# LunR Royalties to Acquire a Life-of-Mine Silver Stream on the Fruta Del Norte Mine for $670 Million Canonical Atlas analysis: https://atlas-extractions.minestarters.com/news/lunr-royalties-to-acquire-a-life-of-mine-silver-stream-on-the-fruta-del-norte-mi--28eb4c2f-11b6-4029-84d6-ac2e134c0f77 Original source: https://money.tmx.com/en/quote/LUNR/news/8932940023919811/lunr-royalties-to-acquire-a-life-of-mine-silver-stream-on-the-fruta-del-norte-mi Publisher: tmx Original announcement: 2026-02-23T01:00:00.000Z Analysis by Minestarters Atlas Atlas analysis published: Unknown date Atlas analysis updated: Unknown date - Company: LunR Royalties Corp. - Ticker: LUNR - Exchange: TSX - Region: Ecuador - Primary commodity: Silver - Secondary commodities: Gold - Document categories: Resource update, Agreement transaction - Extracted: 2026-09-14 11:00:57 UTC Narrative sentiment: 0.80 · Bullish ## Minestarters Atlas summary LunR Royalties has entered into a binding term sheet to acquire a life-of-mine silver stream at the Fruta Del Norte mine in Ecuador from Lundin Gold for approximately $670 million. The transaction involves the issuance of 50.5 million shares to Lundin Gold, which will then be distributed to its shareholders as a dividend in kind, making Newmont a major shareholder in LunR. Reasoning: The acquisition of a life-of-mine silver stream at a Tier 1 asset is a transformational event for LunR, significantly increasing its scale and cash flow. - Positive factor: transformational acquisition - Positive factor: life-of-mine silver stream - Positive factor: high-quality precious metals asset - Positive factor: significant cash flow upon closing - Positive factor: strategic partnership with Newmont - Negative factor: subject to shareholder and regulatory approvals Facts used in scoring: 6 ## Classification and evidence **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: Connor Mackay, P.Eng., the Company's Chief Financial Officer, is a Qualified Person as defined by National Instrument 43-101. Evidence · text > Qualified Person Connor Mackay, P.Eng., the Company's Chief Financial Officer, is a Qualified Person as defined by National Instrument 43-101 **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: The resource estimate follows the 2014 CIM Definitions Standards on Mineral Resources and Reserves. Evidence · text > The 2014 CIM Definitions Standards on Mineral Resources and Reserves and the 2019 CIM Best Practice Guidelines were followed ## Extracted facts Stored fact records: 6. Some facts used in scoring do not have a stored record. ## Resource Estimates (6) ### proven [Link to this fact](https://atlas-extractions.minestarters.com/news/lunr-royalties-to-acquire-a-life-of-mine-silver-stream-on-the-fruta-del-norte-mi--28eb4c2f-11b6-4029-84d6-ac2e134c0f77#fact-resource-facts-0) silver #### Identity - Commodity: silver - Region: ecuador - Reported Region: Ecuador - Ticker: LUNR #### Resource scope - Estimate type: reserve - Effective date: 2025-12-31T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Connor Mackay - Resource group id: resource:37a6192432ccc92bb942 - Deposit or zone: Fruta Del Norte - Mining method: underground - Material type: sulphide - Resource basis: gross #### Resource Data - Category: proven - Tonnes: 25700000 - Grade: 10.77 - Grade Unit: g/t - Contained Metal: 8.9 - Contained Unit: moz #### Prior Estimate - Resource Date: 2025-12-31 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-02-23T00:00:00.000Z Reasoning: Standard reserve disclosure for a major asset. - Positive factor: high-grade silver Evidence · text > Proven & Probable Mineral Reserves total 25.7 million tonnes grading 7.09 grams per tonne \("g/t"\) gold and 10.77 g/t silver, containing 5.8 million ounces of gold and 8.9 million ounces of silver. #### Tags used in scoring **Proven Reserve** Polarity: positive Definition: Measured Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "proven" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 ### proven [Link to this fact](https://atlas-extractions.minestarters.com/news/lunr-royalties-to-acquire-a-life-of-mine-silver-stream-on-the-fruta-del-norte-mi--28eb4c2f-11b6-4029-84d6-ac2e134c0f77#fact-resource-facts-1) gold #### Identity - Commodity: gold - Region: ecuador - Reported Region: Ecuador - Ticker: LUNR #### Resource scope - Estimate type: reserve - Effective date: 2025-12-31T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Connor Mackay - Resource group id: resource:37a6192432ccc92bb942 - Deposit or zone: Fruta Del Norte - Mining method: underground - Material type: sulphide - Resource basis: gross #### Resource Data - Category: proven - Tonnes: 25700000 - Grade: 7.09 - Grade Unit: g/t - Contained Metal: 5.8 - Contained Unit: moz #### Prior Estimate - Resource Date: 2025-12-31 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-02-23T00:00:00.000Z Reasoning: Standard reserve disclosure for a major asset. - Positive factor: high-grade gold Evidence · text > Proven & Probable Mineral Reserves total 25.7 million tonnes grading 7.09 grams per tonne \("g/t"\) gold and 10.77 g/t silver, containing 5.8 million ounces of gold and 8.9 million ounces of silver. #### Tags used in scoring **Proven Reserve** Polarity: positive Definition: Measured Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "proven" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/lunr-royalties-to-acquire-a-life-of-mine-silver-stream-on-the-fruta-del-norte-mi--28eb4c2f-11b6-4029-84d6-ac2e134c0f77#fact-resource-facts-2) silver #### Identity - Commodity: silver - Region: ecuador - Reported Region: Ecuador - Ticker: LUNR #### Resource scope - Estimate type: resource - Effective date: 2025-12-31T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Connor Mackay - Resource group id: resource:2bf9eaa2fd5a85851c2f - Deposit or zone: Fruta Del Norte - Mining method: underground - Material type: sulphide - Resource basis: gross #### Resource Data - Category: indicated - Tonnes: 32600000 - Grade: 11.18 - Grade Unit: g/t - Contained Metal: 11.7 - Contained Unit: moz #### Prior Estimate - Resource Date: 2025-12-31 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-02-23T00:00:00.000Z Reasoning: Standard resource disclosure for a major asset. - Positive factor: high-grade silver Evidence · text > Measured and Indicated Mineral Resources total 32.6 million tonnes grading 7.13 g/t gold and 11.18 g/t silver, containing 7.5 million ounces of gold and 11.7 million ounces of silver #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/lunr-royalties-to-acquire-a-life-of-mine-silver-stream-on-the-fruta-del-norte-mi--28eb4c2f-11b6-4029-84d6-ac2e134c0f77#fact-resource-facts-3) gold #### Identity - Commodity: gold - Region: ecuador - Reported Region: Ecuador - Ticker: LUNR #### Resource scope - Estimate type: resource - Effective date: 2025-12-31T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Connor Mackay - Resource group id: resource:2bf9eaa2fd5a85851c2f - Deposit or zone: Fruta Del Norte - Mining method: underground - Material type: sulphide - Resource basis: gross #### Resource Data - Category: indicated - Tonnes: 32600000 - Grade: 7.13 - Grade Unit: g/t - Contained Metal: 7.5 - Contained Unit: moz #### Prior Estimate - Resource Date: 2025-12-31 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-02-23T00:00:00.000Z Reasoning: Standard resource disclosure for a major asset. - Positive factor: high-grade gold Evidence · text > Measured and Indicated Mineral Resources total 32.6 million tonnes grading 7.13 g/t gold and 11.18 g/t silver, containing 7.5 million ounces of gold and 11.7 million ounces of silver #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/lunr-royalties-to-acquire-a-life-of-mine-silver-stream-on-the-fruta-del-norte-mi--28eb4c2f-11b6-4029-84d6-ac2e134c0f77#fact-resource-facts-4) silver #### Identity - Commodity: silver - Region: ecuador - Reported Region: Ecuador - Ticker: LUNR #### Resource scope - Estimate type: resource - Effective date: 2025-12-31T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Connor Mackay - Resource group id: resource:dc589e72ee5db5903872 - Deposit or zone: Fruta Del Norte - Mining method: underground - Material type: sulphide - Resource basis: gross #### Resource Data - Category: inferred - Tonnes: 10200000 - Grade: 15.4 - Grade Unit: g/t - Contained Metal: 5.1 - Contained Unit: moz #### Prior Estimate - Resource Date: 2025-12-31 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-02-23T00:00:00.000Z Reasoning: Standard resource disclosure for an inferred category. - Positive factor: high-grade silver - Negative factor: inferred category Evidence · text > Inferred Mineral Resources total 10.2 million tonnes grading 6.2 g/t gold and 15.4 g/t silver containing 2.0 million ounces of gold and 5.1 million ounces of silver. #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/lunr-royalties-to-acquire-a-life-of-mine-silver-stream-on-the-fruta-del-norte-mi--28eb4c2f-11b6-4029-84d6-ac2e134c0f77#fact-resource-facts-5) gold #### Identity - Commodity: gold - Region: ecuador - Reported Region: Ecuador - Ticker: LUNR #### Resource scope - Estimate type: resource - Effective date: 2025-12-31T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Connor Mackay - Resource group id: resource:dc589e72ee5db5903872 - Deposit or zone: Fruta Del Norte - Mining method: underground - Material type: sulphide - Resource basis: gross #### Resource Data - Category: inferred - Tonnes: 10200000 - Grade: 6.2 - Grade Unit: g/t - Contained Metal: 2 - Contained Unit: moz #### Prior Estimate - Resource Date: 2025-12-31 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-02-23T00:00:00.000Z Reasoning: Standard resource disclosure for an inferred category. - Positive factor: high-grade gold - Negative factor: inferred category Evidence · text > Inferred Mineral Resources total 10.2 million tonnes grading 6.2 g/t gold and 15.4 g/t silver containing 2.0 million ounces of gold and 5.1 million ounces of silver. #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 ## 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.