver deposits #### 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: The resource is classified as Indicated, providing reasonable geological confidence. Evidence · table > Indicated Context: Indicated **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: The MRE is part of the PEA which was reviewed and approved by Qualified Persons. Evidence · text > Allan Armitage \(PhD. P.Geo.\), SGS Canada Inc. Geological Services **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: The MRE is consistent with CIM Definition Standards and forms the basis for an NI 43-101 compliant PEA. Evidence · text > The classification of the current MRE into Measured, Indicated, and Inferred is consistent with current CIM Definition Standards For Mineral Resources and Mineral Reserves \(CIM, 2014\). **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: The document refers to this as an 'updated Project Mineral Resource estimate'. Evidence · text > The updated Project Mineral Resource estimate \("MRE"\) \(Table 1\) forms the basis of the PEA. **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-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/kootenay-silver-announces-positive-pea-with-a-us-763-million-after-tax-npv-41-ir--576bdbbd-8e80-435c-992b-00bed519999e#fact-resource-facts-8) La Cigarra Silver Project · gold #### Identity - Project: La Cigarra Silver Project - Commodity: gold - Region: mexico - Reported Region: Chihuahua, Mexico - Ticker: KTN #### Resource scope - Estimate type: resource - Effective date: 2026-04-04T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Allan Armitage - Resource group id: resource:7ee419d223923d972c0b - Mining method: open\_pit - Ownership percent: 100 % - Resource basis: gross #### Resource Data - Category: indicated - Tonnes: 20090000 - Grade: 0.06 - Grade Unit: g/t - Contained Metal: 39.6 - Contained Unit: koz - Cutoff Grade: 30 - Cutoff Unit: g/t AgEq #### Prior Estimate - Resource Date: 2026-04-04 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-06-15T00:00:00.000Z Reasoning: The Indicated gold resource, while providing reasonable confidence, is very low grade, indicating it is a byproduct rather than a primary economic driver for the project. - Positive factor: Indicated resource category provides reasonable geological confidence - Positive factor: Resource estimate is NI 43-101 compliant and QP signed - Negative factor: Low gold grade of 0.06 g/t suggests it is a byproduct #### 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: The resource is classified as Indicated, providing reasonable geological confidence. Evidence · table > Indicated Context: Indicated **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: The MRE is part of the PEA which was reviewed and approved by Qualified Persons. Evidence · text > Allan Armitage \(PhD. P.Geo.\), SGS Canada Inc. Geological Services **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: The MRE is consistent with CIM Definition Standards and forms the basis for an NI 43-101 compliant PEA. Evidence · text > The classification of the current MRE into Measured, Indicated, and Inferred is consistent with current CIM Definition Standards For Mineral Resources and Mineral Reserves \(CIM, 2014\). **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: The document refers to this as an 'updated Project Mineral Resource estimate'. Evidence · text > The updated Project Mineral Resource estimate \("MRE"\) \(Table 1\) forms the basis of the PEA. **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-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 #### Rejected tags **Byproduct Commodity** — Rejected; excluded from scoring Polarity: neutral Story-specific tag Definition: The tested commodity is a byproduct rather than the primary economic driver. Reason: The gold grade of 0.06 g/t is very low, indicating it is a byproduct. Evidence · table > 0.06 Context: 20.09 ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/kootenay-silver-announces-positive-pea-with-a-us-763-million-after-tax-npv-41-ir--576bdbbd-8e80-435c-992b-00bed519999e#fact-resource-facts-9) La Cigarra Silver Project · lead #### Identity - Project: La Cigarra Silver Project - Commodity: lead - Region: mexico - Reported Region: Chihuahua, Mexico - Ticker: KTN #### Resource scope - Estimate type: resource - Effective date: 2026-04-04T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Allan Armitage - Resource group id: resource:7ee419d223923d972c0b - Mining method: open\_pit - Ownership percent: 100 % - Resource basis: gross #### Resource Data - Category: indicated - Tonnes: 20090000 - Grade: 0.14 - Grade Unit: % - Contained Metal: 62.2 - Contained Unit: mlb - Cutoff Grade: 30 - Cutoff Unit: g/t AgEq #### Prior Estimate - Resource Date: 2026-04-04 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-06-15T00:00:00.000Z Reasoning: The Indicated lead resource, while providing reasonable confidence, is low grade, indicating it is a byproduct rather than a primary economic driver for the project. - Positive factor: Indicated resource category provides reasonable geological confidence - Positive factor: Resource estimate is NI 43-101 compliant and QP signed - Negative factor: Low lead grade of 0.14% suggests it is a byproduct #### 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: The resource is classified as Indicated, providing reasonable geological confidence. Evidence · table > Indicated Context: Indicated **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: The MRE is part of the PEA which was reviewed and approved by Qualified Persons. Evidence · text > Allan Armitage \(PhD. P.Geo.\), SGS Canada Inc. Geological Services **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: The MRE is consistent with CIM Definition Standards and forms the basis for an NI 43-101 compliant PEA. Evidence · text > The classification of the current MRE into Measured, Indicated, and Inferred is consistent with current CIM Definition Standards For Mineral Resources and Mineral Reserves \(CIM, 2014\). **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: The document refers to this as an 'updated Project Mineral Resource estimate'. Evidence · text > The updated Project Mineral Resource estimate \("MRE"\) \(Table 1\) forms the basis of the PEA. **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-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 #### Rejected tags **Byproduct Commodity** — Rejected; excluded from scoring Polarity: neutral Story-specific tag Definition: The tested commodity is a byproduct rather than the primary economic driver. Reason: The lead grade of 0.14% is low, indicating it is a byproduct. Evidence · table > 0.14 Context: 20.09 ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/kootenay-silver-announces-positive-pea-with-a-us-763-million-after-tax-npv-41-ir--576bdbbd-8e80-435c-992b-00bed519999e#fact-resource-facts-10) La Cigarra Silver Project · zinc #### Identity - Project: La Cigarra Silver Project - Commodity: zinc - Region: mexico - Reported Region: Chihuahua, Mexico - Ticker: KTN #### Resource scope - Estimate type: resource - Effective date: 2026-04-04T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Allan Armitage - Resource group id: resource:7ee419d223923d972c0b - Mining method: open\_pit - Ownership percent: 100 % - Resource basis: gross #### Resource Data - Category: indicated - Tonnes: 20090000 - Grade: 0.19 - Grade Unit: % - Contained Metal: 84.6 - Contained Unit: mlb - Cutoff Grade: 30 - Cutoff Unit: g/t AgEq #### Prior Estimate - Resource Date: 2026-04-04 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-06-15T00:00:00.000Z Reasoning: The Indicated zinc resource, while providing reasonable confidence, is low grade, indicating it is a byproduct rather than a primary economic driver for the project. - Positive factor: Indicated resource category provides reasonable geological confidence - Positive factor: Resource estimate is NI 43-101 compliant and QP signed - Negative factor: Low zinc grade of 0.19% suggests it is a byproduct #### 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: The resource is classified as Indicated, providing reasonable geological confidence. Evidence · table > Indicated Context: Indicated **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: The MRE is part of the PEA which was reviewed and approved by Qualified Persons. Evidence · text > Allan Armitage \(PhD. P.Geo.\), SGS Canada Inc. Geological Services **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: The MRE is consistent with CIM Definition Standards and forms the basis for an NI 43-101 compliant PEA. Evidence · text > The classification of the current MRE into Measured, Indicated, and Inferred is consistent with current CIM Definition Standards For Mineral Resources and Mineral Reserves \(CIM, 2014\). **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: The document refers to this as an 'updated Project Mineral Resource estimate'. Evidence · text > The updated Project Mineral Resource estimate \("MRE"\) \(Table 1\) forms the basis of the PEA. **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-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 #### Rejected tags **Byproduct Commodity** — Rejected; excluded from scoring Polarity: neutral Story-specific tag Definition: The tested commodity is a byproduct rather than the primary economic driver. Reason: The zinc grade of 0.19% is low, indicating it is a byproduct. Evidence · table > 0.19 Context: 20.09 ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/kootenay-silver-announces-positive-pea-with-a-us-763-million-after-tax-npv-41-ir--576bdbbd-8e80-435c-992b-00bed519999e#fact-resource-facts-11) La Cigarra Silver Project · silver #### Identity - Project: La Cigarra Silver Project - Commodity: silver - Region: mexico - Reported Region: Chihuahua, Mexico - Ticker: KTN #### Resource scope - Estimate type: resource - Effective date: 2026-04-04T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Allan Armitage - Resource group id: resource:7ee419d223923d972c0b - Mining method: open\_pit - Ownership percent: 100 % - Resource basis: gross #### Resource Data - Category: indicated - Tonnes: 20090000 - Grade: 93 - Grade Unit: g/t - Contained Metal: 60.01 - Contained Unit: moz - Cutoff Grade: 30 - Cutoff Unit: g/t AgEq #### Prior Estimate - Resource Date: 2026-04-04 #### Metal Equivalent - Metal Eq. Grade: 93 - Metal Eq. Unit: g/t AgEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-06-15T00:00:00.000Z Reasoning: The Indicated silver equivalent resource adds significant tonnage with reasonable confidence, contributing positively to the project's overall scale and economic viability, with assumptions for the equivalent grade disclosed. - Positive factor: Indicated resource category provides reasonable geological confidence - Positive factor: Resource estimate is NI 43-101 compliant and QP signed - Positive factor: Silver equivalent grade of 93 g/t AgEq is economic #### 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: The resource is classified as Indicated, providing reasonable geological confidence. Evidence · table > Indicated Context: Indicated **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: The MRE is part of the PEA which was reviewed and approved by Qualified Persons. Evidence · text > Allan Armitage \(PhD. P.Geo.\), SGS Canada Inc. Geological Services **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: The MRE is consistent with CIM Definition Standards and forms the basis for an NI 43-101 compliant PEA. Evidence · text > The classification of the current MRE into Measured, Indicated, and Inferred is consistent with current CIM Definition Standards For Mineral Resources and Mineral Reserves \(CIM, 2014\). **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: The document refers to this as an 'updated Project Mineral Resource estimate'. Evidence · text > The updated Project Mineral Resource estimate \("MRE"\) \(Table 1\) forms the basis of the PEA. **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-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/kootenay-silver-announces-positive-pea-with-a-us-763-million-after-tax-npv-41-ir--576bdbbd-8e80-435c-992b-00bed519999e#fact-resource-facts-12) La Cigarra Silver Project · silver #### Identity - Project: La Cigarra Silver Project - Commodity: silver - Region: mexico - Reported Region: Chihuahua, Mexico - Ticker: KTN #### Resource scope - Estimate type: resource - Effective date: 2026-04-04T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Allan Armitage - Resource group id: resource:5318a989fe95c3da5892 - Mining method: open\_pit - Ownership percent: 100 % - Resource basis: gross #### Resource Data - Category: indicated - Tonnes: 23020000 - Grade: 81 - Grade Unit: g/t - Contained Metal: 60.02 - Contained Unit: moz - Cutoff Grade: 30 - Cutoff Unit: g/t AgEq #### Prior Estimate - Resource Date: 2026-04-04 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-06-15T00:00:00.000Z Reasoning: The combined Measured and Indicated silver resource represents a substantial and high-confidence portion of the total resource, significantly de-risking the project. - Positive factor: Combined Measured and Indicated resource provides high geological confidence \(77.2% M&I\) - Positive factor: Resource estimate is NI 43-101 compliant and QP signed - Positive factor: Grade of 81 g/t Ag is economic for silver deposits #### 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: The combined Measured + Indicated resource is extracted as Indicated, representing a high confidence category. Evidence · table > Measured + Indicated Context: Measured + Indicated **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: The MRE is part of the PEA which was reviewed and approved by Qualified Persons. Evidence · text > Allan Armitage \(PhD. P.Geo.\), SGS Canada Inc. Geological Services **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: The MRE is consistent with CIM Definition Standards and forms the basis for an NI 43-101 compliant PEA. Evidence · text > The classification of the current MRE into Measured, Indicated, and Inferred is consistent with current CIM Definition Standards For Mineral Resources and Mineral Reserves \(CIM, 2014\). **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: The document refers to this as an 'updated Project Mineral Resource estimate'. Evidence · text > The updated Project Mineral Resource estimate \("MRE"\) \(Table 1\) forms the basis of the PEA. **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-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/kootenay-silver-announces-positive-pea-with-a-us-763-million-after-tax-npv-41-ir--576bdbbd-8e80-435c-992b-00bed519999e#fact-resource-facts-13) La Cigarra Silver Project · gold #### Identity - Project: La Cigarra Silver Project - Commodity: gold - Region: mexico - Reported Region: Chihuahua, Mexico - Ticker: KTN #### Resource scope - Estimate type: resource - Effective date: 2026-04-04T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Allan Armitage - Resource group id: resource:5318a989fe95c3da5892 - Mining method: open\_pit - Ownership percent: 100 % - Resource basis: gross #### Resource Data - Category: indicated - Tonnes: 23020000 - Grade: 0.06 - Grade Unit: g/t - Contained Metal: 45.2 - Contained Unit: koz - Cutoff Grade: 30 - Cutoff Unit: g/t AgEq #### Prior Estimate - Resource Date: 2026-04-04 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-06-15T00:00:00.000Z Reasoning: The combined Measured and Indicated gold resource, while high confidence, is very low grade, indicating it is a byproduct rather than a primary economic driver for the project. - Positive factor: Combined Measured and Indicated resource provides high geological confidence - Positive factor: Resource estimate is NI 43-101 compliant and QP signed - Negative factor: Low gold grade of 0.06 g/t suggests it is a byproduct #### 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: The combined Measured + Indicated resource is extracted as Indicated, representing a high confidence category. Evidence · table > Measured + Indicated Context: Measured + Indicated **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: The MRE is part of the PEA which was reviewed and approved by Qualified Persons. Evidence · text > Allan Armitage \(PhD. P.Geo.\), SGS Canada Inc. Geological Services **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: The MRE is consistent with CIM Definition Standards and forms the basis for an NI 43-101 compliant PEA. Evidence · text > The classification of the current MRE into Measured, Indicated, and Inferred is consistent with current CIM Definition Standards For Mineral Resources and Mineral Reserves \(CIM, 2014\). **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: The document refers to this as an 'updated Project Mineral Resource estimate'. Evidence · text > The updated Project Mineral Resource estimate \("MRE"\) \(Table 1\) forms the basis of the PEA. **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-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 #### Rejected tags **Byproduct Commodity** — Rejected; excluded from scoring Polarity: neutral Story-specific tag Definition: The tested commodity is a byproduct rather than the primary economic driver. Reason: The gold grade of 0.06 g/t is very low, indicating it is a byproduct. Evidence · table > 0.06 Context: 23.02 ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/kootenay-silver-announces-positive-pea-with-a-us-763-million-after-tax-npv-41-ir--576bdbbd-8e80-435c-992b-00bed519999e#fact-resource-facts-14) La Cigarra Silver Project · lead #### Identity - Project: La Cigarra Silver Project - Commodity: lead - Region: mexico - Reported Region: Chihuahua, Mexico - Ticker: KTN #### Resource scope - Estimate type: resource - Effective date: 2026-04-04T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Allan Armitage - Resource group id: resource:5318a989fe95c3da5892 - Mining method: open\_pit - Ownership percent: 100 % - Resource basis: gross #### Resource Data - Category: indicated - Tonnes: 23020000 - Grade: 0.14 - Grade Unit: % - Contained Metal: 71.3 - Contained Unit: mlb - Cutoff Grade: 30 - Cutoff Unit: g/t AgEq #### Prior Estimate - Resource Date: 2026-04-04 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-06-15T00:00:00.000Z Reasoning: The combined Measured and Indicated lead resource, while high confidence, is low grade, indicating it is a byproduct rather than a primary economic driver for the project. - Positive factor: Combined Measured and Indicated resource provides high geological confidence - Positive factor: Resource estimate is NI 43-101 compliant and QP signed - Negative factor: Low lead grade of 0.14% suggests it is a byproduct #### 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: The combined Measured + Indicated resource is extracted as Indicated, representing a high confidence category. Evidence · table > Measured + Indicated Context: Measured + Indicated **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: The MRE is part of the PEA which was reviewed and approved by Qualified Persons. Evidence · text > Allan Armitage \(PhD. P.Geo.\), SGS Canada Inc. Geological Services **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: The MRE is consistent with CIM Definition Standards and forms the basis for an NI 43-101 compliant PEA. Evidence · text > The classification of the current MRE into Measured, Indicated, and Inferred is consistent with current CIM Definition Standards For Mineral Resources and Mineral Reserves \(CIM, 2014\). **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: The document refers to this as an 'updated Project Mineral Resource estimate'. Evidence · text > The updated Project Mineral Resource estimate \("MRE"\) \(Table 1\) forms the basis of the PEA. **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-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 #### Rejected tags **Byproduct Commodity** — Rejected; excluded from scoring Polarity: neutral Story-specific tag Definition: The tested commodity is a byproduct rather than the primary economic driver. Reason: The lead grade of 0.14% is low, indicating it is a byproduct. Evidence · table > 0.14 Context: 23.02 ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/kootenay-silver-announces-positive-pea-with-a-us-763-million-after-tax-npv-41-ir--576bdbbd-8e80-435c-992b-00bed519999e#fact-resource-facts-15) La Cigarra Silver Project · zinc #### Identity - Project: La Cigarra Silver Project - Commodity: zinc - Region: mexico - Reported Region: Chihuahua, Mexico - Ticker: KTN #### Resource scope - Estimate type: resource - Effective date: 2026-04-04T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Allan Armitage - Resource group id: resource:5318a989fe95c3da5892 - Mining method: open\_pit - Ownership percent: 100 % - Resource basis: gross #### Resource Data - Category: indicated - Tonnes: 23020000 - Grade: 0.19 - Grade Unit: % - Contained Metal: 97 - Contained Unit: mlb - Cutoff Grade: 30 - Cutoff Unit: g/t AgEq #### Prior Estimate - Resource Date: 2026-04-04 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-06-15T00:00:00.000Z Reasoning: The combined Measured and Indicated zinc resource, while high confidence, is low grade, indicating it is a byproduct rather than a primary economic driver for the project. - Positive factor: Combined Measured and Indicated resource provides high geological confidence - Positive factor: Resource estimate is NI 43-101 compliant and QP signed - Negative factor: Low zinc grade of 0.19% suggests it is a byproduct #### 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: The combined Measured + Indicated resource is extracted as Indicated, representing a high confidence category. Evidence · table > Measured + Indicated Context: Measured + Indicated **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: The MRE is part of the PEA which was reviewed and approved by Qualified Persons. Evidence · text > Allan Armitage \(PhD. P.Geo.\), SGS Canada Inc. Geological Services **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: The MRE is consistent with CIM Definition Standards and forms the basis for an NI 43-101 compliant PEA. Evidence · text > The classification of the current MRE into Measured, Indicated, and Inferred is consistent with current CIM Definition Standards For Mineral Resources and Mineral Reserves \(CIM, 2014\). **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: The document refers to this as an 'updated Project Mineral Resource estimate'. Evidence · text > The updated Project Mineral Resource estimate \("MRE"\) \(Table 1\) forms the basis of the PEA. **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-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 #### Rejected tags **Byproduct Commodity** — Rejected; excluded from scoring Polarity: neutral Story-specific tag Definition: The tested commodity is a byproduct rather than the primary economic driver. Reason: The zinc grade of 0.19% is low, indicating it is a byproduct. Evidence · table > 0.19 Context: 23.02 ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/kootenay-silver-announces-positive-pea-with-a-us-763-million-after-tax-npv-41-ir--576bdbbd-8e80-435c-992b-00bed519999e#fact-resource-facts-16) La Cigarra Silver Project · silver #### Identity - Project: La Cigarra Silver Project - Commodity: silver - Region: mexico - Reported Region: Chihuahua, Mexico - Ticker: KTN #### Resource scope - Estimate type: resource - Effective date: 2026-04-04T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Allan Armitage - Resource group id: resource:5318a989fe95c3da5892 - Mining method: open\_pit - Ownership percent: 100 % - Resource basis: gross #### Resource Data - Category: indicated - Tonnes: 23020000 - Grade: 93 - Grade Unit: g/t - Contained Metal: 69.02 - Contained Unit: moz - Cutoff Grade: 30 - Cutoff Unit: g/t AgEq #### Prior Estimate - Resource Date: 2026-04-04 #### Metal Equivalent - Metal Eq. Grade: 93 - Metal Eq. Unit: g/t AgEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-06-15T00:00:00.000Z Reasoning: The combined Measured and Indicated silver equivalent resource represents a substantial and high-confidence portion of the total resource, significantly de-risking the project, with assumptions for the equivalent grade disclosed. - Positive factor: Combined Measured and Indicated resource provides high geological confidence \(77.2% M&I\) - Positive factor: Resource estimate is NI 43-101 compliant and QP signed - Positive factor: Silver equivalent grade of 93 g/t AgEq is economic #### 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: The combined Measured + Indicated resource is extracted as Indicated, representing a high confidence category. Evidence · table > Measured + Indicated Context: Measured + Indicated **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: The MRE is part of the PEA which was reviewed and approved by Qualified Persons. Evidence · text > Allan Armitage \(PhD. P.Geo.\), SGS Canada Inc. Geological Services **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: The MRE is consistent with CIM Definition Standards and forms the basis for an NI 43-101 compliant PEA. Evidence · text > The classification of the current MRE into Measured, Indicated, and Inferred is consistent with current CIM Definition Standards For Mineral Resources and Mineral Reserves \(CIM, 2014\). **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: The document refers to this as an 'updated Project Mineral Resource estimate'. Evidence · text > The updated Project Mineral Resource estimate \("MRE"\) \(Table 1\) forms the basis of the PEA. **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-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/kootenay-silver-announces-positive-pea-with-a-us-763-million-after-tax-npv-41-ir--576bdbbd-8e80-435c-992b-00bed519999e#fact-resource-facts-17) La Cigarra Silver Project · silver #### Identity - Project: La Cigarra Silver Project - Commodity: silver - Region: mexico - Reported Region: Chihuahua, Mexico - Ticker: KTN #### Resource scope - Estimate type: resource - Effective date: 2026-04-04T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Allan Armitage - Resource group id: resource:69eca0a666da70c0f5e2 - Mining method: open\_pit - Ownership percent: 100 % - Resource basis: gross #### Resource Data - Category: inferred - Tonnes: 6780000 - Grade: 79 - Grade Unit: g/t - Contained Metal: 17.25 - Contained Unit: moz - Cutoff Grade: 30 - Cutoff Unit: g/t AgEq #### Prior Estimate - Resource Date: 2026-04-04 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-06-15T00:00:00.000Z Reasoning: The Inferred silver resource adds potential upside but carries a lower level of confidence, requiring further exploration to upgrade to higher categories before it can be fully relied upon for economic studies. - Positive factor: Resource estimate is NI 43-101 compliant and QP signed - Positive factor: Grade of 79 g/t Ag is economic for silver deposits - Negative factor: Inferred resource category has a lower level of confidence and cannot support economic studies alone #### 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: The resource is classified as Inferred, which is a speculative category with limited drilling. Evidence · table > Inferred Context: Inferred **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: The MRE is part of the PEA which was reviewed and approved by Qualified Persons. Evidence · text > Allan Armitage \(PhD. P.Geo.\), SGS Canada Inc. Geological Services **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: The MRE is consistent with CIM Definition Standards and forms the basis for an NI 43-101 compliant PEA. Evidence · text > The classification of the current MRE into Measured, Indicated, and Inferred is consistent with current CIM Definition Standards For Mineral Resources and Mineral Reserves \(CIM, 2014\). **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: The document refers to this as an 'updated Project Mineral Resource estimate'. Evidence · text > The updated Project Mineral Resource estimate \("MRE"\) \(Table 1\) forms the basis of the PEA. **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-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/kootenay-silver-announces-positive-pea-with-a-us-763-million-after-tax-npv-41-ir--576bdbbd-8e80-435c-992b-00bed519999e#fact-resource-facts-18) La Cigarra Silver Project · gold #### Identity - Project: La Cigarra Silver Project - Commodity: gold - Region: mexico - Reported Region: Chihuahua, Mexico - Ticker: KTN #### Resource scope - Estimate type: resource - Effective date: 2026-04-04T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Allan Armitage - Resource group id: resource:69eca0a666da70c0f5e2 - Mining method: open\_pit - Ownership percent: 100 % - Resource basis: gross #### Resource Data - Category: inferred - Tonnes: 6780000 - Grade: 0.05 - Grade Unit: g/t - Contained Metal: 11.9 - Contained Unit: koz - Cutoff Grade: 30 - Cutoff Unit: g/t AgEq #### Prior Estimate - Resource Date: 2026-04-04 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-06-15T00:00:00.000Z Reasoning: The Inferred gold resource, while adding potential, is very low grade and carries a lower level of confidence, indicating it is a byproduct and requires further exploration. - Positive factor: Resource estimate is NI 43-101 compliant and QP signed - Negative factor: Inferred resource category has a lower level of confidence - Negative factor: Very low gold grade of 0.05 g/t suggests it is a byproduct #### 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: The resource is classified as Inferred, which is a speculative category with limited drilling. Evidence · table > Inferred Context: Inferred **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: The MRE is part of the PEA which was reviewed and approved by Qualified Persons. Evidence · text > Allan Armitage \(PhD. P.Geo.\), SGS Canada Inc. Geological Services **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: The MRE is consistent with CIM Definition Standards and forms the basis for an NI 43-101 compliant PEA. Evidence · text > The classification of the current MRE into Measured, Indicated, and Inferred is consistent with current CIM Definition Standards For Mineral Resources and Mineral Reserves \(CIM, 2014\). **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: The document refers to this as an 'updated Project Mineral Resource estimate'. Evidence · text > The updated Project Mineral Resource estimate \("MRE"\) \(Table 1\) forms the basis of the PEA. **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-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 #### Rejected tags **Byproduct Commodity** — Rejected; excluded from scoring Polarity: neutral Story-specific tag Definition: The tested commodity is a byproduct rather than the primary economic driver. Reason: The gold grade of 0.05 g/t is very low, indicating it is a byproduct. Evidence · table > 0.05 Context: 6.78 ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/kootenay-silver-announces-positive-pea-with-a-us-763-million-after-tax-npv-41-ir--576bdbbd-8e80-435c-992b-00bed519999e#fact-resource-facts-19) La Cigarra Silver Project · lead #### Identity - Project: La Cigarra Silver Project - Commodity: lead - Region: mexico - Reported Region: Chihuahua, Mexico - Ticker: KTN #### Resource scope - Estimate type: resource - Effective date: 2026-04-04T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Allan Armitage - Resource group id: resource:69eca0a666da70c0f5e2 - Mining method: open\_pit - Ownership percent: 100 % - Resource basis: gross #### Resource Data - Category: inferred - Tonnes: 6780000 - Grade: 0.15 - Grade Unit: % - Contained Metal: 22.7 - Contained Unit: mlb - Cutoff Grade: 30 - Cutoff Unit: g/t AgEq #### Prior Estimate - Resource Date: 2026-04-04 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-06-15T00:00:00.000Z Reasoning: The Inferred lead resource, while adding potential, is low grade and carries a lower level of confidence, indicating it is a byproduct and requires further exploration. - Positive factor: Resource estimate is NI 43-101 compliant and QP signed - Negative factor: Inferred resource category has a lower level of confidence - Negative factor: Low lead grade of 0.15% suggests it is a byproduct #### 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: The resource is classified as Inferred, which is a speculative category with limited drilling. Evidence · table > Inferred Context: Inferred **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: The MRE is part of the PEA which was reviewed and approved by Qualified Persons. Evidence · text > Allan Armitage \(PhD. P.Geo.\), SGS Canada Inc. Geological Services **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: The MRE is consistent with CIM Definition Standards and forms the basis for an NI 43-101 compliant PEA. Evidence · text > The classification of the current MRE into Measured, Indicated, and Inferred is consistent with current CIM Definition Standards For Mineral Resources and Mineral Reserves \(CIM, 2014\). **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: The document refers to this as an 'updated Project Mineral Resource estimate'. Evidence · text > The updated Project Mineral Resource estimate \("MRE"\) \(Table 1\) forms the basis of the PEA. **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-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 #### Rejected tags **Byproduct Commodity** — Rejected; excluded from scoring Polarity: neutral Story-specific tag Definition: The tested commodity is a byproduct rather than the primary economic driver. Reason: The lead grade of 0.15% is low, indicating it is a byproduct. Evidence · table > 0.15 Context: 6.78 ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/kootenay-silver-announces-positive-pea-with-a-us-763-million-after-tax-npv-41-ir--576bdbbd-8e80-435c-992b-00bed519999e#fact-resource-facts-20) La Cigarra Silver Project · zinc #### Identity - Project: La Cigarra Silver Project - Commodity: zinc - Region: mexico - Reported Region: Chihuahua, Mexico - Ticker: KTN #### Resource scope - Estimate type: resource - Effective date: 2026-04-04T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Allan Armitage - Resource group id: resource:69eca0a666da70c0f5e2 - Mining method: open\_pit - Ownership percent: 100 % - Resource basis: gross #### Resource Data - Category: inferred - Tonnes: 6780000 - Grade: 0.17 - Grade Unit: % - Contained Metal: 25.5 - Contained Unit: mlb - Cutoff Grade: 30 - Cutoff Unit: g/t AgEq #### Prior Estimate - Resource Date: 2026-04-04 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-06-15T00:00:00.000Z Reasoning: The Inferred zinc resource, while adding potential, is low grade and carries a lower level of confidence, indicating it is a byproduct and requires further exploration. - Positive factor: Resource estimate is NI 43-101 compliant and QP signed - Negative factor: Inferred resource category has a lower level of confidence - Negative factor: Low zinc grade of 0.17% suggests it is a byproduct #### 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: The resource is classified as Inferred, which is a speculative category with limited drilling. Evidence · table > Inferred Context: Inferred **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: The MRE is part of the PEA which was reviewed and approved by Qualified Persons. Evidence · text > Allan Armitage \(PhD. P.Geo.\), SGS Canada Inc. Geological Services **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: The MRE is consistent with CIM Definition Standards and forms the basis for an NI 43-101 compliant PEA. Evidence · text > The classification of the current MRE into Measured, Indicated, and Inferred is consistent with current CIM Definition Standards For Mineral Resources and Mineral Reserves \(CIM, 2014\). **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: The document refers to this as an 'updated Project Mineral Resource estimate'. Evidence · text > The updated Project Mineral Resource estimate \("MRE"\) \(Table 1\) forms the basis of the PEA. **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-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 #### Rejected tags **Byproduct Commodity** — Rejected; excluded from scoring Polarity: neutral Story-specific tag Definition: The tested commodity is a byproduct rather than the primary economic driver. Reason: The zinc grade of 0.17% is low, indicating it is a byproduct. Evidence · table > 0.17 Context: 6.78 ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/kootenay-silver-announces-positive-pea-with-a-us-763-million-after-tax-npv-41-ir--576bdbbd-8e80-435c-992b-00bed519999e#fact-resource-facts-21) La Cigarra Silver Project · silver #### Identity - Project: La Cigarra Silver Project - Commodity: silver - Region: mexico - Reported Region: Chihuahua, Mexico - Ticker: KTN #### Resource scope - Estimate type: resource - Effective date: 2026-04-04T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Allan Armitage - Resource group id: resource:69eca0a666da70c0f5e2 - Mining method: open\_pit - Ownership percent: 100 % - Resource basis: gross #### Resource Data - Category: inferred - Tonnes: 6780000 - Grade: 90 - Grade Unit: g/t - Contained Metal: 19.72 - Contained Unit: moz - Cutoff Grade: 30 - Cutoff Unit: g/t AgEq #### Prior Estimate - Resource Date: 2026-04-04 #### Metal Equivalent - Metal Eq. Grade: 90 - Metal Eq. Unit: g/t AgEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-06-15T00:00:00.000Z Reasoning: The Inferred silver equivalent resource adds potential upside but carries a lower level of confidence, requiring further exploration to upgrade to higher categories before it can be fully relied upon for economic studies, with assumptions for the equivalent grade disclosed. - Positive factor: Resource estimate is NI 43-101 compliant and QP signed - Positive factor: Silver equivalent grade of 90 g/t AgEq is economic - Negative factor: Inferred resource category has a lower level of confidence and cannot support economic studies alone #### 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: The resource is classified as Inferred, which is a speculative category with limited drilling. Evidence · table > Inferred Context: Inferred **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: The MRE is part of the PEA which was reviewed and approved by Qualified Persons. Evidence · text > Allan Armitage \(PhD. P.Geo.\), SGS Canada Inc. Geological Services **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: The MRE is consistent with CIM Definition Standards and forms the basis for an NI 43-101 compliant PEA. Evidence · text > The classification of the current MRE into Measured, Indicated, and Inferred is consistent with current CIM Definition Standards For Mineral Resources and Mineral Reserves \(CIM, 2014\). **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: The document refers to this as an 'updated Project Mineral Resource estimate'. Evidence · text > The updated Project Mineral Resource estimate \("MRE"\) \(Table 1\) forms the basis of the PEA. **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ## How Atlas produces this analysis Minestarters Atlas uses automated extraction to summarize mining announcements, identify reported measurements, and classify supporting evidence. Sentiment reflects the extracted narrative and classification rules; it is an interpretation, not a reported measurement. Evidence quotes and context are provided where available. Missing data, low-confidence results, and review flags indicate limitations. Check the original publisher announcement before relying on an interpretation.