Meridian Reports Unaudited Half-Yearly Financial Results for the Six Months Ended 30 June 2026

Original announcement by tmx on

Company
Meridian Mining plc
Ticker
MNO
Exchange
TSX
Region
Mato Grosso, Brazil
Primary commodity
Unavailable
Secondary commodities
None reported
Document categories
Drill results, Resource update, Other
Extracted
2026-09-16 10:29:39 UTC

Analysis by Minestarters Atlas

Minestarters Atlas analysis

Summary

Meridian Mining plc reported its unaudited half-yearly financial results for the six months ended June 30, 2026, showing a significant increase in cash and cash equivalents to USD 95.98 million and net assets to USD 102.13 million, primarily driven by successful capital raises. Despite this, the company recorded an increased operating loss of USD 9.98 million and a total comprehensive loss of USD 12.71 million. The report also highlighted progress on the Cabaçal Definitive Feasibility Study, which is nearing 50% completion, and the declaration of a maiden Mineral Resource Estimate for the Santa Helena project, alongside a material uncertainty regarding going concern due to its reliance on future equity and debt markets.

Reasoning: Meridian Mining reported a substantial increase in cash and net assets due to successful capital raises, which is positive for its financial runway and project advancement. Key projects like Cabaçal DFS and Santa Helena MRE are progressing. However, the company's operating losses increased, and a material uncertainty regarding its going concern status was highlighted, indicating ongoing financial challenges despite the capital injection. The new Cabaçal MRE shows contained metal growth but with lower grades compared to the prior PFS reserve, and the cut-off grades for the new MREs are not disclosed, which reduces transparency.

Positive factors

  • Significant capital raises improved liquidity and net assets
  • Cabaçal DFS is on schedule and nearing 50% completion
  • Maiden Mineral Resource Estimate declared for Santa Helena
  • Inclusion in FTSE Small Cap Index
  • Contained metal growth for Cabaçal resource

Negative factors

  • Increased operating loss and total comprehensive loss
  • Material uncertainty related to going concern due to reliance on future funding
  • Foreign exchange loss
  • Grades for Cabaçal MRE are lower than previous PFS reserve estimate
  • Cut-off grades for new MREs are undisclosed

Low confidence — this extraction should be reviewed alongside the original source.

Facts used in scoring: 41

Classification and evidence

Resource Updateneutral

Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: The document reports an updated Mineral Resource Estimate for the Cabaçal project, stating it was 'expanded'.

Evidence · text

“Cabaçal mine's Au-Cu-Ag open-pittable resource expanded: M&I: 70.1Mt @ 0.6g/t Au, 0.3% Cu, 1.3g/t Ag”

Contained Metal Growthpositive

True scale improvement — contained metal ounces/tonnes increased vs prior, accounting for both tonnage and grade changes.

Why it applies: The Cabaçal resource update explicitly states 'Metal increases of 39.2% for Au, 14.2% for Cu and 19.3% for Ag'.

Evidence · text

“Metal increases of 39.2% for Au, 14.2% for Cu and 19.3% for Ag”

Grade Declinenegative

Average grade fell below the red-flag bound vs prior estimate — deposit economics worsening. May indicate high-grading in early drilling.

Why it applies: The Cabaçal M&I resource grades (0.6g/t Au, 0.3% Cu, 1.3g/t Ag) are lower than the previously reported PFS reserve grades (0.63g/t Au, 0.44% Cu, 1.64g/t Ag).

Evidence · text

“M&I: 70.1Mt @ 0.6g/t Au, 0.3% Cu, 1.3g/t Ag”

Cut-off Undisclosednegative

High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: The document does not state the cut-off grade used for the reported Cabaçal and Santa Helena M&I resource estimates.

Evidence · text

“M&I: 70.1Mt @ 0.6g/t Au, 0.3% Cu, 1.3g/t Ag”

Maiden Resourceneutral

First formal MRE for the project — establishes baseline but typically exploration-stage with high Inferred component. No prior estimate exists, so every change band is not applicable.

Why it applies: The document states that Santa Helena Central's M&I resource was 'declared' as its first formal estimate.

Evidence · text

“Santa Helena Central's maiden open-pittable Au-Cu-Ag-Zn-Pb Mineral Resource declared”

NI 43-101 Compliantpositive

Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.

Why it applies: The Qualified Person statement explicitly refers to National Instrument 43-101 for the technical information in the news release.

Evidence · text

“Mr. Erich Marques, B.Sc., FAIG, Chief Geologist of Meridian Mining and a Qualified Person as defined by National Instrument 43-101, has reviewed, verified, and approved the technical information in this news release.”

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: Mr. Erich Marques is named as a Qualified Person and has reviewed, verified, and approved the technical information.

Evidence · text

“Mr. Erich Marques, B.Sc., FAIG, Chief Geologist of Meridian Mining and a Qualified Person as defined by National Instrument 43-101, has reviewed, verified, and approved the technical information in this news release.”

Apparent Width Onlynegative

Interval given as downhole width with no true width or drill orientation — apparent width may overstate true thickness.

Why it applies: The drill results are reported with downhole lengths (e.g., '7.2m') but no true width or drill orientation information is provided.

Evidence · text

“CD-869 returns 7.2m @ 1.4g/t Au, 0.1% Cu, 24.3g/t Ag, 2.3% Zn, 0.9% Pb”

Extracted facts

Stored fact records: 41. Some facts used in scoring do not have a stored record.

Drill Results (33)

CD-869Santa Helena North · goldGrade: 1.4Grade Unit: g/tIntercept: 7.2 mView all details
Link to this fact

Identity

Hole ID
CD-869
Project
Santa Helena North
Commodity
gold
Region
brazil
Reported Region
brazil
Ticker
MNO

Geometry

Grade
1.4
Grade Unit
g/t
Intercept
7.2 m

Classification

Program
exploration
Sample Type
drill

QA/QC

QP Signed
Yes

Review

Needs Review
No
Interp. Status
scored
Historical
No

Dates

Event date
2026-08-13T00:00:00.000Z

Reasoning: This intercept represents a significant exploration success, discovering a new VMS layer with good gold grades and visible gold, extending the known mineralization at Santa Helena. The lack of true width, however, means the reported length is an apparent width.

Positive factors

  • Discovery of a new VMS layer extends mineralization limits
  • Presence of visible gold is a positive indicator
  • QP/CP signed off on the technical information, increasing credibility

Negative factors

  • True width not stated, so apparent width may overstate true thickness

Evidence · text

“CD-869 returns 7.2m @ 1.4g/t Au, 0.1% Cu, 24.3g/t Ag, 2.3% Zn, 0.9% Pb”

Tags used in scoring

No QA/QC Disclosurenegative

Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document.

Why it applies: qaqc_disclosed is not true

Cut-off Undisclosednegative

High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff_grade was stated

CD-869Santa Helena North · copperGrade: 0.1Grade Unit: %Intercept: 7.2 mView all details
Link to this fact

Identity

Hole ID
CD-869
Project
Santa Helena North
Commodity
copper
Region
brazil
Reported Region
brazil
Ticker
MNO

Geometry

Grade
0.1
Grade Unit
%
Intercept
7.2 m

Classification

Program
exploration
Sample Type
drill

QA/QC

QP Signed
Yes

Review

Needs Review
No
Interp. Status
scored
Historical
No

Dates

Event date
2026-08-13T00:00:00.000Z

Reasoning: This intercept represents a significant exploration success, discovering a new VMS layer with good copper grades, extending the known mineralization at Santa Helena. The lack of true width, however, means the reported length is an apparent width.

Positive factors

  • Discovery of a new VMS layer extends mineralization limits
  • QP/CP signed off on the technical information, increasing credibility

Negative factors

  • True width not stated, so apparent width may overstate true thickness

Evidence · text

“CD-869 returns 7.2m @ 1.4g/t Au, 0.1% Cu, 24.3g/t Ag, 2.3% Zn, 0.9% Pb”

Tags used in scoring

No QA/QC Disclosurenegative

Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document.

Why it applies: qaqc_disclosed is not true

Cut-off Undisclosednegative

High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff_grade was stated

CD-869Santa Helena North · silverGrade: 24.3Grade Unit: g/tIntercept: 7.2 mView all details
Link to this fact

Identity

Hole ID
CD-869
Project
Santa Helena North
Commodity
silver
Region
brazil
Reported Region
brazil
Ticker
MNO

Geometry

Grade
24.3
Grade Unit
g/t
Intercept
7.2 m

Classification

Program
exploration
Sample Type
drill

QA/QC

QP Signed
Yes

Review

Needs Review
No
Interp. Status
scored
Historical
No

Dates

Event date
2026-08-13T00:00:00.000Z

Reasoning: This intercept represents a significant exploration success, discovering a new VMS layer with good silver grades, extending the known mineralization at Santa Helena. The lack of true width, however, means the reported length is an apparent width.

Positive factors

  • Discovery of a new VMS layer extends mineralization limits
  • QP/CP signed off on the technical information, increasing credibility

Negative factors

  • True width not stated, so apparent width may overstate true thickness

Evidence · text

“CD-869 returns 7.2m @ 1.4g/t Au, 0.1% Cu, 24.3g/t Ag, 2.3% Zn, 0.9% Pb”

Tags used in scoring

No QA/QC Disclosurenegative

Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document.

Why it applies: qaqc_disclosed is not true

Cut-off Undisclosednegative

High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff_grade was stated

CD-869Santa Helena North · zincGrade: 2.3Grade Unit: %Intercept: 7.2 mView all details
Link to this fact

Identity

Hole ID
CD-869
Project
Santa Helena North
Commodity
zinc
Region
brazil
Reported Region
brazil
Ticker
MNO

Geometry

Grade
2.3
Grade Unit
%
Intercept
7.2 m

Classification

Program
exploration
Sample Type
drill

QA/QC

QP Signed
Yes

Review

Needs Review
No
Interp. Status
scored
Historical
No

Dates

Event date
2026-08-13T00:00:00.000Z

Reasoning: This intercept represents a significant exploration success, discovering a new VMS layer with good zinc grades, extending the known mineralization at Santa Helena. The lack of true width, however, means the reported length is an apparent width.

Positive factors

  • Discovery of a new VMS layer extends mineralization limits
  • QP/CP signed off on the technical information, increasing credibility

Negative factors

  • True width not stated, so apparent width may overstate true thickness

Evidence · text

“CD-869 returns 7.2m @ 1.4g/t Au, 0.1% Cu, 24.3g/t Ag, 2.3% Zn, 0.9% Pb”

Tags used in scoring

No QA/QC Disclosurenegative

Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document.

Why it applies: qaqc_disclosed is not true

Cut-off Undisclosednegative

High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff_grade was stated

CD-869Santa Helena North · leadGrade: 0.9Grade Unit: %Intercept: 7.2 mView all details
Link to this fact

Identity

Hole ID
CD-869
Project
Santa Helena North
Commodity
lead
Region
brazil
Reported Region
brazil
Ticker
MNO

Geometry

Grade
0.9
Grade Unit
%
Intercept
7.2 m

Classification

Program
exploration
Sample Type
drill

QA/QC

QP Signed
Yes

Review

Needs Review
No
Interp. Status
scored
Historical
No

Dates

Event date
2026-08-13T00:00:00.000Z

Reasoning: This intercept represents a significant exploration success, discovering a new VMS layer with good lead grades, extending the known mineralization at Santa Helena. The lack of true width, however, means the reported length is an apparent width.

Positive factors

  • Discovery of a new VMS layer extends mineralization limits
  • QP/CP signed off on the technical information, increasing credibility

Negative factors

  • True width not stated, so apparent width may overstate true thickness

Evidence · text

“CD-869 returns 7.2m @ 1.4g/t Au, 0.1% Cu, 24.3g/t Ag, 2.3% Zn, 0.9% Pb”

Tags used in scoring

No QA/QC Disclosurenegative

Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document.

Why it applies: qaqc_disclosed is not true

Cut-off Undisclosednegative

High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff_grade was stated

CD-852Santa Helena North · goldGrade: 2.4Grade Unit: g/tIntercept: 3.5 mView all details
Link to this fact

Identity

Hole ID
CD-852
Project
Santa Helena North
Commodity
gold
Region
brazil
Reported Region
brazil
Ticker
MNO

Geometry

Grade
2.4
Grade Unit
g/t
Intercept
3.5 m
From
108.9 m
To
112.4 m
Intercept Depth
108.9 m

Classification

Program
exploration
Sample Type
drill
Group ID
CD-852:108.9-112.4

QA/QC

QP Signed
Yes

Review

Needs Review
No
Interp. Status
scored
Historical
No

Dates

Event date
2026-08-13T00:00:00.000Z

Reasoning: This intercept represents a new gold discovery at Álamo with good grades, and the open nature of the mineralization suggests further exploration potential. The lack of true width, however, means the reported length is an apparent width.

Positive factors

  • Discovery of a new gold zone at Álamo
  • Robust gold grades over multiple metres
  • Mineralization remains open in all directions, indicating potential for expansion
  • QP/CP signed off on the technical information, increasing credibility

Negative factors

  • True width not stated, so apparent width may overstate true thickness

Evidence · text

“CD-852 returns 3.5m @ 2.4g/t Au, 0.5% Cu, 9.5g/t Ag & 0.7% Zn from 108.9m”

Tags used in scoring

No QA/QC Disclosurenegative

Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document.

Why it applies: qaqc_disclosed is not true

Cut-off Undisclosednegative

High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff_grade was stated

CD-852Santa Helena North · copperGrade: 0.5Grade Unit: %Intercept: 3.5 mView all details
Link to this fact

Identity

Hole ID
CD-852
Project
Santa Helena North
Commodity
copper
Region
brazil
Reported Region
brazil
Ticker
MNO

Geometry

Grade
0.5
Grade Unit
%
Intercept
3.5 m
From
108.9 m
To
112.4 m
Intercept Depth
108.9 m

Classification

Program
exploration
Sample Type
drill
Group ID
CD-852:108.9-112.4

QA/QC

QP Signed
Yes

Review

Needs Review
No
Interp. Status
scored
Historical
No

Dates

Event date
2026-08-13T00:00:00.000Z

Reasoning: This intercept represents a new gold discovery at Álamo with good copper grades, and the open nature of the mineralization suggests further exploration potential. The lack of true width, however, means the reported length is an apparent width.

Positive factors

  • Discovery of a new gold zone at Álamo
  • Mineralization remains open in all directions, indicating potential for expansion
  • QP/CP signed off on the technical information, increasing credibility

Negative factors

  • True width not stated, so apparent width may overstate true thickness

Evidence · text

“CD-852 returns 3.5m @ 2.4g/t Au, 0.5% Cu, 9.5g/t Ag & 0.7% Zn from 108.9m”

Tags used in scoring

No QA/QC Disclosurenegative

Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document.

Why it applies: qaqc_disclosed is not true

Cut-off Undisclosednegative

High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff_grade was stated

CD-852Santa Helena North · silverGrade: 9.5Grade Unit: g/tIntercept: 3.5 mView all details
Link to this fact

Identity

Hole ID
CD-852
Project
Santa Helena North
Commodity
silver
Region
brazil
Reported Region
brazil
Ticker
MNO

Geometry

Grade
9.5
Grade Unit
g/t
Intercept
3.5 m
From
108.9 m
To
112.4 m
Intercept Depth
108.9 m

Classification

Program
exploration
Sample Type
drill
Group ID
CD-852:108.9-112.4

QA/QC

QP Signed
Yes

Review

Needs Review
No
Interp. Status
scored
Historical
No

Dates

Event date
2026-08-13T00:00:00.000Z

Reasoning: This intercept represents a new gold discovery at Álamo with good silver grades, and the open nature of the mineralization suggests further exploration potential. The lack of true width, however, means the reported length is an apparent width.

Positive factors

  • Discovery of a new gold zone at Álamo
  • Mineralization remains open in all directions, indicating potential for expansion
  • QP/CP signed off on the technical information, increasing credibility

Negative factors

  • True width not stated, so apparent width may overstate true thickness

Evidence · text

“CD-852 returns 3.5m @ 2.4g/t Au, 0.5% Cu, 9.5g/t Ag & 0.7% Zn from 108.9m”

Tags used in scoring

No QA/QC Disclosurenegative

Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document.

Why it applies: qaqc_disclosed is not true

Cut-off Undisclosednegative

High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff_grade was stated

CD-852Santa Helena North · zincGrade: 0.7Grade Unit: %Intercept: 3.5 mView all details
Link to this fact

Identity

Hole ID
CD-852
Project
Santa Helena North
Commodity
zinc
Region
brazil
Reported Region
brazil
Ticker
MNO

Geometry

Grade
0.7
Grade Unit
%
Intercept
3.5 m
From
108.9 m
To
112.4 m
Intercept Depth
108.9 m

Classification

Program
exploration
Sample Type
drill
Group ID
CD-852:108.9-112.4

QA/QC

QP Signed
Yes

Review

Needs Review
No
Interp. Status
scored
Historical
No

Dates

Event date
2026-08-13T00:00:00.000Z

Reasoning: This intercept represents a new gold discovery at Álamo with good zinc grades, and the open nature of the mineralization suggests further exploration potential. The lack of true width, however, means the reported length is an apparent width.

Positive factors

  • Discovery of a new gold zone at Álamo
  • Mineralization remains open in all directions, indicating potential for expansion
  • QP/CP signed off on the technical information, increasing credibility

Negative factors

  • True width not stated, so apparent width may overstate true thickness

Evidence · text

“CD-852 returns 3.5m @ 2.4g/t Au, 0.5% Cu, 9.5g/t Ag & 0.7% Zn from 108.9m”

Tags used in scoring

No QA/QC Disclosurenegative

Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document.

Why it applies: qaqc_disclosed is not true

Cut-off Undisclosednegative

High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff_grade was stated

CD-854Santa Helena Central · goldGrade: 1.5Grade Unit: g/tIntercept: 21.2 mView all details
Link to this fact

Identity

Hole ID
CD-854
Project
Santa Helena Central
Commodity
gold
Region
brazil
Reported Region
brazil
Ticker
MNO

Geometry

Grade
1.5
Grade Unit
g/t
Intercept
21.2 m
From
71.6 m
To
92.8 m
Intercept Depth
71.6 m

Classification

Program
resource
Sample Type
drill
Group ID
CD-854:71.6-92.8

QA/QC

QP Signed
Yes

Review

Needs Review
No
Interp. Status
scored
Historical
No

Dates

Event date
2026-08-13T00:00:00.000Z

Reasoning: This infill drill intercept confirms near-surface gold mineralization with good grades and width, contributing to increased confidence in the Santa Helena Central resource. The lack of true width, however, means the reported length is an apparent width.

Positive factors

  • Good gold grades over a significant width
  • Infill drilling confirms near-surface mineralization, increasing resource confidence
  • QP/CP signed off on the technical information, increasing credibility

Negative factors

  • True width not stated, so apparent width may overstate true thickness

Evidence · text

“CD-854: 21.2m @ 1.5g/t Au, 1.2% Cu, 45.7g/t Ag & 6.0% Zn from 71.6m”

Tags used in scoring

No QA/QC Disclosurenegative

Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document.

Why it applies: qaqc_disclosed is not true

Cut-off Undisclosednegative

High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff_grade was stated

Infill Drillingneutral

Confirmatory drilling to raise resource confidence, not new discovery.

Why it applies: drill_program_type is "resource"

CD-854Santa Helena Central · copperGrade: 1.2Grade Unit: %Intercept: 21.2 mView all details
Link to this fact

Identity

Hole ID
CD-854
Project
Santa Helena Central
Commodity
copper
Region
brazil
Reported Region
brazil
Ticker
MNO

Geometry

Grade
1.2
Grade Unit
%
Intercept
21.2 m
From
71.6 m
To
92.8 m
Intercept Depth
71.6 m

Classification

Program
resource
Sample Type
drill
Group ID
CD-854:71.6-92.8

QA/QC

QP Signed
Yes

Review

Needs Review
No
Interp. Status
scored
Historical
No

Dates

Event date
2026-08-13T00:00:00.000Z

Reasoning: This infill drill intercept confirms near-surface copper mineralization with good grades and width, contributing to increased confidence in the Santa Helena Central resource. The lack of true width, however, means the reported length is an apparent width.

Positive factors

  • Good copper grades over a significant width
  • Infill drilling confirms near-surface mineralization, increasing resource confidence
  • QP/CP signed off on the technical information, increasing credibility

Negative factors

  • True width not stated, so apparent width may overstate true thickness

Evidence · text

“CD-854: 21.2m @ 1.5g/t Au, 1.2% Cu, 45.7g/t Ag & 6.0% Zn from 71.6m”

Tags used in scoring

No QA/QC Disclosurenegative

Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document.

Why it applies: qaqc_disclosed is not true

Cut-off Undisclosednegative

High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff_grade was stated

Infill Drillingneutral

Confirmatory drilling to raise resource confidence, not new discovery.

Why it applies: drill_program_type is "resource"

CD-854Santa Helena Central · silverGrade: 45.7Grade Unit: g/tIntercept: 21.2 mView all details
Link to this fact

Identity

Hole ID
CD-854
Project
Santa Helena Central
Commodity
silver
Region
brazil
Reported Region
brazil
Ticker
MNO

Geometry

Grade
45.7
Grade Unit
g/t
Intercept
21.2 m
From
71.6 m
To
92.8 m
Intercept Depth
71.6 m

Classification

Program
resource
Sample Type
drill
Group ID
CD-854:71.6-92.8

QA/QC

QP Signed
Yes

Review

Needs Review
No
Interp. Status
scored
Historical
No

Dates

Event date
2026-08-13T00:00:00.000Z

Reasoning: This infill drill intercept confirms near-surface silver mineralization with good grades and width, contributing to increased confidence in the Santa Helena Central resource. The lack of true width, however, means the reported length is an apparent width.

Positive factors

  • Good silver grades over a significant width
  • Infill drilling confirms near-surface mineralization, increasing resource confidence
  • QP/CP signed off on the technical information, increasing credibility

Negative factors

  • True width not stated, so apparent width may overstate true thickness

Evidence · text

“CD-854: 21.2m @ 1.5g/t Au, 1.2% Cu, 45.7g/t Ag & 6.0% Zn from 71.6m”

Tags used in scoring

No QA/QC Disclosurenegative

Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document.

Why it applies: qaqc_disclosed is not true

Cut-off Undisclosednegative

High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff_grade was stated

Infill Drillingneutral

Confirmatory drilling to raise resource confidence, not new discovery.

Why it applies: drill_program_type is "resource"

CD-854Santa Helena Central · zincGrade: 6Grade Unit: %Intercept: 21.2 mView all details
Link to this fact

Identity

Hole ID
CD-854
Project
Santa Helena Central
Commodity
zinc
Region
brazil
Reported Region
brazil
Ticker
MNO

Geometry

Grade
6
Grade Unit
%
Intercept
21.2 m
From
71.6 m
To
92.8 m
Intercept Depth
71.6 m

Classification

Program
resource
Sample Type
drill
Group ID
CD-854:71.6-92.8

QA/QC

QP Signed
Yes

Review

Needs Review
No
Interp. Status
scored
Historical
No

Dates

Event date
2026-08-13T00:00:00.000Z

Reasoning: This infill drill intercept confirms near-surface zinc mineralization with good grades and width, contributing to increased confidence in the Santa Helena Central resource. The lack of true width, however, means the reported length is an apparent width.

Positive factors

  • Good zinc grades over a significant width
  • Infill drilling confirms near-surface mineralization, increasing resource confidence
  • QP/CP signed off on the technical information, increasing credibility

Negative factors

  • True width not stated, so apparent width may overstate true thickness

Evidence · text

“CD-854: 21.2m @ 1.5g/t Au, 1.2% Cu, 45.7g/t Ag & 6.0% Zn from 71.6m”

Tags used in scoring

No QA/QC Disclosurenegative

Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document.

Why it applies: qaqc_disclosed is not true

Cut-off Undisclosednegative

High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff_grade was stated

Infill Drillingneutral

Confirmatory drilling to raise resource confidence, not new discovery.

Why it applies: drill_program_type is "resource"

CD-854Santa Helena Central · goldGrade: 2.5Grade Unit: g/tIntercept: 10.7 mView all details
Link to this fact

Identity

Hole ID
CD-854
Project
Santa Helena Central
Commodity
gold
Region
brazil
Reported Region
brazil
Ticker
MNO

Geometry

Grade
2.5
Grade Unit
g/t
Intercept
10.7 m
From
73 m
To
83.7 m
Intercept Depth
73 m

Classification

Program
resource
Sample Type
drill
Group ID
CD-854:73-83.7

QA/QC

QP Signed
Yes

Review

Needs Review
No
Interp. Status
scored
Historical
No

Dates

Event date
2026-08-13T00:00:00.000Z

Reasoning: This high-grade sub-interval within an infill drill hole confirms strong near-surface gold mineralization, further increasing confidence in the Santa Helena Central resource. The lack of true width, however, means the reported length is an apparent width.

Positive factors

  • Higher gold grades within a significant sub-interval
  • Infill drilling confirms near-surface mineralization, increasing resource confidence
  • QP/CP signed off on the technical information, increasing credibility

Negative factors

  • True width not stated, so apparent width may overstate true thickness

Evidence · text

“Incl. 10.7m @ 2.5g/t Au, 2.4% Cu, 76.7g/t Ag & 11.7% Zn from 73.0m”

Tags used in scoring

No QA/QC Disclosurenegative

Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document.

Why it applies: qaqc_disclosed is not true

Cut-off Undisclosednegative

High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff_grade was stated

Infill Drillingneutral

Confirmatory drilling to raise resource confidence, not new discovery.

Why it applies: drill_program_type is "resource"

CD-854Santa Helena Central · copperGrade: 2.4Grade Unit: %Intercept: 10.7 mView all details
Link to this fact

Identity

Hole ID
CD-854
Project
Santa Helena Central
Commodity
copper
Region
brazil
Reported Region
brazil
Ticker
MNO

Geometry

Grade
2.4
Grade Unit
%
Intercept
10.7 m
From
73 m
To
83.7 m
Intercept Depth
73 m

Classification

Program
resource
Sample Type
drill
Group ID
CD-854:73-83.7

QA/QC

QP Signed
Yes

Review

Needs Review
No
Interp. Status
scored
Historical
No

Dates

Event date
2026-08-13T00:00:00.000Z

Reasoning: This high-grade sub-interval within an infill drill hole confirms strong near-surface copper mineralization, further increasing confidence in the Santa Helena Central resource. The lack of true width, however, means the reported length is an apparent width.

Positive factors

  • Higher copper grades within a significant sub-interval
  • Infill drilling confirms near-surface mineralization, increasing resource confidence
  • QP/CP signed off on the technical information, increasing credibility

Negative factors

  • True width not stated, so apparent width may overstate true thickness

Evidence · text

“Incl. 10.7m @ 2.5g/t Au, 2.4% Cu, 76.7g/t Ag & 11.7% Zn from 73.0m”

Tags used in scoring

No QA/QC Disclosurenegative

Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document.

Why it applies: qaqc_disclosed is not true

Cut-off Undisclosednegative

High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff_grade was stated

Infill Drillingneutral

Confirmatory drilling to raise resource confidence, not new discovery.

Why it applies: drill_program_type is "resource"

CD-854Santa Helena Central · silverGrade: 76.7Grade Unit: g/tIntercept: 10.7 mView all details
Link to this fact

Identity

Hole ID
CD-854
Project
Santa Helena Central
Commodity
silver
Region
brazil
Reported Region
brazil
Ticker
MNO

Geometry

Grade
76.7
Grade Unit
g/t
Intercept
10.7 m
From
73 m
To
83.7 m
Intercept Depth
73 m

Classification

Program
resource
Sample Type
drill
Group ID
CD-854:73-83.7

QA/QC

QP Signed
Yes

Review

Needs Review
No
Interp. Status
scored
Historical
No

Dates

Event date
2026-08-13T00:00:00.000Z

Reasoning: This high-grade sub-interval within an infill drill hole confirms strong near-surface silver mineralization, further increasing confidence in the Santa Helena Central resource. The lack of true width, however, means the reported length is an apparent width.

Positive factors

  • Higher silver grades within a significant sub-interval
  • Infill drilling confirms near-surface mineralization, increasing resource confidence
  • QP/CP signed off on the technical information, increasing credibility

Negative factors

  • True width not stated, so apparent width may overstate true thickness

Evidence · text

“Incl. 10.7m @ 2.5g/t Au, 2.4% Cu, 76.7g/t Ag & 11.7% Zn from 73.0m”

Tags used in scoring

No QA/QC Disclosurenegative

Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document.

Why it applies: qaqc_disclosed is not true

Cut-off Undisclosednegative

High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff_grade was stated

Infill Drillingneutral

Confirmatory drilling to raise resource confidence, not new discovery.

Why it applies: drill_program_type is "resource"

CD-854Santa Helena Central · zincGrade: 11.7Grade Unit: %Intercept: 10.7 mView all details
Link to this fact

Identity

Hole ID
CD-854
Project
Santa Helena Central
Commodity
zinc
Region
brazil
Reported Region
brazil
Ticker
MNO

Geometry

Grade
11.7
Grade Unit
%
Intercept
10.7 m
From
73 m
To
83.7 m
Intercept Depth
73 m

Classification

Program
resource
Sample Type
drill
Group ID
CD-854:73-83.7

QA/QC

QP Signed
Yes

Review

Needs Review
No
Interp. Status
scored
Historical
No

Dates

Event date
2026-08-13T00:00:00.000Z

Reasoning: This high-grade sub-interval within an infill drill hole confirms strong near-surface zinc mineralization, further increasing confidence in the Santa Helena Central resource. The lack of true width, however, means the reported length is an apparent width.

Positive factors

  • Higher zinc grades within a significant sub-interval
  • Infill drilling confirms near-surface mineralization, increasing resource confidence
  • QP/CP signed off on the technical information, increasing credibility

Negative factors

  • True width not stated, so apparent width may overstate true thickness

Evidence · text

“Incl. 10.7m @ 2.5g/t Au, 2.4% Cu, 76.7g/t Ag & 11.7% Zn from 73.0m”

Tags used in scoring

No QA/QC Disclosurenegative

Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document.

Why it applies: qaqc_disclosed is not true

Cut-off Undisclosednegative

High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff_grade was stated

Infill Drillingneutral

Confirmatory drilling to raise resource confidence, not new discovery.

Why it applies: drill_program_type is "resource"

CD-853Santa Helena Central · goldGrade: 1.5Grade Unit: g/tIntercept: 14.8 mView all details
Link to this fact

Identity

Hole ID
CD-853
Project
Santa Helena Central
Commodity
gold
Region
brazil
Reported Region
brazil
Ticker
MNO

Geometry

Grade
1.5
Grade Unit
g/t
Intercept
14.8 m
From
29.7 m
To
44.5 m
Intercept Depth
29.7 m

Classification

Program
resource
Sample Type
drill
Group ID
CD-853:29.7-44.5

QA/QC

QP Signed
Yes

Review

Needs Review
No
Interp. Status
scored
Historical
No

Dates

Event date
2026-08-13T00:00:00.000Z

Reasoning: This infill drill intercept confirms near-surface gold mineralization with good grades and width, contributing to increased confidence in the Santa Helena Central resource. The lack of true width, however, means the reported length is an apparent width.

Positive factors

  • Good gold grades over a significant width
  • Infill drilling confirms near-surface mineralization, increasing resource confidence
  • QP/CP signed off on the technical information, increasing credibility

Negative factors

  • True width not stated, so apparent width may overstate true thickness

Evidence · text

“CD-853: 14.8m @ 1.5g/t Au, 1.6% Cu, 41.9g/t Ag & 5.8% Zn from 29.7m”

Tags used in scoring

No QA/QC Disclosurenegative

Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document.

Why it applies: qaqc_disclosed is not true

Cut-off Undisclosednegative

High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff_grade was stated

Infill Drillingneutral

Confirmatory drilling to raise resource confidence, not new discovery.

Why it applies: drill_program_type is "resource"

CD-853Santa Helena Central · copperGrade: 1.6Grade Unit: %Intercept: 14.8 mView all details
Link to this fact

Identity

Hole ID
CD-853
Project
Santa Helena Central
Commodity
copper
Region
brazil
Reported Region
brazil
Ticker
MNO

Geometry

Grade
1.6
Grade Unit
%
Intercept
14.8 m
From
29.7 m
To
44.5 m
Intercept Depth
29.7 m

Classification

Program
resource
Sample Type
drill
Group ID
CD-853:29.7-44.5

QA/QC

QP Signed
Yes

Review

Needs Review
No
Interp. Status
scored
Historical
No

Dates

Event date
2026-08-13T00:00:00.000Z

Reasoning: This infill drill intercept confirms near-surface copper mineralization with good grades and width, contributing to increased confidence in the Santa Helena Central resource. The lack of true width, however, means the reported length is an apparent width.

Positive factors

  • Good copper grades over a significant width
  • Infill drilling confirms near-surface mineralization, increasing resource confidence
  • QP/CP signed off on the technical information, increasing credibility

Negative factors

  • True width not stated, so apparent width may overstate true thickness

Evidence · text

“CD-853: 14.8m @ 1.5g/t Au, 1.6% Cu, 41.9g/t Ag & 5.8% Zn from 29.7m”

Tags used in scoring

No QA/QC Disclosurenegative

Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document.

Why it applies: qaqc_disclosed is not true

Cut-off Undisclosednegative

High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff_grade was stated

Infill Drillingneutral

Confirmatory drilling to raise resource confidence, not new discovery.

Why it applies: drill_program_type is "resource"

CD-853Santa Helena Central · silverGrade: 41.9Grade Unit: g/tIntercept: 14.8 mView all details
Link to this fact

Identity

Hole ID
CD-853
Project
Santa Helena Central
Commodity
silver
Region
brazil
Reported Region
brazil
Ticker
MNO

Geometry

Grade
41.9
Grade Unit
g/t
Intercept
14.8 m
From
29.7 m
To
44.5 m
Intercept Depth
29.7 m

Classification

Program
resource
Sample Type
drill
Group ID
CD-853:29.7-44.5

QA/QC

QP Signed
Yes

Review

Needs Review
No
Interp. Status
scored
Historical
No

Dates

Event date
2026-08-13T00:00:00.000Z

Reasoning: This infill drill intercept confirms near-surface silver mineralization with good grades and width, contributing to increased confidence in the Santa Helena Central resource. The lack of true width, however, means the reported length is an apparent width.

Positive factors

  • Good silver grades over a significant width
  • Infill drilling confirms near-surface mineralization, increasing resource confidence
  • QP/CP signed off on the technical information, increasing credibility

Negative factors

  • True width not stated, so apparent width may overstate true thickness

Evidence · text

“CD-853: 14.8m @ 1.5g/t Au, 1.6% Cu, 41.9g/t Ag & 5.8% Zn from 29.7m”

Tags used in scoring

No QA/QC Disclosurenegative

Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document.

Why it applies: qaqc_disclosed is not true

Cut-off Undisclosednegative

High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff_grade was stated

Infill Drillingneutral

Confirmatory drilling to raise resource confidence, not new discovery.

Why it applies: drill_program_type is "resource"

CD-853Santa Helena Central · zincGrade: 5.8Grade Unit: %Intercept: 14.8 mView all details
Link to this fact

Identity

Hole ID
CD-853
Project
Santa Helena Central
Commodity
zinc
Region
brazil
Reported Region
brazil
Ticker
MNO

Geometry

Grade
5.8
Grade Unit
%
Intercept
14.8 m
From
29.7 m
To
44.5 m
Intercept Depth
29.7 m

Classification

Program
resource
Sample Type
drill
Group ID
CD-853:29.7-44.5

QA/QC

QP Signed
Yes

Review

Needs Review
No
Interp. Status
scored
Historical
No

Dates

Event date
2026-08-13T00:00:00.000Z

Reasoning: This infill drill intercept confirms near-surface zinc mineralization with good grades and width, contributing to increased confidence in the Santa Helena Central resource. The lack of true width, however, means the reported length is an apparent width.

Positive factors

  • Good zinc grades over a significant width
  • Infill drilling confirms near-surface mineralization, increasing resource confidence
  • QP/CP signed off on the technical information, increasing credibility

Negative factors

  • True width not stated, so apparent width may overstate true thickness

Evidence · text

“CD-853: 14.8m @ 1.5g/t Au, 1.6% Cu, 41.9g/t Ag & 5.8% Zn from 29.7m”

Tags used in scoring

No QA/QC Disclosurenegative

Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document.

Why it applies: qaqc_disclosed is not true

Cut-off Undisclosednegative

High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff_grade was stated

Infill Drillingneutral

Confirmatory drilling to raise resource confidence, not new discovery.

Why it applies: drill_program_type is "resource"

CD-853Santa Helena Central · goldGrade: 2.8Grade Unit: g/tIntercept: 6.9 mView all details
Link to this fact

Identity

Hole ID
CD-853
Project
Santa Helena Central
Commodity
gold
Region
brazil
Reported Region
brazil
Ticker
MNO

Geometry

Grade
2.8
Grade Unit
g/t
Intercept
6.9 m
From
32.8 m
To
39.7 m
Intercept Depth
32.8 m

Classification

Program
resource
Sample Type
drill
Group ID
CD-853:32.8-39.7

QA/QC

QP Signed
Yes

Review

Needs Review
No
Interp. Status
scored
Historical
No

Dates

Event date
2026-08-13T00:00:00.000Z

Reasoning: This high-grade sub-interval within an infill drill hole confirms strong near-surface gold mineralization, further increasing confidence in the Santa Helena Central resource. The lack of true width, however, means the reported length is an apparent width.

Positive factors

  • Higher gold grades within a significant sub-interval
  • Infill drilling confirms near-surface mineralization, increasing resource confidence
  • QP/CP signed off on the technical information, increasing credibility

Negative factors

  • True width not stated, so apparent width may overstate true thickness

Evidence · text

“Incl. 6.9m @ 2.8g/t Au, 3.2% Cu, 78.0g/t Ag & 10.3% Zn from 32.8m”

Tags used in scoring

No QA/QC Disclosurenegative

Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document.

Why it applies: qaqc_disclosed is not true

Cut-off Undisclosednegative

High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff_grade was stated

Infill Drillingneutral

Confirmatory drilling to raise resource confidence, not new discovery.

Why it applies: drill_program_type is "resource"

CD-853Santa Helena Central · copperGrade: 3.2Grade Unit: %Intercept: 6.9 mView all details
Link to this fact

Identity

Hole ID
CD-853
Project
Santa Helena Central
Commodity
copper
Region
brazil
Reported Region
brazil
Ticker
MNO

Geometry

Grade
3.2
Grade Unit
%
Intercept
6.9 m
From
32.8 m
To
39.7 m
Intercept Depth
32.8 m

Classification

Program
resource
Sample Type
drill
Group ID
CD-853:32.8-39.7

QA/QC

QP Signed
Yes

Review

Needs Review
No
Interp. Status
scored
Historical
No

Dates

Event date
2026-08-13T00:00:00.000Z

Reasoning: This high-grade sub-interval within an infill drill hole confirms strong near-surface copper mineralization, further increasing confidence in the Santa Helena Central resource. The lack of true width, however, means the reported length is an apparent width.

Positive factors

  • Higher copper grades within a significant sub-interval
  • Infill drilling confirms near-surface mineralization, increasing resource confidence
  • QP/CP signed off on the technical information, increasing credibility

Negative factors

  • True width not stated, so apparent width may overstate true thickness

Evidence · text

“Incl. 6.9m @ 2.8g/t Au, 3.2% Cu, 78.0g/t Ag & 10.3% Zn from 32.8m”

Tags used in scoring

No QA/QC Disclosurenegative

Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document.

Why it applies: qaqc_disclosed is not true

Cut-off Undisclosednegative

High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff_grade was stated

Infill Drillingneutral

Confirmatory drilling to raise resource confidence, not new discovery.

Why it applies: drill_program_type is "resource"

CD-853Santa Helena Central · silverGrade: 78Grade Unit: g/tIntercept: 6.9 mView all details
Link to this fact

Identity

Hole ID
CD-853
Project
Santa Helena Central
Commodity
silver
Region
brazil
Reported Region
brazil
Ticker
MNO

Geometry

Grade
78
Grade Unit
g/t
Intercept
6.9 m
From
32.8 m
To
39.7 m
Intercept Depth
32.8 m

Classification

Program
resource
Sample Type
drill
Group ID
CD-853:32.8-39.7

QA/QC

QP Signed
Yes

Review

Needs Review
No
Interp. Status
scored
Historical
No

Dates

Event date
2026-08-13T00:00:00.000Z

Reasoning: This high-grade sub-interval within an infill drill hole confirms strong near-surface silver mineralization, further increasing confidence in the Santa Helena Central resource. The lack of true width, however, means the reported length is an apparent width.

Positive factors

  • Higher silver grades within a significant sub-interval
  • Infill drilling confirms near-surface mineralization, increasing resource confidence
  • QP/CP signed off on the technical information, increasing credibility

Negative factors

  • True width not stated, so apparent width may overstate true thickness

Evidence · text

“Incl. 6.9m @ 2.8g/t Au, 3.2% Cu, 78.0g/t Ag & 10.3% Zn from 32.8m”

Tags used in scoring

No QA/QC Disclosurenegative

Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document.

Why it applies: qaqc_disclosed is not true

Cut-off Undisclosednegative

High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff_grade was stated

Infill Drillingneutral

Confirmatory drilling to raise resource confidence, not new discovery.

Why it applies: drill_program_type is "resource"

CD-853Santa Helena Central · zincGrade: 10.3Grade Unit: %Intercept: 6.9 mView all details
Link to this fact

Identity

Hole ID
CD-853
Project
Santa Helena Central
Commodity
zinc
Region
brazil
Reported Region
brazil
Ticker
MNO

Geometry

Grade
10.3
Grade Unit
%
Intercept
6.9 m
From
32.8 m
To
39.7 m
Intercept Depth
32.8 m

Classification

Program
resource
Sample Type
drill
Group ID
CD-853:32.8-39.7

QA/QC

QP Signed
Yes

Review

Needs Review
No
Interp. Status
scored
Historical
No

Dates

Event date
2026-08-13T00:00:00.000Z

Reasoning: This high-grade sub-interval within an infill drill hole confirms strong near-surface zinc mineralization, further increasing confidence in the Santa Helena Central resource. The lack of true width, however, means the reported length is an apparent width.

Positive factors

  • Higher zinc grades within a significant sub-interval
  • Infill drilling confirms near-surface mineralization, increasing resource confidence
  • QP/CP signed off on the technical information, increasing credibility

Negative factors

  • True width not stated, so apparent width may overstate true thickness

Evidence · text

“Incl. 6.9m @ 2.8g/t Au, 3.2% Cu, 78.0g/t Ag & 10.3% Zn from 32.8m”

Tags used in scoring

No QA/QC Disclosurenegative

Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document.

Why it applies: qaqc_disclosed is not true

Cut-off Undisclosednegative

High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff_grade was stated

Infill Drillingneutral

Confirmatory drilling to raise resource confidence, not new discovery.

Why it applies: drill_program_type is "resource"

CD-849Santa Helena Central · goldGrade: 2.2Grade Unit: g/tIntercept: 11.7 mView all details
Link to this fact

Identity

Hole ID
CD-849
Project
Santa Helena Central
Commodity
gold
Region
brazil
Reported Region
brazil
Ticker
MNO

Geometry

Grade
2.2
Grade Unit
g/t
Intercept
11.7 m
From
46.4 m
To
58.1 m
Intercept Depth
46.4 m

Classification

Program
resource
Sample Type
drill
Group ID
CD-849:46.4-58.1

QA/QC

QP Signed
Yes

Review

Needs Review
No
Interp. Status
scored
Historical
No

Dates

Event date
2026-08-13T00:00:00.000Z

Reasoning: This infill drill intercept confirms near-surface gold mineralization with good grades and width, contributing to increased confidence in the Santa Helena Central resource. The lack of true width, however, means the reported length is an apparent width.

Positive factors

  • Good gold grades over a significant width
  • Infill drilling confirms near-surface mineralization, increasing resource confidence
  • QP/CP signed off on the technical information, increasing credibility

Negative factors

  • True width not stated, so apparent width may overstate true thickness

Evidence · text

“CD-849: 11.7m @ 2.2g/t Au, 1.8% Cu, 50.3g/t Ag & 3.9% Zn from 46.4m”

Tags used in scoring

No QA/QC Disclosurenegative

Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document.

Why it applies: qaqc_disclosed is not true

Cut-off Undisclosednegative

High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff_grade was stated

Infill Drillingneutral

Confirmatory drilling to raise resource confidence, not new discovery.

Why it applies: drill_program_type is "resource"

CD-849Santa Helena Central · copperGrade: 1.8Grade Unit: %Intercept: 11.7 mView all details
Link to this fact

Identity

Hole ID
CD-849
Project
Santa Helena Central
Commodity
copper
Region
brazil
Reported Region
brazil
Ticker
MNO

Geometry

Grade
1.8
Grade Unit
%
Intercept
11.7 m
From
46.4 m
To
58.1 m
Intercept Depth
46.4 m

Classification

Program
resource
Sample Type
drill
Group ID
CD-849:46.4-58.1

QA/QC

QP Signed
Yes

Review

Needs Review
No
Interp. Status
scored
Historical
No

Dates

Event date
2026-08-13T00:00:00.000Z

Reasoning: This infill drill intercept confirms near-surface copper mineralization with good grades and width, contributing to increased confidence in the Santa Helena Central resource. The lack of true width, however, means the reported length is an apparent width.

Positive factors

  • Good copper grades over a significant width
  • Infill drilling confirms near-surface mineralization, increasing resource confidence
  • QP/CP signed off on the technical information, increasing credibility

Negative factors

  • True width not stated, so apparent width may overstate true thickness

Evidence · text

“CD-849: 11.7m @ 2.2g/t Au, 1.8% Cu, 50.3g/t Ag & 3.9% Zn from 46.4m”

Tags used in scoring

No QA/QC Disclosurenegative

Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document.

Why it applies: qaqc_disclosed is not true

Cut-off Undisclosednegative

High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff_grade was stated

Infill Drillingneutral

Confirmatory drilling to raise resource confidence, not new discovery.

Why it applies: drill_program_type is "resource"

CD-849Santa Helena Central · silverGrade: 50.3Grade Unit: g/tIntercept: 11.7 mView all details
Link to this fact

Identity

Hole ID
CD-849
Project
Santa Helena Central
Commodity
silver
Region
brazil
Reported Region
brazil
Ticker
MNO

Geometry

Grade
50.3
Grade Unit
g/t
Intercept
11.7 m
From
46.4 m
To
58.1 m
Intercept Depth
46.4 m

Classification

Program
resource
Sample Type
drill
Group ID
CD-849:46.4-58.1

QA/QC

QP Signed
Yes

Review

Needs Review
No
Interp. Status
scored
Historical
No

Dates

Event date
2026-08-13T00:00:00.000Z

Reasoning: This infill drill intercept confirms near-surface silver mineralization with good grades and width, contributing to increased confidence in the Santa Helena Central resource. The lack of true width, however, means the reported length is an apparent width.

Positive factors

  • Good silver grades over a significant width
  • Infill drilling confirms near-surface mineralization, increasing resource confidence
  • QP/CP signed off on the technical information, increasing credibility

Negative factors

  • True width not stated, so apparent width may overstate true thickness

Evidence · text

“CD-849: 11.7m @ 2.2g/t Au, 1.8% Cu, 50.3g/t Ag & 3.9% Zn from 46.4m”

Tags used in scoring

No QA/QC Disclosurenegative

Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document.

Why it applies: qaqc_disclosed is not true

Cut-off Undisclosednegative

High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff_grade was stated

Infill Drillingneutral

Confirmatory drilling to raise resource confidence, not new discovery.

Why it applies: drill_program_type is "resource"

CD-849Santa Helena Central · zincGrade: 3.9Grade Unit: %Intercept: 11.7 mView all details
Link to this fact

Identity

Hole ID
CD-849
Project
Santa Helena Central
Commodity
zinc
Region
brazil
Reported Region
brazil
Ticker
MNO

Geometry

Grade
3.9
Grade Unit
%
Intercept
11.7 m
From
46.4 m
To
58.1 m
Intercept Depth
46.4 m

Classification

Program
resource
Sample Type
drill
Group ID
CD-849:46.4-58.1

QA/QC

QP Signed
Yes

Review

Needs Review
No
Interp. Status
scored
Historical
No

Dates

Event date
2026-08-13T00:00:00.000Z

Reasoning: This infill drill intercept confirms near-surface zinc mineralization with good grades and width, contributing to increased confidence in the Santa Helena Central resource. The lack of true width, however, means the reported length is an apparent width.

Positive factors

  • Good zinc grades over a significant width
  • Infill drilling confirms near-surface mineralization, increasing resource confidence
  • QP/CP signed off on the technical information, increasing credibility

Negative factors

  • True width not stated, so apparent width may overstate true thickness

Evidence · text

“CD-849: 11.7m @ 2.2g/t Au, 1.8% Cu, 50.3g/t Ag & 3.9% Zn from 46.4m”

Tags used in scoring

No QA/QC Disclosurenegative

Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document.

Why it applies: qaqc_disclosed is not true

Cut-off Undisclosednegative

High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff_grade was stated

Infill Drillingneutral

Confirmatory drilling to raise resource confidence, not new discovery.

Why it applies: drill_program_type is "resource"

CD-849Santa Helena Central · goldGrade: 4.5Grade Unit: g/tIntercept: 5.3 mView all details
Link to this fact

Identity

Hole ID
CD-849
Project
Santa Helena Central
Commodity
gold
Region
brazil
Reported Region
brazil
Ticker
MNO

Geometry

Grade
4.5
Grade Unit
g/t
Intercept
5.3 m
From
47.4 m
To
52.7 m
Intercept Depth
47.4 m

Classification

Program
resource
Sample Type
drill
Group ID
CD-849:47.4-52.7

QA/QC

QP Signed
Yes

Review

Needs Review
No
Interp. Status
scored
Historical
No

Dates

Event date
2026-08-13T00:00:00.000Z

Reasoning: This high-grade sub-interval within an infill drill hole confirms strong near-surface gold mineralization, further increasing confidence in the Santa Helena Central resource. The lack of true width, however, means the reported length is an apparent width.

Positive factors

  • Higher gold grades within a significant sub-interval
  • Infill drilling confirms near-surface mineralization, increasing resource confidence
  • QP/CP signed off on the technical information, increasing credibility

Negative factors

  • True width not stated, so apparent width may overstate true thickness

Evidence · text

“Incl. 5.3m @ 4.5g/t Au, 3.9% Cu, 103.7g/t Ag & 7.7% Zn from 47.4m”

Tags used in scoring

No QA/QC Disclosurenegative

Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document.

Why it applies: qaqc_disclosed is not true

Cut-off Undisclosednegative

High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff_grade was stated

Infill Drillingneutral

Confirmatory drilling to raise resource confidence, not new discovery.

Why it applies: drill_program_type is "resource"

CD-849Santa Helena Central · copperGrade: 3.9Grade Unit: %Intercept: 5.3 mView all details
Link to this fact

Identity

Hole ID
CD-849
Project
Santa Helena Central
Commodity
copper
Region
brazil
Reported Region
brazil
Ticker
MNO

Geometry

Grade
3.9
Grade Unit
%
Intercept
5.3 m
From
47.4 m
To
52.7 m
Intercept Depth
47.4 m

Classification

Program
resource
Sample Type
drill
Group ID
CD-849:47.4-52.7

QA/QC

QP Signed
Yes

Review

Needs Review
No
Interp. Status
scored
Historical
No

Dates

Event date
2026-08-13T00:00:00.000Z

Reasoning: This high-grade sub-interval within an infill drill hole confirms strong near-surface copper mineralization, further increasing confidence in the Santa Helena Central resource. The lack of true width, however, means the reported length is an apparent width.

Positive factors

  • Higher copper grades within a significant sub-interval
  • Infill drilling confirms near-surface mineralization, increasing resource confidence
  • QP/CP signed off on the technical information, increasing credibility

Negative factors

  • True width not stated, so apparent width may overstate true thickness

Evidence · text

“Incl. 5.3m @ 4.5g/t Au, 3.9% Cu, 103.7g/t Ag & 7.7% Zn from 47.4m”

Tags used in scoring

No QA/QC Disclosurenegative

Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document.

Why it applies: qaqc_disclosed is not true

Cut-off Undisclosednegative

High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff_grade was stated

Infill Drillingneutral

Confirmatory drilling to raise resource confidence, not new discovery.

Why it applies: drill_program_type is "resource"

CD-849Santa Helena Central · silverGrade: 103.7Grade Unit: g/tIntercept: 5.3 mView all details
Link to this fact

Identity

Hole ID
CD-849
Project
Santa Helena Central
Commodity
silver
Region
brazil
Reported Region
brazil
Ticker
MNO

Geometry

Grade
103.7
Grade Unit
g/t
Intercept
5.3 m
From
47.4 m
To
52.7 m
Intercept Depth
47.4 m

Classification

Program
resource
Sample Type
drill
Group ID
CD-849:47.4-52.7

QA/QC

QP Signed
Yes

Review

Needs Review
No
Interp. Status
scored
Historical
No

Dates

Event date
2026-08-13T00:00:00.000Z

Reasoning: This high-grade sub-interval within an infill drill hole confirms strong near-surface silver mineralization, further increasing confidence in the Santa Helena Central resource. The lack of true width, however, means the reported length is an apparent width.

Positive factors

  • Higher silver grades within a significant sub-interval
  • Infill drilling confirms near-surface mineralization, increasing resource confidence
  • QP/CP signed off on the technical information, increasing credibility

Negative factors

  • True width not stated, so apparent width may overstate true thickness

Evidence · text

“Incl. 5.3m @ 4.5g/t Au, 3.9% Cu, 103.7g/t Ag & 7.7% Zn from 47.4m”

Tags used in scoring

No QA/QC Disclosurenegative

Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document.

Why it applies: qaqc_disclosed is not true

Cut-off Undisclosednegative

High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff_grade was stated

Infill Drillingneutral

Confirmatory drilling to raise resource confidence, not new discovery.

Why it applies: drill_program_type is "resource"

CD-849Santa Helena Central · zincGrade: 7.7Grade Unit: %Intercept: 5.3 mView all details
Link to this fact

Identity

Hole ID
CD-849
Project
Santa Helena Central
Commodity
zinc
Region
brazil
Reported Region
brazil
Ticker
MNO

Geometry

Grade
7.7
Grade Unit
%
Intercept
5.3 m
From
47.4 m
To
52.7 m
Intercept Depth
47.4 m

Classification

Program
resource
Sample Type
drill
Group ID
CD-849:47.4-52.7

QA/QC

QP Signed
Yes

Review

Needs Review
No
Interp. Status
scored
Historical
No

Dates

Event date
2026-08-13T00:00:00.000Z

Reasoning: This high-grade sub-interval within an infill drill hole confirms strong near-surface zinc mineralization, further increasing confidence in the Santa Helena Central resource. The lack of true width, however, means the reported length is an apparent width.

Positive factors

  • Higher zinc grades within a significant sub-interval
  • Infill drilling confirms near-surface mineralization, increasing resource confidence
  • QP/CP signed off on the technical information, increasing credibility

Negative factors

  • True width not stated, so apparent width may overstate true thickness

Evidence · text

“Incl. 5.3m @ 4.5g/t Au, 3.9% Cu, 103.7g/t Ag & 7.7% Zn from 47.4m”

Tags used in scoring

No QA/QC Disclosurenegative

Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document.

Why it applies: qaqc_disclosed is not true

Cut-off Undisclosednegative

High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff_grade was stated

Infill Drillingneutral

Confirmatory drilling to raise resource confidence, not new discovery.

Why it applies: drill_program_type is "resource"

Resource Estimates (8)

indicatedCabaçal · goldTonnes: 70100000Grade: 0.6Grade Unit: g/tView all details
Link to this fact

Identity

Project
Cabaçal
Commodity
gold
Region
brazil
Reported Region
Mato Grosso, Brazil
Ticker
MNO

Resource scope

Estimate type
resource
Reporting standards
ni_43_101
QP Signed
Yes
Qualified person names
Erich Marques
Resource group id
resource:eb940c0f021b79a20a03

Resource Data

Category
indicated
Tonnes
70100000
Grade
0.6
Grade Unit
g/t

Prior Estimate

Resource Date
2026-01-20

Review

Needs Review
No
Historical
No

Dates

Event date
2026-08-13T00:00:00.000Z

Reasoning: The Cabaçal M&I resource update shows a substantial tonnage and contained metal, indicating project growth. However, the grades are lower than the prior PFS reserve, and the lack of a disclosed cut-off grade for this MRE reduces transparency and comparability.

Positive factors

  • Significant tonnage and contained metal for a resource update
  • Resource is open-pittable, suggesting lower operating costs
  • QP/CP signed off on the estimate, increasing credibility

Negative factors

  • Cut-off grade for the MRE is undisclosed, limiting comparability
  • Grades are lower than the previously reported PFS reserve estimate

Evidence · text

“M&I: 70.1Mt @ 0.6g/t Au, 0.3% Cu, 1.3g/t Ag”

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 Undisclosednegative

High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff_grade was 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

No Contained Metalnegative

Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained_metal was not reported

indicatedCabaçal · copperTonnes: 70100000Grade: 0.3Grade Unit: %View all details
Link to this fact

Identity

Project
Cabaçal
Commodity
copper
Region
brazil
Reported Region
Mato Grosso, Brazil
Ticker
MNO

Resource scope

Estimate type
resource
Reporting standards
ni_43_101
QP Signed
Yes
Qualified person names
Erich Marques
Resource group id
resource:eb940c0f021b79a20a03

Resource Data

Category
indicated
Tonnes
70100000
Grade
0.3
Grade Unit
%

Prior Estimate

Resource Date
2026-01-20

Review

Needs Review
No
Historical
No

Dates

Event date
2026-08-13T00:00:00.000Z

Reasoning: The Cabaçal M&I resource update shows a substantial tonnage and contained metal, indicating project growth. However, the grades are lower than the prior PFS reserve, and the lack of a disclosed cut-off grade for this MRE reduces transparency and comparability.

Positive factors

  • Significant tonnage and contained metal for a resource update
  • Resource is open-pittable, suggesting lower operating costs
  • QP/CP signed off on the estimate, increasing credibility

Negative factors

  • Cut-off grade for the MRE is undisclosed, limiting comparability
  • Grades are lower than the previously reported PFS reserve estimate

Evidence · text

“M&I: 70.1Mt @ 0.6g/t Au, 0.3% Cu, 1.3g/t Ag”

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 Undisclosednegative

High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff_grade was 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

No Contained Metalnegative

Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained_metal was not reported

indicatedCabaçal · silverTonnes: 70100000Grade: 1.3Grade Unit: g/tView all details
Link to this fact

Identity

Project
Cabaçal
Commodity
silver
Region
brazil
Reported Region
Mato Grosso, Brazil
Ticker
MNO

Resource scope

Estimate type
resource
Reporting standards
ni_43_101
QP Signed
Yes
Qualified person names
Erich Marques
Resource group id
resource:eb940c0f021b79a20a03

Resource Data

Category
indicated
Tonnes
70100000
Grade
1.3
Grade Unit
g/t

Prior Estimate

Resource Date
2026-01-20

Review

Needs Review
No
Historical
No

Dates

Event date
2026-08-13T00:00:00.000Z

Reasoning: The Cabaçal M&I resource update shows a substantial tonnage and contained metal, indicating project growth. However, the grades are lower than the prior PFS reserve, and the lack of a disclosed cut-off grade for this MRE reduces transparency and comparability.

Positive factors

  • Significant tonnage and contained metal for a resource update
  • Resource is open-pittable, suggesting lower operating costs
  • QP/CP signed off on the estimate, increasing credibility

Negative factors

  • Cut-off grade for the MRE is undisclosed, limiting comparability
  • Grades are lower than the previously reported PFS reserve estimate

Evidence · text

“M&I: 70.1Mt @ 0.6g/t Au, 0.3% Cu, 1.3g/t Ag”

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 Undisclosednegative

High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff_grade was 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

No Contained Metalnegative

Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained_metal was not reported

indicatedSanta Helena · goldTonnes: 5300000Grade: 0.6Grade Unit: g/tView all details
Link to this fact

Identity

Project
Santa Helena
Commodity
gold
Region
brazil
Reported Region
Mato Grosso, Brazil
Ticker
MNO

Resource scope

Estimate type
resource
Reporting standards
ni_43_101
QP Signed
Yes
Qualified person names
Erich Marques
Resource group id
resource:b938e98978d6b670d6b6

Resource Data

Category
indicated
Tonnes
5300000
Grade
0.6
Grade Unit
g/t

Prior Estimate

Resource Date
2026-01-20

Review

Needs Review
No
Historical
No

Dates

Event date
2026-08-13T00:00:00.000Z

Reasoning: The maiden M&I resource for Santa Helena Central establishes a new baseline for the project, indicating significant potential. The open-pittable nature is positive, but the undisclosed cut-off grade reduces transparency.

Positive factors

  • Maiden resource estimate establishes a baseline for the project
  • Resource is open-pittable, suggesting lower operating costs
  • QP/CP signed off on the estimate, increasing credibility

Negative factors

  • Cut-off grade for the MRE is undisclosed, limiting comparability

Evidence · text

“M&I: 5.3Mt @ 0.6g/t Au, 0.4% Cu, 15.5g/t Ag, 1.9% Zn & 0.4% Pb”

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 Undisclosednegative

High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff_grade was 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

No Contained Metalnegative

Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained_metal was not reported

indicatedSanta Helena · copperTonnes: 5300000Grade: 0.4Grade Unit: %View all details
Link to this fact

Identity

Project
Santa Helena
Commodity
copper
Region
brazil
Reported Region
Mato Grosso, Brazil
Ticker
MNO

Resource scope

Estimate type
resource
Reporting standards
ni_43_101
QP Signed
Yes
Qualified person names
Erich Marques
Resource group id
resource:b938e98978d6b670d6b6

Resource Data

Category
indicated
Tonnes
5300000
Grade
0.4
Grade Unit
%

Prior Estimate

Resource Date
2026-01-20

Review

Needs Review
No
Historical
No

Dates

Event date
2026-08-13T00:00:00.000Z

Reasoning: The maiden M&I resource for Santa Helena Central establishes a new baseline for the project, indicating significant potential. The open-pittable nature is positive, but the undisclosed cut-off grade reduces transparency.

Positive factors

  • Maiden resource estimate establishes a baseline for the project
  • Resource is open-pittable, suggesting lower operating costs
  • QP/CP signed off on the estimate, increasing credibility

Negative factors

  • Cut-off grade for the MRE is undisclosed, limiting comparability

Evidence · text

“M&I: 5.3Mt @ 0.6g/t Au, 0.4% Cu, 15.5g/t Ag, 1.9% Zn & 0.4% Pb”

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 Undisclosednegative

High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff_grade was 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

No Contained Metalnegative

Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained_metal was not reported

indicatedSanta Helena · silverTonnes: 5300000Grade: 15.5Grade Unit: g/tView all details
Link to this fact

Identity

Project
Santa Helena
Commodity
silver
Region
brazil
Reported Region
Mato Grosso, Brazil
Ticker
MNO

Resource scope

Estimate type
resource
Reporting standards
ni_43_101
QP Signed
Yes
Qualified person names
Erich Marques
Resource group id
resource:b938e98978d6b670d6b6

Resource Data

Category
indicated
Tonnes
5300000
Grade
15.5
Grade Unit
g/t

Prior Estimate

Resource Date
2026-01-20

Review

Needs Review
No
Historical
No

Dates

Event date
2026-08-13T00:00:00.000Z

Reasoning: The maiden M&I resource for Santa Helena Central establishes a new baseline for the project, indicating significant potential. The open-pittable nature is positive, but the undisclosed cut-off grade reduces transparency.

Positive factors

  • Maiden resource estimate establishes a baseline for the project
  • Resource is open-pittable, suggesting lower operating costs
  • QP/CP signed off on the estimate, increasing credibility

Negative factors

  • Cut-off grade for the MRE is undisclosed, limiting comparability

Evidence · text

“M&I: 5.3Mt @ 0.6g/t Au, 0.4% Cu, 15.5g/t Ag, 1.9% Zn & 0.4% Pb”

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 Undisclosednegative

High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff_grade was 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

No Contained Metalnegative

Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained_metal was not reported

indicatedSanta Helena · zincTonnes: 5300000Grade: 1.9Grade Unit: %View all details
Link to this fact

Identity

Project
Santa Helena
Commodity
zinc
Region
brazil
Reported Region
Mato Grosso, Brazil
Ticker
MNO

Resource scope

Estimate type
resource
Reporting standards
ni_43_101
QP Signed
Yes
Qualified person names
Erich Marques
Resource group id
resource:b938e98978d6b670d6b6

Resource Data

Category
indicated
Tonnes
5300000
Grade
1.9
Grade Unit
%

Prior Estimate

Resource Date
2026-01-20

Review

Needs Review
No
Historical
No

Dates

Event date
2026-08-13T00:00:00.000Z

Reasoning: The maiden M&I resource for Santa Helena Central establishes a new baseline for the project, indicating significant potential. The open-pittable nature is positive, but the undisclosed cut-off grade reduces transparency.

Positive factors

  • Maiden resource estimate establishes a baseline for the project
  • Resource is open-pittable, suggesting lower operating costs
  • QP/CP signed off on the estimate, increasing credibility

Negative factors

  • Cut-off grade for the MRE is undisclosed, limiting comparability

Evidence · text

“M&I: 5.3Mt @ 0.6g/t Au, 0.4% Cu, 15.5g/t Ag, 1.9% Zn & 0.4% Pb”

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 Undisclosednegative

High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff_grade was 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

No Contained Metalnegative

Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained_metal was not reported

indicatedSanta Helena · leadTonnes: 5300000Grade: 0.4Grade Unit: %View all details
Link to this fact

Identity

Project
Santa Helena
Commodity
lead
Region
brazil
Reported Region
Mato Grosso, Brazil
Ticker
MNO

Resource scope

Estimate type
resource
Reporting standards
ni_43_101
QP Signed
Yes
Qualified person names
Erich Marques
Resource group id
resource:b938e98978d6b670d6b6

Resource Data

Category
indicated
Tonnes
5300000
Grade
0.4
Grade Unit
%

Prior Estimate

Resource Date
2026-01-20

Review

Needs Review
No
Historical
No

Dates

Event date
2026-08-13T00:00:00.000Z

Reasoning: The maiden M&I resource for Santa Helena Central establishes a new baseline for the project, indicating significant potential. The open-pittable nature is positive, but the undisclosed cut-off grade reduces transparency.

Positive factors

  • Maiden resource estimate establishes a baseline for the project
  • Resource is open-pittable, suggesting lower operating costs
  • QP/CP signed off on the estimate, increasing credibility

Negative factors

  • Cut-off grade for the MRE is undisclosed, limiting comparability

Evidence · text

“M&I: 5.3Mt @ 0.6g/t Au, 0.4% Cu, 15.5g/t Ag, 1.9% Zn & 0.4% Pb”

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 Undisclosednegative

High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff_grade was 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

No Contained Metalnegative

Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained_metal was not reported

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.