# Minera Alamos Updates Resources and Reserves for the Pan Gold Mine in Nevada Canonical Atlas analysis: https://atlas-extractions.minestarters.com/news/minera-alamos-updates-resources-and-reserves-for-the-pan-gold-mine-in-nevada--8a87840a-e611-4f04-827b-34dcfc284e67 Original source: https://money.tmx.com/en/quote/MAI/news/8194916728568058/minera-alamos-updates-resources-and-reserves-for-the-pan-gold-mine-in-nevada Publisher: tmx Original announcement: 2026-03-05T22:00:00.000Z Analysis by Minestarters Atlas Atlas analysis published: Unknown date Atlas analysis updated: Unknown date - 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 Narrative sentiment: 0.40 · Bullish ## Minestarters Atlas 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 factor: Reserve replacement successful - Positive factor: NI 43-101 compliant - Positive factor: Open pit mining method suitable - Positive factor: Gold price used for estimate \($2,600\) is conservative vs current market - Negative factor: Relatively unchanged compared to previous report - Negative factor: High proportion of Inferred resource Facts used in scoring: 5 ## Classification and evidence **NI 43-101 Compliant** Polarity: positive Definition: 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 Resource** Polarity: negative Definition: 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 Disclosed** Polarity: positive Definition: 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) ### measured [Link to this fact](https://atlas-extractions.minestarters.com/news/minera-alamos-updates-resources-and-reserves-for-the-pan-gold-mine-in-nevada--8a87840a-e611-4f04-827b-34dcfc284e67#fact-resource-facts-0) Pan mine · gold #### 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 factor: Measured category provides high confidence Evidence · table > 0.35 Context: 7,798 #### Tags used in scoring **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: category is "measured" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/minera-alamos-updates-resources-and-reserves-for-the-pan-gold-mine-in-nevada--8a87840a-e611-4f04-827b-34dcfc284e67#fact-resource-facts-1) Pan mine · gold #### 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 factor: Indicated category provides reasonable confidence Evidence · table > 0.33 Context: 14,505 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/minera-alamos-updates-resources-and-reserves-for-the-pan-gold-mine-in-nevada--8a87840a-e611-4f04-827b-34dcfc284e67#fact-resource-facts-2) Pan mine · gold #### 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 factor: Inferred category is speculative Evidence · table > 0.32 Context: 872 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports ### proven [Link to this fact](https://atlas-extractions.minestarters.com/news/minera-alamos-updates-resources-and-reserves-for-the-pan-gold-mine-in-nevada--8a87840a-e611-4f04-827b-34dcfc284e67#fact-resource-facts-3) Pan mine · gold #### 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 factor: Proven reserve provides highest economic confidence Evidence · table > 0.33 Context: 7,480 #### Tags used in scoring **Proven Reserve** Polarity: positive Definition: Measured Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "proven" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports ### probable [Link to this fact](https://atlas-extractions.minestarters.com/news/minera-alamos-updates-resources-and-reserves-for-the-pan-gold-mine-in-nevada--8a87840a-e611-4f04-827b-34dcfc284e67#fact-resource-facts-4) Pan mine · gold #### 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 factor: Probable reserve provides reasonable economic confidence Evidence · table > 0.31 Context: 14,119 #### Tags used in scoring **Probable Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "probable" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports ## 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.