Minera Alamos Updates Resources and Reserves for the Pan Gold Mine in Nevada
Original announcement by tmx on
- Company
- Minera Alamos Inc.
- Ticker
- MAI
- Exchange
- TSX
- Region
- Nevada
- Primary commodity
- Gold
- Secondary commodities
- None reported
- Document categories
- Resource update, Production
- Extracted
- 2026-09-14 10:57:43 UTC
Analysis by Minestarters Atlas
Minestarters Atlas analysis
Summary
Minera Alamos has released updated Mineral Resource and Mineral Reserve estimates for the Pan gold mine in Nevada, effective September 1, 2025. The update confirms Proven and Probable Reserves of 222 koz gold and a Mineral Resource including 240 koz of Measured and Indicated gold, maintaining a solid legacy of reserve replacement.
Reasoning: The update provides a baseline MRMR for the Pan mine following acquisition, showing stable reserves and resources with a conservative gold price assumption.
Positive factors
- Reserve replacement successful
- NI 43-101 compliant
- Open pit mining method suitable
- Gold price used for estimate ($2,600) is conservative vs current market
Negative factors
- Relatively unchanged compared to previous report
- High proportion of Inferred resource
Facts used in scoring: 5
Classification and evidence
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: The report is prepared in accordance with National Instrument 43-101.
Evidence · text
“prepared in accordance with National Instrument 43-101”
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: The resource estimate includes an Inferred component which is speculative.
Evidence · table
“0.32”
Context: 872
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: The cut-off grade of 0.1 g/t Au is clearly stated.
Evidence · text
“cut-off is 0.0029 oz/st Au (0.1 g/t Au)”
Extracted facts
Stored fact records: 5. Some facts used in scoring do not have a stored record.
Resource Estimates (5)
measuredPan mine · goldTonnes: 7798000Grade: 0.35Grade Unit: g/tContained Metal: 86Contained Unit: koz auView all detailsHide details
Identity
- Project
- Pan mine
- Commodity
- gold
- Region
- usa_nv
- Reported Region
- Nevada
- Ticker
- MAI
Resource scope
- Estimate type
- resource
- Effective date
- 2025-09-01T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Scott Zelligan
- Resource group id
- resource:4bd192e7a4faf5eebc37
- Deposit or zone
- Pan mine
- Mining method
- open_pit
- Ownership percent
- 100 %
- Resource basis
- gross
Resource Data
- Category
- measured
- Tonnes
- 7798000
- Grade
- 0.35
- Grade Unit
- g/t
- Contained Metal
- 86
- Contained Unit
- koz au
- Cutoff Grade
- 0.1
- Cutoff Unit
- g/t Au
Prior Estimate
- Resource Date
- 2025-09-01
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-03-05T00:00:00.000Z
Reasoning: Measured resource intercept at 0.35 g/t Au.
Positive factors
- Measured category provides high confidence
Evidence · table
“0.35”
Context: 7,798
Tags used in scoring
Measured Resourcepositive
Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves.
Why it applies: category is "measured"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
indicatedPan mine · goldTonnes: 14505000Grade: 0.33Grade Unit: g/tContained Metal: 154Contained Unit: koz auView all detailsHide details
Identity
- Project
- Pan mine
- Commodity
- gold
- Region
- usa_nv
- Reported Region
- Nevada
- Ticker
- MAI
Resource scope
- Estimate type
- resource
- Effective date
- 2025-09-01T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Scott Zelligan
- Resource group id
- resource:64afb093551b93e39fe1
- Deposit or zone
- Pan mine
- Mining method
- open_pit
- Ownership percent
- 100 %
- Resource basis
- gross
Resource Data
- Category
- indicated
- Tonnes
- 14505000
- Grade
- 0.33
- Grade Unit
- g/t
- Contained Metal
- 154
- Contained Unit
- koz au
- Cutoff Grade
- 0.1
- Cutoff Unit
- g/t Au
Prior Estimate
- Resource Date
- 2025-09-01
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-03-05T00:00:00.000Z
Reasoning: Indicated resource intercept at 0.33 g/t Au.
Positive factors
- Indicated category provides reasonable confidence
Evidence · table
“0.33”
Context: 14,505
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
inferredPan mine · goldTonnes: 872000Grade: 0.32Grade Unit: g/tContained Metal: 9Contained Unit: koz auView all detailsHide details
Identity
- Project
- Pan mine
- Commodity
- gold
- Region
- usa_nv
- Reported Region
- Nevada
- Ticker
- MAI
Resource scope
- Estimate type
- resource
- Effective date
- 2025-09-01T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Scott Zelligan
- Resource group id
- resource:a75506da4b17c73aece6
- Deposit or zone
- Pan mine
- Mining method
- open_pit
- Ownership percent
- 100 %
- Resource basis
- gross
Resource Data
- Category
- inferred
- Tonnes
- 872000
- Grade
- 0.32
- Grade Unit
- g/t
- Contained Metal
- 9
- Contained Unit
- koz au
- Cutoff Grade
- 0.1
- Cutoff Unit
- g/t Au
Prior Estimate
- Resource Date
- 2025-09-01
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-03-05T00:00:00.000Z
Reasoning: Inferred resource intercept at 0.32 g/t Au.
Negative factors
- Inferred category is speculative
Evidence · table
“0.32”
Context: 872
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
provenPan mine · goldTonnes: 7480000Grade: 0.33Grade Unit: g/tContained Metal: 80Contained Unit: koz auView all detailsHide details
Identity
- Project
- Pan mine
- Commodity
- gold
- Region
- usa_nv
- Reported Region
- Nevada
- Ticker
- MAI
Resource scope
- Estimate type
- reserve
- Effective date
- 2025-09-01T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Scott Zelligan
- Resource group id
- resource:41c4b5f8dad03f41d8c1
- Deposit or zone
- Pan mine
- Mining method
- open_pit
- Ownership percent
- 100 %
- Resource basis
- gross
Resource Data
- Category
- proven
- Tonnes
- 7480000
- Grade
- 0.33
- Grade Unit
- g/t
- Contained Metal
- 80
- Contained Unit
- koz au
- Cutoff Grade
- 0.1
- Cutoff Unit
- g/t Au
Prior Estimate
- Resource Date
- 2025-09-01
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-03-05T00:00:00.000Z
Reasoning: Proven reserve intercept at 0.33 g/t Au.
Positive factors
- Proven reserve provides highest economic confidence
Evidence · table
“0.33”
Context: 7,480
Tags used in scoring
Proven Reservepositive
Measured Resource with demonstrated economic viability after applying modifying factors.
Why it applies: category is "proven"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
probablePan mine · goldTonnes: 14119000Grade: 0.31Grade Unit: g/tContained Metal: 142Contained Unit: koz auView all detailsHide details
Identity
- Project
- Pan mine
- Commodity
- gold
- Region
- usa_nv
- Reported Region
- Nevada
- Ticker
- MAI
Resource scope
- Estimate type
- reserve
- Effective date
- 2025-09-01T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Scott Zelligan
- Resource group id
- resource:00de8db3840de9ee483d
- Deposit or zone
- Pan mine
- Mining method
- open_pit
- Ownership percent
- 100 %
- Resource basis
- gross
Resource Data
- Category
- probable
- Tonnes
- 14119000
- Grade
- 0.31
- Grade Unit
- g/t
- Contained Metal
- 142
- Contained Unit
- koz au
- Cutoff Grade
- 0.1
- Cutoff Unit
- g/t Au
Prior Estimate
- Resource Date
- 2025-09-01
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-03-05T00:00:00.000Z
Reasoning: Probable reserve intercept at 0.31 g/t Au.
Positive factors
- Probable reserve provides reasonable economic confidence
Evidence · table
“0.31”
Context: 14,119
Tags used in scoring
Probable Reservepositive
Indicated Resource with demonstrated economic viability after applying modifying factors.
Why it applies: category is "probable"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
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.