Kootenay Silver Announces Positive PEA with a US$763 Million After-Tax NPV & 41% IRR for La Cigarra Silver Project
Original announcement by tmx on
- 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 06:38:13 UTC
Analysis by Minestarters Atlas
Minestarters Atlas analysis
Summary
Kootenay Silver announced a positive Preliminary Economic Assessment (PEA) for its 100%-owned La Cigarra Silver Project in Chihuahua, Mexico. The PEA outlines a 14-year open-pit operation with an after-tax NPV of US$763 million, an IRR of 41%, and a rapid payback period of 1.9 years. The study is based on an updated Mineral Resource Estimate that includes Measured, Indicated, and Inferred resources, with the PEA explicitly stating its reliance on Inferred resources and the absence of Mineral Reserves.
Reasoning: Kootenay Silver announced a positive PEA for its La Cigarra Silver Project, showing strong after-tax NPV and IRR, and a rapid payback. However, the study is preliminary, relies on Inferred resources, and lacks full disclosure on certain economic assumptions and environmental aspects.
Positive factors
- Strong after-tax NPV and IRR for the PEA
- Rapid payback period of 1.9 years
- Long mine life of 14 years
- Open-pit mining method envisioned
- NI 43-101 compliant study with QP sign-off
- Metal equivalent assumptions for the MRE are disclosed
Negative factors
- Study is at the Preliminary Economic Assessment (PEA) stage, which is conceptual and not bankable
- The PEA includes Inferred Mineral Resources, which are considered too speculative for economic considerations
- No Mineral Reserves have been demonstrated for the project
- IRR and price deck basis (real/nominal) are not explicitly stated, limiting comparability
- Permitting activities are still in progress
- Closure funding mechanism and TSF type are undisclosed
Facts used in scoring: 18
Classification and evidence
Cut-off Disclosedpositive
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: 16. Some facts used in scoring do not have a stored record.
Resource Estimates (16)
measuredLa Cigarra Silver Project · silverTonnes: 2930000Grade: 84Grade Unit: g/tContained Metal: 7.87Contained Unit: mozView all detailsHide details
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
- Shervin Teymouri, Marinus André de Ruijter, Allan Armitage, Antonio Loschiavo, Stacy Freudigmann, Craig Hall
- Resource group id
- resource:8a55a7a21f8772d0a776
- Mining method
- open_pit
- Ownership percent
- 100 %
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
- 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 resource provides a high-confidence base for the project, with a solid silver grade and contained metal, supporting the PEA's economic projections.
Positive factors
- Measured resource category indicates high geological confidence
- Good silver grade and contained metal for this category
- NI 43-101 compliant with disclosed metal equivalent assumptions
Evidence · table
“84”
Context: 2.93
Tags used in scoring
Measured Resourcepositive
Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves.
Why it applies: category is "measured"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
PFS-Supportingneutral
Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.
Why it applies: the release names the study this estimate supports
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
measuredLa Cigarra Silver Project · goldTonnes: 2930000Grade: 0.06Grade Unit: g/tContained Metal: 5.6Contained Unit: kozView all detailsHide details
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
- Shervin Teymouri, Marinus André de Ruijter, Allan Armitage, Antonio Loschiavo, Stacy Freudigmann, Craig Hall
- Resource group id
- resource:8a55a7a21f8772d0a776
- Mining method
- open_pit
- Ownership percent
- 100 %
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 gold grade in the Measured category is very low, suggesting it is a byproduct credit rather than a primary economic driver, but still contributes to the overall project economics.
Negative factors
- Low gold grade, indicating it is a byproduct
Evidence · table
“0.06”
Context: 2.93
Tags used in scoring
Measured Resourcepositive
Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves.
Why it applies: category is "measured"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
PFS-Supportingneutral
Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.
Why it applies: the release names the study this estimate supports
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
measuredLa Cigarra Silver Project · leadTonnes: 2930000Grade: 0.14Grade Unit: %Contained Metal: 9.1Contained Unit: mlbView all detailsHide details
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
- Shervin Teymouri, Marinus André de Ruijter, Allan Armitage, Antonio Loschiavo, Stacy Freudigmann, Craig Hall
- Resource group id
- resource:8a55a7a21f8772d0a776
- Mining method
- open_pit
- Ownership percent
- 100 %
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 lead grade in the Measured category is low, suggesting it is a byproduct credit rather than a primary economic driver, but still contributes to the overall project economics.
Negative factors
- Low lead grade, indicating it is a byproduct
Evidence · table
“0.14”
Context: 2.93
Tags used in scoring
Measured Resourcepositive
Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves.
Why it applies: category is "measured"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
PFS-Supportingneutral
Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.
Why it applies: the release names the study this estimate supports
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
measuredLa Cigarra Silver Project · zincTonnes: 2930000Grade: 0.19Grade Unit: %Contained Metal: 12.4Contained Unit: mlbView all detailsHide details
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
- Shervin Teymouri, Marinus André de Ruijter, Allan Armitage, Antonio Loschiavo, Stacy Freudigmann, Craig Hall
- Resource group id
- resource:8a55a7a21f8772d0a776
- Mining method
- open_pit
- Ownership percent
- 100 %
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 zinc grade in the Measured category is low, suggesting it is a byproduct credit rather than a primary economic driver, but still contributes to the overall project economics.
Negative factors
- Low zinc grade, indicating it is a byproduct
Evidence · table
“0.19”
Context: 2.93
Tags used in scoring
Measured Resourcepositive
Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves.
Why it applies: category is "measured"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
PFS-Supportingneutral
Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.
Why it applies: the release names the study this estimate supports
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
indicatedLa Cigarra Silver Project · silverTonnes: 20090000Grade: 81Grade Unit: g/tContained Metal: 52.14Contained Unit: mozView all detailsHide details
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
- Shervin Teymouri, Marinus André de Ruijter, Allan Armitage, Antonio Loschiavo, Stacy Freudigmann, Craig Hall
- Resource group id
- resource:28adcefe7b9bc724cd4a
- Mining method
- open_pit
- Ownership percent
- 100 %
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
- 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 resource represents a substantial portion of the project's mineral inventory with reasonable geological confidence, supporting the economic viability outlined in the PEA.
Positive factors
- Significant tonnage and contained silver in the Indicated category, providing a solid base for future studies
- Good silver grade and contained metal
- NI 43-101 compliant with disclosed metal equivalent assumptions
Evidence · table
“81”
Context: 20.09
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
PFS-Supportingneutral
Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.
Why it applies: the release names the study this estimate supports
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
indicatedLa Cigarra Silver Project · goldTonnes: 20090000Grade: 0.06Grade Unit: g/tContained Metal: 39.6Contained Unit: kozView all detailsHide details
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
- Shervin Teymouri, Marinus André de Ruijter, Allan Armitage, Antonio Loschiavo, Stacy Freudigmann, Craig Hall
- Resource group id
- resource:28adcefe7b9bc724cd4a
- Mining method
- open_pit
- Ownership percent
- 100 %
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 gold grade in the Indicated category is very low, suggesting it is a byproduct credit rather than a primary economic driver, but still contributes to the overall project economics.
Negative factors
- Low gold grade, indicating it is a byproduct
Evidence · table
“0.06”
Context: 20.09
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
PFS-Supportingneutral
Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.
Why it applies: the release names the study this estimate supports
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
indicatedLa Cigarra Silver Project · leadTonnes: 20090000Grade: 0.14Grade Unit: %Contained Metal: 62.2Contained Unit: mlbView all detailsHide details
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
- Shervin Teymouri, Marinus André de Ruijter, Allan Armitage, Antonio Loschiavo, Stacy Freudigmann, Craig Hall
- Resource group id
- resource:28adcefe7b9bc724cd4a
- Mining method
- open_pit
- Ownership percent
- 100 %
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 lead grade in the Indicated category is low, suggesting it is a byproduct credit rather than a primary economic driver, but still contributes to the overall project economics.
Negative factors
- Low lead grade, indicating it is a byproduct
Evidence · table
“0.14”
Context: 20.09
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
PFS-Supportingneutral
Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.
Why it applies: the release names the study this estimate supports
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
indicatedLa Cigarra Silver Project · zincTonnes: 20090000Grade: 0.19Grade Unit: %Contained Metal: 84.6Contained Unit: mlbView all detailsHide details
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
- Shervin Teymouri, Marinus André de Ruijter, Allan Armitage, Antonio Loschiavo, Stacy Freudigmann, Craig Hall
- Resource group id
- resource:28adcefe7b9bc724cd4a
- Mining method
- open_pit
- Ownership percent
- 100 %
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 zinc grade in the Indicated category is low, suggesting it is a byproduct credit rather than a primary economic driver, but still contributes to the overall project economics.
Negative factors
- Low zinc grade, indicating it is a byproduct
Evidence · table
“0.19”
Context: 20.09
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
PFS-Supportingneutral
Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.
Why it applies: the release names the study this estimate supports
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
indicatedLa Cigarra Silver Project · silverTonnes: 23020000Grade: 81Grade Unit: g/tContained Metal: 60.02Contained Unit: mozView all detailsHide details
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
- Shervin Teymouri, Marinus André de Ruijter, Allan Armitage, Antonio Loschiavo, Stacy Freudigmann, Craig Hall
- Resource group id
- resource:7b73b89d21f4d8a31e38
- Mining method
- open_pit
- Ownership percent
- 100 %
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
- 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 resource base forms a strong foundation for the project, indicating a significant and well-understood silver deposit.
Positive factors
- Combined Measured and Indicated resources provide a substantial and reasonably confident mineral inventory
- Good silver grade and contained metal
- NI 43-101 compliant with disclosed metal equivalent assumptions
Evidence · table
“81”
Context: 23.02
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
PFS-Supportingneutral
Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.
Why it applies: the release names the study this estimate supports
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
indicatedLa Cigarra Silver Project · goldTonnes: 23020000Grade: 0.06Grade Unit: g/tContained Metal: 45.2Contained Unit: kozView all detailsHide details
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
- Shervin Teymouri, Marinus André de Ruijter, Allan Armitage, Antonio Loschiavo, Stacy Freudigmann, Craig Hall
- Resource group id
- resource:7b73b89d21f4d8a31e38
- Mining method
- open_pit
- Ownership percent
- 100 %
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 gold grade in the combined Measured and Indicated category is very low, suggesting it is a byproduct credit rather than a primary economic driver, but still contributes to the overall project economics.
Negative factors
- Low gold grade, indicating it is a byproduct
Evidence · table
“0.06”
Context: 23.02
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
PFS-Supportingneutral
Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.
Why it applies: the release names the study this estimate supports
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
indicatedLa Cigarra Silver Project · leadTonnes: 23020000Grade: 0.14Grade Unit: %Contained Metal: 71.3Contained Unit: mlbView all detailsHide details
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
- Shervin Teymouri, Marinus André de Ruijter, Allan Armitage, Antonio Loschiavo, Stacy Freudigmann, Craig Hall
- Resource group id
- resource:7b73b89d21f4d8a31e38
- Mining method
- open_pit
- Ownership percent
- 100 %
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 lead grade in the combined Measured and Indicated category is low, suggesting it is a byproduct credit rather than a primary economic driver, but still contributes to the overall project economics.
Negative factors
- Low lead grade, indicating it is a byproduct
Evidence · table
“0.14”
Context: 23.02
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
PFS-Supportingneutral
Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.
Why it applies: the release names the study this estimate supports
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
indicatedLa Cigarra Silver Project · zincTonnes: 23020000Grade: 0.19Grade Unit: %Contained Metal: 97Contained Unit: mlbView all detailsHide details
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
- Shervin Teymouri, Marinus André de Ruijter, Allan Armitage, Antonio Loschiavo, Stacy Freudigmann, Craig Hall
- Resource group id
- resource:7b73b89d21f4d8a31e38
- Mining method
- open_pit
- Ownership percent
- 100 %
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 zinc grade in the combined Measured and Indicated category is low, suggesting it is a byproduct credit rather than a primary economic driver, but still contributes to the overall project economics.
Negative factors
- Low zinc grade, indicating it is a byproduct
Evidence · table
“0.19”
Context: 23.02
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
PFS-Supportingneutral
Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.
Why it applies: the release names the study this estimate supports
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
inferredLa Cigarra Silver Project · silverTonnes: 6780000Grade: 79Grade Unit: g/tContained Metal: 17.25Contained Unit: mozView all detailsHide details
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
- Shervin Teymouri, Marinus André de Ruijter, Allan Armitage, Antonio Loschiavo, Stacy Freudigmann, Craig Hall
- Resource group id
- resource:765f29d2dea39e6c2733
- Mining method
- open_pit
- Ownership percent
- 100 %
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
- 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 resource adds to the project's overall potential but carries a lower confidence level, requiring further exploration to upgrade to higher categories for economic certainty.
Positive factors
- Additional silver contained in the Inferred category provides exploration upside
Negative factors
- Inferred resources have a lower level of confidence and are speculative
- Cannot be converted to Mineral Reserves without further drilling
Evidence · table
“79”
Context: 6.78
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
PFS-Supportingneutral
Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.
Why it applies: the release names the study this estimate supports
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
inferredLa Cigarra Silver Project · goldTonnes: 6780000Grade: 0.05Grade Unit: g/tContained Metal: 11.9Contained Unit: kozView all detailsHide details
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
- Shervin Teymouri, Marinus André de Ruijter, Allan Armitage, Antonio Loschiavo, Stacy Freudigmann, Craig Hall
- Resource group id
- resource:765f29d2dea39e6c2733
- Mining method
- open_pit
- Ownership percent
- 100 %
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 gold grade in the Inferred category is very low, indicating it is a minor byproduct and its contribution is speculative due to the resource classification.
Negative factors
- Very low gold grade in the Inferred category
- Inferred resources are speculative
Evidence · table
“0.05”
Context: 6.78
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
PFS-Supportingneutral
Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.
Why it applies: the release names the study this estimate supports
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
inferredLa Cigarra Silver Project · leadTonnes: 6780000Grade: 0.15Grade Unit: %Contained Metal: 22.7Contained Unit: mlbView all detailsHide details
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
- Shervin Teymouri, Marinus André de Ruijter, Allan Armitage, Antonio Loschiavo, Stacy Freudigmann, Craig Hall
- Resource group id
- resource:765f29d2dea39e6c2733
- Mining method
- open_pit
- Ownership percent
- 100 %
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 lead grade in the Inferred category is low, indicating it is a minor byproduct and its contribution is speculative due to the resource classification.
Negative factors
- Low lead grade in the Inferred category
- Inferred resources are speculative
Evidence · table
“0.15”
Context: 6.78
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
PFS-Supportingneutral
Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.
Why it applies: the release names the study this estimate supports
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
inferredLa Cigarra Silver Project · zincTonnes: 6780000Grade: 0.17Grade Unit: %Contained Metal: 25.5Contained Unit: mlbView all detailsHide details
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
- Shervin Teymouri, Marinus André de Ruijter, Allan Armitage, Antonio Loschiavo, Stacy Freudigmann, Craig Hall
- Resource group id
- resource:765f29d2dea39e6c2733
- Mining method
- open_pit
- Ownership percent
- 100 %
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 zinc grade in the Inferred category is low, indicating it is a minor byproduct and its contribution is speculative due to the resource classification.
Negative factors
- Low zinc grade in the Inferred category
- Inferred resources are speculative
Evidence · table
“0.17”
Context: 6.78
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
PFS-Supportingneutral
Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.
Why it applies: the release names the study this estimate supports
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
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.