# 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--a2e971cb-b8d7-481d-bde0-dc394beb2b6d Original source: https://money.tmx.com/en/quote/KTN/news/7475778177303760/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 06:38:13 UTC Narrative sentiment: 0.70 · Bullish ## Minestarters Atlas 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 factor: Strong after-tax NPV and IRR for the PEA - Positive factor: Rapid payback period of 1.9 years - Positive factor: Long mine life of 14 years - Positive factor: Open-pit mining method envisioned - Positive factor: NI 43-101 compliant study with QP sign-off - Positive factor: Metal equivalent assumptions for the MRE are disclosed - Negative factor: Study is at the Preliminary Economic Assessment \(PEA\) stage, which is conceptual and not bankable - Negative factor: The PEA includes Inferred Mineral Resources, which are considered too speculative for economic considerations - Negative factor: No Mineral Reserves have been demonstrated for the project - Negative factor: IRR and price deck basis \(real/nominal\) are not explicitly stated, limiting comparability - Negative factor: Permitting activities are still in progress - Negative factor: Closure funding mechanism and TSF type are undisclosed Facts used in scoring: 18 ## 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: 16. Some facts used in scoring do not have a stored record. ## Resource Estimates (16) ### 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--a2e971cb-b8d7-481d-bde0-dc394beb2b6d#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: 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 factor: Measured resource category indicates high geological confidence - Positive factor: Good silver grade and contained metal for this category - Positive factor: NI 43-101 compliant with disclosed metal equivalent assumptions Evidence · table > 84 Context: 2.93 #### Tags used in scoring **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: category is "measured" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **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--a2e971cb-b8d7-481d-bde0-dc394beb2b6d#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: 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 factor: Low gold grade, indicating it is a byproduct Evidence · table > 0.06 Context: 2.93 #### Tags used in scoring **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: category is "measured" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **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--a2e971cb-b8d7-481d-bde0-dc394beb2b6d#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: 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 factor: Low lead grade, indicating it is a byproduct Evidence · table > 0.14 Context: 2.93 #### Tags used in scoring **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: category is "measured" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **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--a2e971cb-b8d7-481d-bde0-dc394beb2b6d#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: 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 factor: Low zinc grade, indicating it is a byproduct Evidence · table > 0.19 Context: 2.93 #### Tags used in scoring **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: category is "measured" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **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--a2e971cb-b8d7-481d-bde0-dc394beb2b6d#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: 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 factor: Significant tonnage and contained silver in the Indicated category, providing a solid base for future studies - Positive factor: Good silver grade and contained metal - Positive factor: NI 43-101 compliant with disclosed metal equivalent assumptions Evidence · table > 81 Context: 20.09 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **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--a2e971cb-b8d7-481d-bde0-dc394beb2b6d#fact-resource-facts-7) 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: 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 factor: Low gold grade, indicating it is a byproduct Evidence · table > 0.06 Context: 20.09 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **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--a2e971cb-b8d7-481d-bde0-dc394beb2b6d#fact-resource-facts-8) 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: 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 factor: Low lead grade, indicating it is a byproduct Evidence · table > 0.14 Context: 20.09 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **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--a2e971cb-b8d7-481d-bde0-dc394beb2b6d#fact-resource-facts-9) 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: 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 factor: Low zinc grade, indicating it is a byproduct Evidence · table > 0.19 Context: 20.09 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **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--a2e971cb-b8d7-481d-bde0-dc394beb2b6d#fact-resource-facts-10) 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: 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 factor: Combined Measured and Indicated resources provide a substantial and reasonably confident mineral inventory - Positive factor: Good silver grade and contained metal - Positive factor: NI 43-101 compliant with disclosed metal equivalent assumptions Evidence · table > 81 Context: 23.02 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **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--a2e971cb-b8d7-481d-bde0-dc394beb2b6d#fact-resource-facts-11) 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: 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 factor: Low gold grade, indicating it is a byproduct Evidence · table > 0.06 Context: 23.02 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **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--a2e971cb-b8d7-481d-bde0-dc394beb2b6d#fact-resource-facts-12) 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: 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 factor: Low lead grade, indicating it is a byproduct Evidence · table > 0.14 Context: 23.02 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **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--a2e971cb-b8d7-481d-bde0-dc394beb2b6d#fact-resource-facts-13) 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: 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 factor: Low zinc grade, indicating it is a byproduct Evidence · table > 0.19 Context: 23.02 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **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--a2e971cb-b8d7-481d-bde0-dc394beb2b6d#fact-resource-facts-14) 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: 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 factor: Additional silver contained in the Inferred category provides exploration upside - Negative factor: Inferred resources have a lower level of confidence and are speculative - Negative factor: Cannot be converted to Mineral Reserves without further drilling Evidence · table > 79 Context: 6.78 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **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--a2e971cb-b8d7-481d-bde0-dc394beb2b6d#fact-resource-facts-15) 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: 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 factor: Very low gold grade in the Inferred category - Negative factor: Inferred resources are speculative Evidence · table > 0.05 Context: 6.78 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **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--a2e971cb-b8d7-481d-bde0-dc394beb2b6d#fact-resource-facts-16) 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: 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 factor: Low lead grade in the Inferred category - Negative factor: Inferred resources are speculative Evidence · table > 0.15 Context: 6.78 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **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--a2e971cb-b8d7-481d-bde0-dc394beb2b6d#fact-resource-facts-17) 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: 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 factor: Low zinc grade in the Inferred category - Negative factor: Inferred resources are speculative Evidence · table > 0.17 Context: 6.78 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **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.