Mineros Announces Updated Prefeasibility Study for the Porvenir Project and Highlights Emerging Porvenir Polymetallic District
Original announcement by tmx on
- Company
- Mineros S.A.
- Ticker
- MSA
- Exchange
- TSX
- Region
- Nicaragua
- Primary commodity
- Gold
- Secondary commodities
- Silver, Zinc, Copper
- Document categories
- Resource update, Economic study, Metallurgy
- Extracted
- 2026-09-18 10:58:40 UTC
Analysis by Minestarters Atlas
Minestarters Atlas analysis
Summary
Mineros S.A. announced an updated Prefeasibility Study (PFS) for its Porvenir polymetallic project in Nicaragua, reporting a post-tax NPV5% of $460 million, an IRR of 37.9%, and a 2.0-year payback. The study confirms Porvenir as a high-margin underground operation with a 9.2-year mine life and an initial capital cost of $206.8 million. The company also provided updated Mineral Resource and Reserve estimates for Porvenir and other deposits within the Hemco Property, reinforcing the district-scale potential.
Reasoning: Mineros announced a robust PFS for its Porvenir Project, highlighting strong economics with a high IRR and fast payback, alongside updated Mineral Resource and Reserve estimates that confirm district-scale potential. The study outlines an optimized polymetallic processing flowsheet and positions Porvenir as a cornerstone for future growth within the Hemco Property.
Positive factors
- Robust Economics
- District Scale Potential
- Updated Resources and Reserves
- Optimized Flowsheet
Negative factors
- Undisclosed Cost Basis
- Undisclosed TSF Type
Facts used in scoring: 70
Classification and evidence
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: A current resource fact retains the disclosed cut-off grade
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: The source explicitly discloses a revised resource estimate
Evidence · text
“updated Mineral Resource”
Mill Routeneutral
Processing via mill or concentrator (CIL, CIP, tank leach, flotation).
Why it applies: the document describes a flotation route ("flotation")
Extracted facts
Stored fact records: 69. Some facts used in scoring do not have a stored record.
Resource Estimates (69)
measuredPorvenir · goldTonnes: 159000Grade: 1.86Grade Unit: g/tContained Metal: 10Contained Unit: koz auView all detailsHide details
Identity
- Project
- Porvenir
- Commodity
- gold
- Region
- nicaragua
- Reported Region
- Nicaragua
- Ticker
- MSA
Resource scope
- Estimate type
- resource
- Effective date
- 2025-12-31T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Katharine M. Masun
- Resource group id
- resource:75171eaa73a0e92236f5
- Mining method
- underground
- Ownership percent
- 100 %
- Resource basis
- gross
Resource Data
- Category
- measured
- Tonnes
- 159000
- Grade
- 1.86
- Grade Unit
- g/t
- Contained Metal
- 10
- Contained Unit
- koz au
- Cutoff Grade
- 80
- Cutoff Unit
- $/t NSR
Prior Estimate
- Resource Date
- 2025-12-31
Metal Equivalent
- Metal Eq. Grade
- 2.39
- Metal Eq. Unit
- g/t AuEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- ALS Global Peru
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-03-31T00:00:00.000Z
Reasoning: The Porvenir Project reports 159 Kt of Measured Mineral Resources at 1.86 g/t Au, contributing to the overall resource base with high confidence.
Positive factors
- Measured Resource
- QP/CP Signed
Evidence · table
“1.86”
Context: 159
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: The resource is classified as Measured, indicating the highest level of confidence.
Evidence · table
“Measured”
Context: 159
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: The Mineral Resource estimate was prepared by Mineros S.A. and reviewed by SLR, with Katharine M. Masun, P.Geo., as the independent Qualified Person.
Evidence · text
“Katharine M. Masun, M.Sc., MSA, P.Geo., Principal Resource Geologist with SLR, is the independent Qualified Person responsible for the Mineral Resource estimate”
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
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
measuredPorvenir · silverTonnes: 159000Grade: 10.52Grade Unit: g/tContained Metal: 54Contained Unit: koz agView all detailsHide details
Identity
- Project
- Porvenir
- Commodity
- silver
- Region
- nicaragua
- Reported Region
- Nicaragua
- Ticker
- MSA
Resource scope
- Estimate type
- resource
- Effective date
- 2025-12-31T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Katharine M. Masun
- Resource group id
- resource:75171eaa73a0e92236f5
- Mining method
- underground
- Ownership percent
- 100 %
- Resource basis
- gross
Resource Data
- Category
- measured
- Tonnes
- 159000
- Grade
- 10.52
- Grade Unit
- g/t
- Contained Metal
- 54
- Contained Unit
- koz ag
- Cutoff Grade
- 80
- Cutoff Unit
- $/t NSR
Prior Estimate
- Resource Date
- 2025-12-31
Metal Equivalent
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- ALS Global Peru
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-03-31T00:00:00.000Z
Reasoning: The Porvenir Project reports 159 Kt of Measured Mineral Resources at 10.52 g/t Ag, contributing to the overall resource base with high confidence.
Positive factors
- Measured Resource
- QP/CP Signed
Evidence · table
“10.52”
Context: 159
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: The resource is classified as Measured, indicating the highest level of confidence.
Evidence · table
“Measured”
Context: 159
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: The Mineral Resource estimate was prepared by Mineros S.A. and reviewed by SLR, with Katharine M. Masun, P.Geo., as the independent Qualified Person.
Evidence · text
“Katharine M. Masun, M.Sc., MSA, P.Geo., Principal Resource Geologist with SLR, is the independent Qualified Person responsible for the Mineral Resource estimate”
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
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
measuredPorvenir · zincTonnes: 159000Grade: 1.82Grade Unit: %Contained Metal: 6Contained Unit: mlb znView all detailsHide details
Identity
- Project
- Porvenir
- Commodity
- zinc
- Region
- nicaragua
- Reported Region
- Nicaragua
- Ticker
- MSA
Resource scope
- Estimate type
- resource
- Effective date
- 2025-12-31T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Katharine M. Masun
- Resource group id
- resource:75171eaa73a0e92236f5
- Mining method
- underground
- Ownership percent
- 100 %
- Resource basis
- gross
Resource Data
- Category
- measured
- Tonnes
- 159000
- Grade
- 1.82
- Grade Unit
- %
- Contained Metal
- 6
- Contained Unit
- mlb zn
- Cutoff Grade
- 80
- Cutoff Unit
- $/t NSR
Prior Estimate
- Resource Date
- 2025-12-31
Metal Equivalent
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- ALS Global Peru
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-03-31T00:00:00.000Z
Reasoning: The Porvenir Project reports 159 Kt of Measured Mineral Resources at 1.82% Zn, contributing to the overall resource base with high confidence.
Positive factors
- Measured Resource
- QP/CP Signed
Evidence · table
“1.82”
Context: 159
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: The resource is classified as Measured, indicating the highest level of confidence.
Evidence · table
“Measured”
Context: 159
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: The Mineral Resource estimate was prepared by Mineros S.A. and reviewed by SLR, with Katharine M. Masun, P.Geo., as the independent Qualified Person.
Evidence · text
“Katharine M. Masun, M.Sc., MSA, P.Geo., Principal Resource Geologist with SLR, is the independent Qualified Person responsible for the Mineral Resource estimate”
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
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
measuredPorvenir · copperTonnes: 159000Grade: 0.43Grade Unit: %Contained Metal: 2Contained Unit: mlb cuView all detailsHide details
Identity
- Project
- Porvenir
- Commodity
- copper
- Region
- nicaragua
- Reported Region
- Nicaragua
- Ticker
- MSA
Resource scope
- Estimate type
- resource
- Effective date
- 2025-12-31T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Katharine M. Masun
- Resource group id
- resource:75171eaa73a0e92236f5
- Mining method
- underground
- Ownership percent
- 100 %
- Resource basis
- gross
Resource Data
- Category
- measured
- Tonnes
- 159000
- Grade
- 0.43
- Grade Unit
- %
- Contained Metal
- 2
- Contained Unit
- mlb cu
- Cutoff Grade
- 80
- Cutoff Unit
- $/t NSR
Prior Estimate
- Resource Date
- 2025-12-31
Metal Equivalent
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- ALS Global Peru
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-03-31T00:00:00.000Z
Reasoning: The Porvenir Project reports 159 Kt of Measured Mineral Resources at 0.43% Cu, contributing to the overall resource base with high confidence.
Positive factors
- Measured Resource
- QP/CP Signed
Evidence · table
“0.43”
Context: 159
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: The resource is classified as Measured, indicating the highest level of confidence.
Evidence · table
“Measured”
Context: 159
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: The Mineral Resource estimate was prepared by Mineros S.A. and reviewed by SLR, with Katharine M. Masun, P.Geo., as the independent Qualified Person.
Evidence · text
“Katharine M. Masun, M.Sc., MSA, P.Geo., Principal Resource Geologist with SLR, is the independent Qualified Person responsible for the Mineral Resource estimate”
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
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
indicatedPorvenir · goldTonnes: 2811000Grade: 1.91Grade Unit: g/tContained Metal: 172Contained Unit: koz auView all detailsHide details
Identity
- Project
- Porvenir
- Commodity
- gold
- Region
- nicaragua
- Reported Region
- Nicaragua
- Ticker
- MSA
Resource scope
- Estimate type
- resource
- Effective date
- 2025-12-31T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Katharine M. Masun
- Resource group id
- resource:37766b58c5bf9caafe4b
- Mining method
- underground
- Ownership percent
- 100 %
- Resource basis
- gross
Resource Data
- Category
- indicated
- Tonnes
- 2811000
- Grade
- 1.91
- Grade Unit
- g/t
- Contained Metal
- 172
- Contained Unit
- koz au
- Cutoff Grade
- 80
- Cutoff Unit
- $/t NSR
Prior Estimate
- Resource Date
- 2025-12-31
Metal Equivalent
- Metal Eq. Grade
- 2.44
- Metal Eq. Unit
- g/t AuEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- ALS Global Peru
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-03-31T00:00:00.000Z
Reasoning: The Porvenir Project reports 2,811 Kt of Indicated Mineral Resources at 1.91 g/t Au, providing a solid base for economic studies.
Positive factors
- Indicated Resource
- QP/CP Signed
Evidence · table
“1.91”
Context: 2,811
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: The resource is classified as Indicated, providing reasonable geological confidence.
Evidence · table
“Indicated”
Context: 2,811
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: The Mineral Resource estimate was prepared by Mineros S.A. and reviewed by SLR, with Katharine M. Masun, P.Geo., as the independent Qualified Person.
Evidence · text
“Katharine M. Masun, M.Sc., MSA, P.Geo., Principal Resource Geologist with SLR, is the independent Qualified Person responsible for the Mineral Resource estimate”
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
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
indicatedPorvenir · silverTonnes: 2811000Grade: 9.02Grade Unit: g/tContained Metal: 815Contained Unit: koz agView all detailsHide details
Identity
- Project
- Porvenir
- Commodity
- silver
- Region
- nicaragua
- Reported Region
- Nicaragua
- Ticker
- MSA
Resource scope
- Estimate type
- resource
- Effective date
- 2025-12-31T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Katharine M. Masun
- Resource group id
- resource:37766b58c5bf9caafe4b
- Mining method
- underground
- Ownership percent
- 100 %
- Resource basis
- gross
Resource Data
- Category
- indicated
- Tonnes
- 2811000
- Grade
- 9.02
- Grade Unit
- g/t
- Contained Metal
- 815
- Contained Unit
- koz ag
- Cutoff Grade
- 80
- Cutoff Unit
- $/t NSR
Prior Estimate
- Resource Date
- 2025-12-31
Metal Equivalent
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- ALS Global Peru
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-03-31T00:00:00.000Z
Reasoning: The Porvenir Project reports 2,811 Kt of Indicated Mineral Resources at 9.02 g/t Ag, providing a solid base for economic studies.
Positive factors
- Indicated Resource
- QP/CP Signed
Evidence · table
“9.02”
Context: 2,811
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: The resource is classified as Indicated, providing reasonable geological confidence.
Evidence · table
“Indicated”
Context: 2,811
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: The Mineral Resource estimate was prepared by Mineros S.A. and reviewed by SLR, with Katharine M. Masun, P.Geo., as the independent Qualified Person.
Evidence · text
“Katharine M. Masun, M.Sc., MSA, P.Geo., Principal Resource Geologist with SLR, is the independent Qualified Person responsible for the Mineral Resource estimate”
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
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
indicatedPorvenir · zincTonnes: 2811000Grade: 2.2Grade Unit: %Contained Metal: 137Contained Unit: mlb znView all detailsHide details
Identity
- Project
- Porvenir
- Commodity
- zinc
- Region
- nicaragua
- Reported Region
- Nicaragua
- Ticker
- MSA
Resource scope
- Estimate type
- resource
- Effective date
- 2025-12-31T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Katharine M. Masun
- Resource group id
- resource:37766b58c5bf9caafe4b
- Mining method
- underground
- Ownership percent
- 100 %
- Resource basis
- gross
Resource Data
- Category
- indicated
- Tonnes
- 2811000
- Grade
- 2.2
- Grade Unit
- %
- Contained Metal
- 137
- Contained Unit
- mlb zn
- Cutoff Grade
- 80
- Cutoff Unit
- $/t NSR
Prior Estimate
- Resource Date
- 2025-12-31
Metal Equivalent
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- ALS Global Peru
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-03-31T00:00:00.000Z
Reasoning: The Porvenir Project reports 2,811 Kt of Indicated Mineral Resources at 2.20% Zn, providing a solid base for economic studies.
Positive factors
- Indicated Resource
- QP/CP Signed
Evidence · table
“2.20”
Context: 2,811
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: The resource is classified as Indicated, providing reasonable geological confidence.
Evidence · table
“Indicated”
Context: 2,811
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: The Mineral Resource estimate was prepared by Mineros S.A. and reviewed by SLR, with Katharine M. Masun, P.Geo., as the independent Qualified Person.
Evidence · text
“Katharine M. Masun, M.Sc., MSA, P.Geo., Principal Resource Geologist with SLR, is the independent Qualified Person responsible for the Mineral Resource estimate”
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
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
indicatedPorvenir · copperTonnes: 2811000Grade: 0.27Grade Unit: %Contained Metal: 17Contained Unit: mlb cuView all detailsHide details
Identity
- Project
- Porvenir
- Commodity
- copper
- Region
- nicaragua
- Reported Region
- Nicaragua
- Ticker
- MSA
Resource scope
- Estimate type
- resource
- Effective date
- 2025-12-31T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Katharine M. Masun
- Resource group id
- resource:37766b58c5bf9caafe4b
- Mining method
- underground
- Ownership percent
- 100 %
- Resource basis
- gross
Resource Data
- Category
- indicated
- Tonnes
- 2811000
- Grade
- 0.27
- Grade Unit
- %
- Contained Metal
- 17
- Contained Unit
- mlb cu
- Cutoff Grade
- 80
- Cutoff Unit
- $/t NSR
Prior Estimate
- Resource Date
- 2025-12-31
Metal Equivalent
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- ALS Global Peru
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-03-31T00:00:00.000Z
Reasoning: The Porvenir Project reports 2,811 Kt of Indicated Mineral Resources at 0.27% Cu, providing a solid base for economic studies.
Positive factors
- Indicated Resource
- QP/CP Signed
Evidence · table
“0.27”
Context: 2,811
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: The resource is classified as Indicated, providing reasonable geological confidence.
Evidence · table
“Indicated”
Context: 2,811
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: The Mineral Resource estimate was prepared by Mineros S.A. and reviewed by SLR, with Katharine M. Masun, P.Geo., as the independent Qualified Person.
Evidence · text
“Katharine M. Masun, M.Sc., MSA, P.Geo., Principal Resource Geologist with SLR, is the independent Qualified Person responsible for the Mineral Resource estimate”
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
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
indicatedPorvenir · goldTonnes: 2969000Grade: 1.91Grade Unit: g/tContained Metal: 182Contained Unit: koz auView all detailsHide details
Identity
- Project
- Porvenir
- Commodity
- gold
- Region
- nicaragua
- Reported Region
- Nicaragua
- Ticker
- MSA
Resource scope
- Estimate type
- resource
- Effective date
- 2025-12-31T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Katharine M. Masun
- Resource group id
- resource:6824c3907a11f88b3069
- Mining method
- underground
- Ownership percent
- 100 %
- Resource basis
- gross
Resource Data
- Category
- indicated
- Tonnes
- 2969000
- Grade
- 1.91
- Grade Unit
- g/t
- Contained Metal
- 182
- Contained Unit
- koz au
- Cutoff Grade
- 80
- Cutoff Unit
- $/t NSR
Prior Estimate
- Resource Date
- 2025-12-31
Metal Equivalent
- Metal Eq. Grade
- 2.44
- Metal Eq. Unit
- g/t AuEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- ALS Global Peru
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-03-31T00:00:00.000Z
Reasoning: The Porvenir Project reports 2,969 Kt of Total Measured and Indicated Mineral Resources at 1.91 g/t Au, providing a solid base for economic studies.
Positive factors
- Indicated Resource
- QP/CP Signed
Evidence · table
“1.91”
Context: 2,969
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: The resource is classified as Indicated (as the lower confidence category for M+I), providing reasonable geological confidence.
Evidence · table
“Total M+I”
Context: 2,969
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: The Mineral Resource estimate was prepared by Mineros S.A. and reviewed by SLR, with Katharine M. Masun, P.Geo., as the independent Qualified Person.
Evidence · text
“Katharine M. Masun, M.Sc., MSA, P.Geo., Principal Resource Geologist with SLR, is the independent Qualified Person responsible for the Mineral Resource estimate”
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
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
indicatedPorvenir · silverTonnes: 2969000Grade: 9.1Grade Unit: g/tContained Metal: 869Contained Unit: koz agView all detailsHide details
Identity
- Project
- Porvenir
- Commodity
- silver
- Region
- nicaragua
- Reported Region
- Nicaragua
- Ticker
- MSA
Resource scope
- Estimate type
- resource
- Effective date
- 2025-12-31T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Katharine M. Masun
- Resource group id
- resource:6824c3907a11f88b3069
- Mining method
- underground
- Ownership percent
- 100 %
- Resource basis
- gross
Resource Data
- Category
- indicated
- Tonnes
- 2969000
- Grade
- 9.1
- Grade Unit
- g/t
- Contained Metal
- 869
- Contained Unit
- koz ag
- Cutoff Grade
- 80
- Cutoff Unit
- $/t NSR
Prior Estimate
- Resource Date
- 2025-12-31
Metal Equivalent
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- ALS Global Peru
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-03-31T00:00:00.000Z
Reasoning: The Porvenir Project reports 2,969 Kt of Total Measured and Indicated Mineral Resources at 9.10 g/t Ag, providing a solid base for economic studies.
Positive factors
- Indicated Resource
- QP/CP Signed
Evidence · table
“9.10”
Context: 2,969
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: The resource is classified as Indicated (as the lower confidence category for M+I), providing reasonable geological confidence.
Evidence · table
“Total M+I”
Context: 2,969
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: The Mineral Resource estimate was prepared by Mineros S.A. and reviewed by SLR, with Katharine M. Masun, P.Geo., as the independent Qualified Person.
Evidence · text
“Katharine M. Masun, M.Sc., MSA, P.Geo., Principal Resource Geologist with SLR, is the independent Qualified Person responsible for the Mineral Resource estimate”
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
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
indicatedPorvenir · zincTonnes: 2969000Grade: 2.18Grade Unit: %Contained Metal: 143Contained Unit: mlb znView all detailsHide details
Identity
- Project
- Porvenir
- Commodity
- zinc
- Region
- nicaragua
- Reported Region
- Nicaragua
- Ticker
- MSA
Resource scope
- Estimate type
- resource
- Effective date
- 2025-12-31T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Katharine M. Masun
- Resource group id
- resource:6824c3907a11f88b3069
- Mining method
- underground
- Ownership percent
- 100 %
- Resource basis
- gross
Resource Data
- Category
- indicated
- Tonnes
- 2969000
- Grade
- 2.18
- Grade Unit
- %
- Contained Metal
- 143
- Contained Unit
- mlb zn
- Cutoff Grade
- 80
- Cutoff Unit
- $/t NSR
Prior Estimate
- Resource Date
- 2025-12-31
Metal Equivalent
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- ALS Global Peru
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-03-31T00:00:00.000Z
Reasoning: The Porvenir Project reports 2,969 Kt of Total Measured and Indicated Mineral Resources at 2.18% Zn, providing a solid base for economic studies.
Positive factors
- Indicated Resource
- QP/CP Signed
Evidence · table
“2.18”
Context: 2,969
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: The resource is classified as Indicated (as the lower confidence category for M+I), providing reasonable geological confidence.
Evidence · table
“Total M+I”
Context: 2,969
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: The Mineral Resource estimate was prepared by Mineros S.A. and reviewed by SLR, with Katharine M. Masun, P.Geo., as the independent Qualified Person.
Evidence · text
“Katharine M. Masun, M.Sc., MSA, P.Geo., Principal Resource Geologist with SLR, is the independent Qualified Person responsible for the Mineral Resource estimate”
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
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
indicatedPorvenir · copperTonnes: 2969000Grade: 0.28Grade Unit: %Contained Metal: 18Contained Unit: mlb cuView all detailsHide details
Identity
- Project
- Porvenir
- Commodity
- copper
- Region
- nicaragua
- Reported Region
- Nicaragua
- Ticker
- MSA
Resource scope
- Estimate type
- resource
- Effective date
- 2025-12-31T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Katharine M. Masun
- Resource group id
- resource:6824c3907a11f88b3069
- Mining method
- underground
- Ownership percent
- 100 %
- Resource basis
- gross
Resource Data
- Category
- indicated
- Tonnes
- 2969000
- Grade
- 0.28
- Grade Unit
- %
- Contained Metal
- 18
- Contained Unit
- mlb cu
- Cutoff Grade
- 80
- Cutoff Unit
- $/t NSR
Prior Estimate
- Resource Date
- 2025-12-31
Metal Equivalent
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- ALS Global Peru
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-03-31T00:00:00.000Z
Reasoning: The Porvenir Project reports 2,969 Kt of Total Measured and Indicated Mineral Resources at 0.28% Cu, providing a solid base for economic studies.
Positive factors
- Indicated Resource
- QP/CP Signed
Evidence · table
“0.28”
Context: 2,969
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: The resource is classified as Indicated (as the lower confidence category for M+I), providing reasonable geological confidence.
Evidence · table
“Total M+I”
Context: 2,969
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: The Mineral Resource estimate was prepared by Mineros S.A. and reviewed by SLR, with Katharine M. Masun, P.Geo., as the independent Qualified Person.
Evidence · text
“Katharine M. Masun, M.Sc., MSA, P.Geo., Principal Resource Geologist with SLR, is the independent Qualified Person responsible for the Mineral Resource estimate”
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
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
inferredPorvenir · goldTonnes: 1031000Grade: 2.05Grade Unit: g/tContained Metal: 68Contained Unit: koz auView all detailsHide details
Identity
- Project
- Porvenir
- Commodity
- gold
- Region
- nicaragua
- Reported Region
- Nicaragua
- Ticker
- MSA
Resource scope
- Estimate type
- resource
- Effective date
- 2025-12-31T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Katharine M. Masun
- Resource group id
- resource:e7fb671b97a6ebb3153a
- Mining method
- underground
- Ownership percent
- 100 %
- Resource basis
- gross
Resource Data
- Category
- inferred
- Tonnes
- 1031000
- Grade
- 2.05
- Grade Unit
- g/t
- Contained Metal
- 68
- Contained Unit
- koz au
- Cutoff Grade
- 80
- Cutoff Unit
- $/t NSR
Prior Estimate
- Resource Date
- 2025-12-31
Metal Equivalent
- Metal Eq. Grade
- 2.64
- Metal Eq. Unit
- g/t AuEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- ALS Global Peru
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-03-31T00:00:00.000Z
Reasoning: The Porvenir Project reports 1,031 Kt of Inferred Mineral Resources at 2.05 g/t Au, which is a speculative category with limited drilling.
Positive factors
- QP/CP Signed
Negative factors
- Inferred Resource
Evidence · table
“2.05”
Context: 1,031
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: The resource is classified as Inferred, indicating a speculative category with limited drilling.
Evidence · table
“Inferred”
Context: 1,031
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: The Mineral Resource estimate was prepared by Mineros S.A. and reviewed by SLR, with Katharine M. Masun, P.Geo., as the independent Qualified Person.
Evidence · text
“Katharine M. Masun, M.Sc., MSA, P.Geo., Principal Resource Geologist with SLR, is the independent Qualified Person responsible for the Mineral Resource estimate”
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
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
inferredPorvenir · silverTonnes: 1031000Grade: 6.77Grade Unit: g/tContained Metal: 224Contained Unit: koz agView all detailsHide details
Identity
- Project
- Porvenir
- Commodity
- silver
- Region
- nicaragua
- Reported Region
- Nicaragua
- Ticker
- MSA
Resource scope
- Estimate type
- resource
- Effective date
- 2025-12-31T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Katharine M. Masun
- Resource group id
- resource:e7fb671b97a6ebb3153a
- Mining method
- underground
- Ownership percent
- 100 %
- Resource basis
- gross
Resource Data
- Category
- inferred
- Tonnes
- 1031000
- Grade
- 6.77
- Grade Unit
- g/t
- Contained Metal
- 224
- Contained Unit
- koz ag
- Cutoff Grade
- 80
- Cutoff Unit
- $/t NSR
Prior Estimate
- Resource Date
- 2025-12-31
Metal Equivalent
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- ALS Global Peru
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-03-31T00:00:00.000Z
Reasoning: The Porvenir Project reports 1,031 Kt of Inferred Mineral Resources at 6.77 g/t Ag, which is a speculative category with limited drilling.
Positive factors
- QP/CP Signed
Negative factors
- Inferred Resource
Evidence · table
“6.77”
Context: 1,031
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: The resource is classified as Inferred, indicating a speculative category with limited drilling.
Evidence · table
“Inferred”
Context: 1,031
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: The Mineral Resource estimate was prepared by Mineros S.A. and reviewed by SLR, with Katharine M. Masun, P.Geo., as the independent Qualified Person.
Evidence · text
“Katharine M. Masun, M.Sc., MSA, P.Geo., Principal Resource Geologist with SLR, is the independent Qualified Person responsible for the Mineral Resource estimate”
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
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
inferredPorvenir · zincTonnes: 1031000Grade: 2.35Grade Unit: %Contained Metal: 53Contained Unit: mlb znView all detailsHide details
Identity
- Project
- Porvenir
- Commodity
- zinc
- Region
- nicaragua
- Reported Region
- Nicaragua
- Ticker
- MSA
Resource scope
- Estimate type
- resource
- Effective date
- 2025-12-31T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Katharine M. Masun
- Resource group id
- resource:e7fb671b97a6ebb3153a
- Mining method
- underground
- Ownership percent
- 100 %
- Resource basis
- gross
Resource Data
- Category
- inferred
- Tonnes
- 1031000
- Grade
- 2.35
- Grade Unit
- %
- Contained Metal
- 53
- Contained Unit
- mlb zn
- Cutoff Grade
- 80
- Cutoff Unit
- $/t NSR
Prior Estimate
- Resource Date
- 2025-12-31
Metal Equivalent
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- ALS Global Peru
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-03-31T00:00:00.000Z
Reasoning: The Porvenir Project reports 1,031 Kt of Inferred Mineral Resources at 2.35% Zn, which is a speculative category with limited drilling.
Positive factors
- QP/CP Signed
Negative factors
- Inferred Resource
Evidence · table
“2.35”
Context: 1,031
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: The resource is classified as Inferred, indicating a speculative category with limited drilling.
Evidence · table
“Inferred”
Context: 1,031
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: The Mineral Resource estimate was prepared by Mineros S.A. and reviewed by SLR, with Katharine M. Masun, P.Geo., as the independent Qualified Person.
Evidence · text
“Katharine M. Masun, M.Sc., MSA, P.Geo., Principal Resource Geologist with SLR, is the independent Qualified Person responsible for the Mineral Resource estimate”
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
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
inferredPorvenir · copperTonnes: 1031000Grade: 0.12Grade Unit: %Contained Metal: 3Contained Unit: mlb cuView all detailsHide details
Identity
- Project
- Porvenir
- Commodity
- copper
- Region
- nicaragua
- Reported Region
- Nicaragua
- Ticker
- MSA
Resource scope
- Estimate type
- resource
- Effective date
- 2025-12-31T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Katharine M. Masun
- Resource group id
- resource:e7fb671b97a6ebb3153a
- Mining method
- underground
- Ownership percent
- 100 %
- Resource basis
- gross
Resource Data
- Category
- inferred
- Tonnes
- 1031000
- Grade
- 0.12
- Grade Unit
- %
- Contained Metal
- 3
- Contained Unit
- mlb cu
- Cutoff Grade
- 80
- Cutoff Unit
- $/t NSR
Prior Estimate
- Resource Date
- 2025-12-31
Metal Equivalent
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- ALS Global Peru
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-03-31T00:00:00.000Z
Reasoning: The Porvenir Project reports 1,031 Kt of Inferred Mineral Resources at 0.12% Cu, which is a speculative category with limited drilling.
Positive factors
- QP/CP Signed
Negative factors
- Inferred Resource
Evidence · table
“0.12”
Context: 1,031
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: The resource is classified as Inferred, indicating a speculative category with limited drilling.
Evidence · table
“Inferred”
Context: 1,031
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: The Mineral Resource estimate was prepared by Mineros S.A. and reviewed by SLR, with Katharine M. Masun, P.Geo., as the independent Qualified Person.
Evidence · text
“Katharine M. Masun, M.Sc., MSA, P.Geo., Principal Resource Geologist with SLR, is the independent Qualified Person responsible for the Mineral Resource estimate”
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
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
provenPorvenir · goldTonnes: 650000Grade: 3.5Grade Unit: g/tContained Metal: 73Contained Unit: koz auView all detailsHide details
Identity
- Project
- Porvenir
- Commodity
- gold
- Region
- nicaragua
- Reported Region
- Nicaragua
- Ticker
- MSA
Resource scope
- Estimate type
- reserve
- Effective date
- 2025-12-31T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Eduardo Zamanillo, Varun Bhundhoo
- Resource group id
- resource:27f568d0e1a645a0a1d1
- Mining method
- underground
- Ownership percent
- 100 %
- Resource basis
- gross
Resource Data
- Category
- proven
- Tonnes
- 650000
- Grade
- 3.5
- Grade Unit
- g/t
- Contained Metal
- 73
- Contained Unit
- koz au
Prior Estimate
- Resource Date
- 2025-12-31
Metal Equivalent
- Metal Eq. Grade
- 4.25
- Metal Eq. Unit
- g/t AuEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- ALS Global Peru
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-03-31T00:00:00.000Z
Reasoning: The Porvenir Project reports 650 Kt of Proven Mineral Reserves at 3.50 g/t Au, indicating high confidence and economic viability.
Positive factors
- Proven Reserve
- QP/CP Signed
Evidence · table
“3.50”
Context: 650
Tags used in scoring
Proven Reservepositive
Measured Resource with demonstrated economic viability after applying modifying factors.
Why it applies: The reserve is classified as Proven, indicating the highest confidence and demonstrated economic viability.
Evidence · table
“Proven”
Context: 650
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: The Mineral Reserve estimate was prepared by BISA and reviewed by SLR, with Eduardo Zamanillo and Varun Bhundhoo as independent Qualified Persons.
Evidence · text
“Eduardo Zamanillo, M.Sc., MBA, P.Eng., Principal Mining Engineer with SLR, and Varun Bhundhoo, Ing., Consultant Mining Engineer with SLR, are the independent Qualified Persons responsible for the Mineral Reserve estimate”
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
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
provenPorvenir · silverTonnes: 650000Grade: 14.07Grade Unit: g/tContained Metal: 294Contained Unit: koz agView all detailsHide details
Identity
- Project
- Porvenir
- Commodity
- silver
- Region
- nicaragua
- Reported Region
- Nicaragua
- Ticker
- MSA
Resource scope
- Estimate type
- reserve
- Effective date
- 2025-12-31T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Eduardo Zamanillo, Varun Bhundhoo
- Resource group id
- resource:27f568d0e1a645a0a1d1
- Mining method
- underground
- Ownership percent
- 100 %
- Resource basis
- gross
Resource Data
- Category
- proven
- Tonnes
- 650000
- Grade
- 14.07
- Grade Unit
- g/t
- Contained Metal
- 294
- Contained Unit
- koz ag
Prior Estimate
- Resource Date
- 2025-12-31
Metal Equivalent
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- ALS Global Peru
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-03-31T00:00:00.000Z
Reasoning: The Porvenir Project reports 650 Kt of Proven Mineral Reserves at 14.07 g/t Ag, indicating high confidence and economic viability.
Positive factors
- Proven Reserve
- QP/CP Signed
Evidence · table
“14.07”
Context: 650
Tags used in scoring
Proven Reservepositive
Measured Resource with demonstrated economic viability after applying modifying factors.
Why it applies: The reserve is classified as Proven, indicating the highest confidence and demonstrated economic viability.
Evidence · table
“Proven”
Context: 650
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: The Mineral Reserve estimate was prepared by BISA and reviewed by SLR, with Eduardo Zamanillo and Varun Bhundhoo as independent Qualified Persons.
Evidence · text
“Eduardo Zamanillo, M.Sc., MBA, P.Eng., Principal Mining Engineer with SLR, and Varun Bhundhoo, Ing., Consultant Mining Engineer with SLR, are the independent Qualified Persons responsible for the Mineral Reserve estimate”
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
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
provenPorvenir · zincTonnes: 650000Grade: 2.54Grade Unit: %Contained Metal: 36Contained Unit: mlb znView all detailsHide details
Identity
- Project
- Porvenir
- Commodity
- zinc
- Region
- nicaragua
- Reported Region
- Nicaragua
- Ticker
- MSA
Resource scope
- Estimate type
- reserve
- Effective date
- 2025-12-31T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Eduardo Zamanillo, Varun Bhundhoo
- Resource group id
- resource:27f568d0e1a645a0a1d1
- Mining method
- underground
- Ownership percent
- 100 %
- Resource basis
- gross
Resource Data
- Category
- proven
- Tonnes
- 650000
- Grade
- 2.54
- Grade Unit
- %
- Contained Metal
- 36
- Contained Unit
- mlb zn
Prior Estimate
- Resource Date
- 2025-12-31
Metal Equivalent
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- ALS Global Peru
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-03-31T00:00:00.000Z
Reasoning: The Porvenir Project reports 650 Kt of Proven Mineral Reserves at 2.54% Zn, indicating high confidence and economic viability.
Positive factors
- Proven Reserve
- QP/CP Signed
Evidence · table
“2.54”
Context: 650
Tags used in scoring
Proven Reservepositive
Measured Resource with demonstrated economic viability after applying modifying factors.
Why it applies: The reserve is classified as Proven, indicating the highest confidence and demonstrated economic viability.
Evidence · table
“Proven”
Context: 650
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: The Mineral Reserve estimate was prepared by BISA and reviewed by SLR, with Eduardo Zamanillo and Varun Bhundhoo as independent Qualified Persons.
Evidence · text
“Eduardo Zamanillo, M.Sc., MBA, P.Eng., Principal Mining Engineer with SLR, and Varun Bhundhoo, Ing., Consultant Mining Engineer with SLR, are the independent Qualified Persons responsible for the Mineral Reserve estimate”
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
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
provenPorvenir · copperTonnes: 650000Grade: 0.5Grade Unit: %Contained Metal: 7Contained Unit: mlb cuView all detailsHide details
Identity
- Project
- Porvenir
- Commodity
- copper
- Region
- nicaragua
- Reported Region
- Nicaragua
- Ticker
- MSA
Resource scope
- Estimate type
- reserve
- Effective date
- 2025-12-31T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Eduardo Zamanillo, Varun Bhundhoo
- Resource group id
- resource:27f568d0e1a645a0a1d1
- Mining method
- underground
- Ownership percent
- 100 %
- Resource basis
- gross
Resource Data
- Category
- proven
- Tonnes
- 650000
- Grade
- 0.5
- Grade Unit
- %
- Contained Metal
- 7
- Contained Unit
- mlb cu
Prior Estimate
- Resource Date
- 2025-12-31
Metal Equivalent
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- ALS Global Peru
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-03-31T00:00:00.000Z
Reasoning: The Porvenir Project reports 650 Kt of Proven Mineral Reserves at 0.50% Cu, indicating high confidence and economic viability.
Positive factors
- Proven Reserve
- QP/CP Signed
Evidence · table
“0.50”
Context: 650
Tags used in scoring
Proven Reservepositive
Measured Resource with demonstrated economic viability after applying modifying factors.
Why it applies: The reserve is classified as Proven, indicating the highest confidence and demonstrated economic viability.
Evidence · table
“Proven”
Context: 650
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: The Mineral Reserve estimate was prepared by BISA and reviewed by SLR, with Eduardo Zamanillo and Varun Bhundhoo as independent Qualified Persons.
Evidence · text
“Eduardo Zamanillo, M.Sc., MBA, P.Eng., Principal Mining Engineer with SLR, and Varun Bhundhoo, Ing., Consultant Mining Engineer with SLR, are the independent Qualified Persons responsible for the Mineral Reserve estimate”
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
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
probablePorvenir · goldTonnes: 5827000Grade: 2.79Grade Unit: g/tContained Metal: 523Contained Unit: koz auView all detailsHide details
Identity
- Project
- Porvenir
- Commodity
- gold
- Region
- nicaragua
- Reported Region
- Nicaragua
- Ticker
- MSA
Resource scope
- Estimate type
- reserve
- Effective date
- 2025-12-31T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Eduardo Zamanillo, Varun Bhundhoo
- Resource group id
- resource:b58c5044d4fa1ed9523a
- Mining method
- underground
- Ownership percent
- 100 %
- Resource basis
- gross
Resource Data
- Category
- probable
- Tonnes
- 5827000
- Grade
- 2.79
- Grade Unit
- g/t
- Contained Metal
- 523
- Contained Unit
- koz au
Prior Estimate
- Resource Date
- 2025-12-31
Metal Equivalent
- Metal Eq. Grade
- 3.45
- Metal Eq. Unit
- g/t AuEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- ALS Global Peru
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-03-31T00:00:00.000Z
Reasoning: The Porvenir Project reports 5,827 Kt of Probable Mineral Reserves at 2.79 g/t Au, providing a strong base for economic viability.
Positive factors
- Probable Reserve
- QP/CP Signed
Evidence · table
“2.79”
Context: 5,827
Tags used in scoring
Probable Reservepositive
Indicated Resource with demonstrated economic viability after applying modifying factors.
Why it applies: The reserve is classified as Probable, indicating demonstrated economic viability.
Evidence · table
“Probable”
Context: 5,827
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: The Mineral Reserve estimate was prepared by BISA and reviewed by SLR, with Eduardo Zamanillo and Varun Bhundhoo as independent Qualified Persons.
Evidence · text
“Eduardo Zamanillo, M.Sc., MBA, P.Eng., Principal Mining Engineer with SLR, and Varun Bhundhoo, Ing., Consultant Mining Engineer with SLR, are the independent Qualified Persons responsible for the Mineral Reserve estimate”
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
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
probablePorvenir · silverTonnes: 5827000Grade: 12.07Grade Unit: g/tContained Metal: 2261Contained Unit: koz agView all detailsHide details
Identity
- Project
- Porvenir
- Commodity
- silver
- Region
- nicaragua
- Reported Region
- Nicaragua
- Ticker
- MSA
Resource scope
- Estimate type
- reserve
- Effective date
- 2025-12-31T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Eduardo Zamanillo, Varun Bhundhoo
- Resource group id
- resource:b58c5044d4fa1ed9523a
- Mining method
- underground
- Ownership percent
- 100 %
- Resource basis
- gross
Resource Data
- Category
- probable
- Tonnes
- 5827000
- Grade
- 12.07
- Grade Unit
- g/t
- Contained Metal
- 2261
- Contained Unit
- koz ag
Prior Estimate
- Resource Date
- 2025-12-31
Metal Equivalent
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- ALS Global Peru
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-03-31T00:00:00.000Z
Reasoning: The Porvenir Project reports 5,827 Kt of Probable Mineral Reserves at 12.07 g/t Ag, providing a strong base for economic viability.
Positive factors
- Probable Reserve
- QP/CP Signed
Evidence · table
“12.07”
Context: 5,827
Tags used in scoring
Probable Reservepositive
Indicated Resource with demonstrated economic viability after applying modifying factors.
Why it applies: The reserve is classified as Probable, indicating demonstrated economic viability.
Evidence · table
“Probable”
Context: 5,827
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: The Mineral Reserve estimate was prepared by BISA and reviewed by SLR, with Eduardo Zamanillo and Varun Bhundhoo as independent Qualified Persons.
Evidence · text
“Eduardo Zamanillo, M.Sc., MBA, P.Eng., Principal Mining Engineer with SLR, and Varun Bhundhoo, Ing., Consultant Mining Engineer with SLR, are the independent Qualified Persons responsible for the Mineral Reserve estimate”
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
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
probablePorvenir · zincTonnes: 5827000Grade: 2.61Grade Unit: %Contained Metal: 336Contained Unit: mlb znView all detailsHide details
Identity
- Project
- Porvenir
- Commodity
- zinc
- Region
- nicaragua
- Reported Region
- Nicaragua
- Ticker
- MSA
Resource scope
- Estimate type
- reserve
- Effective date
- 2025-12-31T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Eduardo Zamanillo, Varun Bhundhoo
- Resource group id
- resource:b58c5044d4fa1ed9523a
- Mining method
- underground
- Ownership percent
- 100 %
- Resource basis
- gross
Resource Data
- Category
- probable
- Tonnes
- 5827000
- Grade
- 2.61
- Grade Unit
- %
- Contained Metal
- 336
- Contained Unit
- mlb zn
Prior Estimate
- Resource Date
- 2025-12-31
Metal Equivalent
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- ALS Global Peru
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-03-31T00:00:00.000Z
Reasoning: The Porvenir Project reports 5,827 Kt of Probable Mineral Reserves at 2.61% Zn, providing a strong base for economic viability.
Positive factors
- Probable Reserve
- QP/CP Signed
Evidence · table
“2.61”
Context: 5,827
Tags used in scoring
Probable Reservepositive
Indicated Resource with demonstrated economic viability after applying modifying factors.
Why it applies: The reserve is classified as Probable, indicating demonstrated economic viability.
Evidence · table
“Probable”
Context: 5,827
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: The Mineral Reserve estimate was prepared by BISA and reviewed by SLR, with Eduardo Zamanillo and Varun Bhundhoo as independent Qualified Persons.
Evidence · text
“Eduardo Zamanillo, M.Sc., MBA, P.Eng., Principal Mining Engineer with SLR, and Varun Bhundhoo, Ing., Consultant Mining Engineer with SLR, are the independent Qualified Persons responsible for the Mineral Reserve estimate”
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
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
probablePorvenir · copperTonnes: 5827000Grade: 0.35Grade Unit: %Contained Metal: 45Contained Unit: mlb cuView all detailsHide details
Identity
- Project
- Porvenir
- Commodity
- copper
- Region
- nicaragua
- Reported Region
- Nicaragua
- Ticker
- MSA
Resource scope
- Estimate type
- reserve
- Effective date
- 2025-12-31T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Eduardo Zamanillo, Varun Bhundhoo
- Resource group id
- resource:b58c5044d4fa1ed9523a
- Mining method
- underground
- Ownership percent
- 100 %
- Resource basis
- gross
Resource Data
- Category
- probable
- Tonnes
- 5827000
- Grade
- 0.35
- Grade Unit
- %
- Contained Metal
- 45
- Contained Unit
- mlb cu
Prior Estimate
- Resource Date
- 2025-12-31
Metal Equivalent
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- ALS Global Peru
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-03-31T00:00:00.000Z
Reasoning: The Porvenir Project reports 5,827 Kt of Probable Mineral Reserves at 0.35% Cu, providing a strong base for economic viability.
Positive factors
- Probable Reserve
- QP/CP Signed
Evidence · table
“0.35”
Context: 5,827
Tags used in scoring
Probable Reservepositive
Indicated Resource with demonstrated economic viability after applying modifying factors.
Why it applies: The reserve is classified as Probable, indicating demonstrated economic viability.
Evidence · table
“Probable”
Context: 5,827
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: The Mineral Reserve estimate was prepared by BISA and reviewed by SLR, with Eduardo Zamanillo and Varun Bhundhoo as independent Qualified Persons.
Evidence · text
“Eduardo Zamanillo, M.Sc., MBA, P.Eng., Principal Mining Engineer with SLR, and Varun Bhundhoo, Ing., Consultant Mining Engineer with SLR, are the independent Qualified Persons responsible for the Mineral Reserve estimate”
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
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
probablePorvenir · goldTonnes: 6477000Grade: 2.86Grade Unit: g/tContained Metal: 596Contained Unit: koz auView all detailsHide details
Identity
- Project
- Porvenir
- Commodity
- gold
- Region
- nicaragua
- Reported Region
- Nicaragua
- Ticker
- MSA
Resource scope
- Estimate type
- reserve
- Effective date
- 2025-12-31T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Eduardo Zamanillo, Varun Bhundhoo
- Resource group id
- resource:d1c5c82e4392304c53e9
- Mining method
- underground
- Ownership percent
- 100 %
- Resource basis
- gross
Resource Data
- Category
- probable
- Tonnes
- 6477000
- Grade
- 2.86
- Grade Unit
- g/t
- Contained Metal
- 596
- Contained Unit
- koz au
Prior Estimate
- Resource Date
- 2025-12-31
Metal Equivalent
- Metal Eq. Grade
- 3.53
- Metal Eq. Unit
- g/t AuEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- ALS Global Peru
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-03-31T00:00:00.000Z
Reasoning: The Porvenir Project reports 6,477 Kt of Total Proven and Probable Mineral Reserves at 2.86 g/t Au, providing a strong base for economic viability.
Positive factors
- Probable Reserve
- QP/CP Signed
Evidence · table
“2.86”
Context: 6,477
Tags used in scoring
Probable Reservepositive
Indicated Resource with demonstrated economic viability after applying modifying factors.
Why it applies: The reserve is classified as Probable (as the lower confidence category for P+P), indicating demonstrated economic viability.
Evidence · table
“Total P+P”
Context: 6,477
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: The Mineral Reserve estimate was prepared by BISA and reviewed by SLR, with Eduardo Zamanillo and Varun Bhundhoo as independent Qualified Persons.
Evidence · text
“Eduardo Zamanillo, M.Sc., MBA, P.Eng., Principal Mining Engineer with SLR, and Varun Bhundhoo, Ing., Consultant Mining Engineer with SLR, are the independent Qualified Persons responsible for the Mineral Reserve estimate”
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
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
probablePorvenir · silverTonnes: 6477000Grade: 12.27Grade Unit: g/tContained Metal: 2555Contained Unit: koz agView all detailsHide details
Identity
- Project
- Porvenir
- Commodity
- silver
- Region
- nicaragua
- Reported Region
- Nicaragua
- Ticker
- MSA
Resource scope
- Estimate type
- reserve
- Effective date
- 2025-12-31T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Eduardo Zamanillo, Varun Bhundhoo
- Resource group id
- resource:d1c5c82e4392304c53e9
- Mining method
- underground
- Ownership percent
- 100 %
- Resource basis
- gross
Resource Data
- Category
- probable
- Tonnes
- 6477000
- Grade
- 12.27
- Grade Unit
- g/t
- Contained Metal
- 2555
- Contained Unit
- koz ag
Prior Estimate
- Resource Date
- 2025-12-31
Metal Equivalent
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- ALS Global Peru
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-03-31T00:00:00.000Z
Reasoning: The Porvenir Project reports 6,477 Kt of Total Proven and Probable Mineral Reserves at 12.27 g/t Ag, providing a strong base for economic viability.
Positive factors
- Probable Reserve
- QP/CP Signed
Evidence · table
“12.27”
Context: 6,477
Tags used in scoring
Probable Reservepositive
Indicated Resource with demonstrated economic viability after applying modifying factors.
Why it applies: The reserve is classified as Probable (as the lower confidence category for P+P), indicating demonstrated economic viability.
Evidence · table
“Total P+P”
Context: 6,477
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: The Mineral Reserve estimate was prepared by BISA and reviewed by SLR, with Eduardo Zamanillo and Varun Bhundhoo as independent Qualified Persons.
Evidence · text
“Eduardo Zamanillo, M.Sc., MBA, P.Eng., Principal Mining Engineer with SLR, and Varun Bhundhoo, Ing., Consultant Mining Engineer with SLR, are the independent Qualified Persons responsible for the Mineral Reserve estimate”
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
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
probablePorvenir · zincTonnes: 6477000Grade: 2.61Grade Unit: %Contained Metal: 372Contained Unit: mlb znView all detailsHide details
Identity
- Project
- Porvenir
- Commodity
- zinc
- Region
- nicaragua
- Reported Region
- Nicaragua
- Ticker
- MSA
Resource scope
- Estimate type
- reserve
- Effective date
- 2025-12-31T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Eduardo Zamanillo, Varun Bhundhoo
- Resource group id
- resource:d1c5c82e4392304c53e9
- Mining method
- underground
- Ownership percent
- 100 %
- Resource basis
- gross
Resource Data
- Category
- probable
- Tonnes
- 6477000
- Grade
- 2.61
- Grade Unit
- %
- Contained Metal
- 372
- Contained Unit
- mlb zn
Prior Estimate
- Resource Date
- 2025-12-31
Metal Equivalent
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- ALS Global Peru
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-03-31T00:00:00.000Z
Reasoning: The Porvenir Project reports 6,477 Kt of Total Proven and Probable Mineral Reserves at 2.61% Zn, providing a strong base for economic viability.
Positive factors
- Probable Reserve
- QP/CP Signed
Evidence · table
“2.61”
Context: 6,477
Tags used in scoring
Probable Reservepositive
Indicated Resource with demonstrated economic viability after applying modifying factors.
Why it applies: The reserve is classified as Probable (as the lower confidence category for P+P), indicating demonstrated economic viability.
Evidence · table
“Total P+P”
Context: 6,477
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: The Mineral Reserve estimate was prepared by BISA and reviewed by SLR, with Eduardo Zamanillo and Varun Bhundhoo as independent Qualified Persons.
Evidence · text
“Eduardo Zamanillo, M.Sc., MBA, P.Eng., Principal Mining Engineer with SLR, and Varun Bhundhoo, Ing., Consultant Mining Engineer with SLR, are the independent Qualified Persons responsible for the Mineral Reserve estimate”
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
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
probablePorvenir · copperTonnes: 6477000Grade: 0.37Grade Unit: %Contained Metal: 52Contained Unit: mlb cuView all detailsHide details
Identity
- Project
- Porvenir
- Commodity
- copper
- Region
- nicaragua
- Reported Region
- Nicaragua
- Ticker
- MSA
Resource scope
- Estimate type
- reserve
- Effective date
- 2025-12-31T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Eduardo Zamanillo, Varun Bhundhoo
- Resource group id
- resource:d1c5c82e4392304c53e9
- Mining method
- underground
- Ownership percent
- 100 %
- Resource basis
- gross
Resource Data
- Category
- probable
- Tonnes
- 6477000
- Grade
- 0.37
- Grade Unit
- %
- Contained Metal
- 52
- Contained Unit
- mlb cu
Prior Estimate
- Resource Date
- 2025-12-31
Metal Equivalent
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- ALS Global Peru
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-03-31T00:00:00.000Z
Reasoning: The Porvenir Project reports 6,477 Kt of Total Proven and Probable Mineral Reserves at 0.37% Cu, providing a strong base for economic viability.
Positive factors
- Probable Reserve
- QP/CP Signed
Evidence · table
“0.37”
Context: 6,477
Tags used in scoring
Probable Reservepositive
Indicated Resource with demonstrated economic viability after applying modifying factors.
Why it applies: The reserve is classified as Probable (as the lower confidence category for P+P), indicating demonstrated economic viability.
Evidence · table
“Total P+P”
Context: 6,477
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: The Mineral Reserve estimate was prepared by BISA and reviewed by SLR, with Eduardo Zamanillo and Varun Bhundhoo as independent Qualified Persons.
Evidence · text
“Eduardo Zamanillo, M.Sc., MBA, P.Eng., Principal Mining Engineer with SLR, and Varun Bhundhoo, Ing., Consultant Mining Engineer with SLR, are the independent Qualified Persons responsible for the Mineral Reserve estimate”
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
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
indicatedGuillermina · goldTonnes: 1763000Grade: 0.97Grade Unit: g/tContained Metal: 55Contained Unit: koz auView all detailsHide details
Identity
- Project
- Guillermina
- Commodity
- gold
- Region
- nicaragua
- Reported Region
- Nicaragua
- Ticker
- MSA
Resource scope
- Estimate type
- resource
- Effective date
- 2025-12-31T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Katharine M. Masun
- Resource group id
- resource:8fd0379bb75f75586ed9
- Mining method
- underground
- Ownership percent
- 100 %
- Resource basis
- gross
Resource Data
- Category
- indicated
- Tonnes
- 1763000
- Grade
- 0.97
- Grade Unit
- g/t
- Contained Metal
- 55
- Contained Unit
- koz au
- Cutoff Grade
- 80
- Cutoff Unit
- $/t NSR
Prior Estimate
- Resource Date
- 2025-12-31
Metal Equivalent
- Metal Eq. Grade
- 2.37
- Metal Eq. Unit
- g/t AuEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- ALS Global Peru
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-03-31T00:00:00.000Z
Reasoning: The Guillermina deposit reports 1,763 Kt of Indicated Mineral Resources at 0.97 g/t Au, contributing to the district-scale potential.
Positive factors
- Indicated Resource
- QP/CP Signed
Evidence · table
“0.97”
Context: 1,763
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: The resource is classified as Indicated, providing reasonable geological confidence.
Evidence · table
“Indicated”
Context: 1,763
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: The Mineral Resource estimate was prepared by Mineros S.A. and reviewed by SLR, with Katharine M. Masun, P.Geo., as the independent Qualified Person.
Evidence · text
“Katharine M. Masun, M.Sc., MSA, P.Geo., Principal Resource Geologist with SLR, is the independent Qualified Person responsible for the Mineral Resource estimate”
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
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
indicatedGuillermina · silverTonnes: 1763000Grade: 27.33Grade Unit: g/tContained Metal: 1549Contained Unit: koz agView all detailsHide details
Identity
- Project
- Guillermina
- Commodity
- silver
- Region
- nicaragua
- Reported Region
- Nicaragua
- Ticker
- MSA
Resource scope
- Estimate type
- resource
- Effective date
- 2025-12-31T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Katharine M. Masun
- Resource group id
- resource:8fd0379bb75f75586ed9
- Mining method
- underground
- Ownership percent
- 100 %
- Resource basis
- gross
Resource Data
- Category
- indicated
- Tonnes
- 1763000
- Grade
- 27.33
- Grade Unit
- g/t
- Contained Metal
- 1549
- Contained Unit
- koz ag
- Cutoff Grade
- 80
- Cutoff Unit
- $/t NSR
Prior Estimate
- Resource Date
- 2025-12-31
Metal Equivalent
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- ALS Global Peru
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-03-31T00:00:00.000Z
Reasoning: The Guillermina deposit reports 1,763 Kt of Indicated Mineral Resources at 27.33 g/t Ag, contributing to the district-scale potential.
Positive factors
- Indicated Resource
- QP/CP Signed
Evidence · table
“27.33”
Context: 1,763
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: The resource is classified as Indicated, providing reasonable geological confidence.
Evidence · table
“Indicated”
Context: 1,763
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: The Mineral Resource estimate was prepared by Mineros S.A. and reviewed by SLR, with Katharine M. Masun, P.Geo., as the independent Qualified Person.
Evidence · text
“Katharine M. Masun, M.Sc., MSA, P.Geo., Principal Resource Geologist with SLR, is the independent Qualified Person responsible for the Mineral Resource estimate”
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
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
indicatedGuillermina · zincTonnes: 1763000Grade: 6.61Grade Unit: %Contained Metal: 257Contained Unit: mlb znView all detailsHide details
Identity
- Project
- Guillermina
- Commodity
- zinc
- Region
- nicaragua
- Reported Region
- Nicaragua
- Ticker
- MSA
Resource scope
- Estimate type
- resource
- Effective date
- 2025-12-31T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Katharine M. Masun
- Resource group id
- resource:8fd0379bb75f75586ed9
- Mining method
- underground
- Ownership percent
- 100 %
- Resource basis
- gross
Resource Data
- Category
- indicated
- Tonnes
- 1763000
- Grade
- 6.61
- Grade Unit
- %
- Contained Metal
- 257
- Contained Unit
- mlb zn
- Cutoff Grade
- 80
- Cutoff Unit
- $/t NSR
Prior Estimate
- Resource Date
- 2025-12-31
Metal Equivalent
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- ALS Global Peru
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-03-31T00:00:00.000Z
Reasoning: The Guillermina deposit reports 1,763 Kt of Indicated Mineral Resources at 6.61% Zn, contributing to the district-scale potential.
Positive factors
- Indicated Resource
- QP/CP Signed
Evidence · table
“6.61”
Context: 1,763
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: The resource is classified as Indicated, providing reasonable geological confidence.
Evidence · table
“Indicated”
Context: 1,763
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: The Mineral Resource estimate was prepared by Mineros S.A. and reviewed by SLR, with Katharine M. Masun, P.Geo., as the independent Qualified Person.
Evidence · text
“Katharine M. Masun, M.Sc., MSA, P.Geo., Principal Resource Geologist with SLR, is the independent Qualified Person responsible for the Mineral Resource estimate”
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
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
indicatedGuillermina · copperTonnes: 1763000Grade: 0.21Grade Unit: %Contained Metal: 8Contained Unit: mlb cuView all detailsHide details
Identity
- Project
- Guillermina
- Commodity
- copper
- Region
- nicaragua
- Reported Region
- Nicaragua
- Ticker
- MSA
Resource scope
- Estimate type
- resource
- Effective date
- 2025-12-31T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Katharine M. Masun
- Resource group id
- resource:8fd0379bb75f75586ed9
- Mining method
- underground
- Ownership percent
- 100 %
- Resource basis
- gross
Resource Data
- Category
- indicated
- Tonnes
- 1763000
- Grade
- 0.21
- Grade Unit
- %
- Contained Metal
- 8
- Contained Unit
- mlb cu
- Cutoff Grade
- 80
- Cutoff Unit
- $/t NSR
Prior Estimate
- Resource Date
- 2025-12-31
Metal Equivalent
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- ALS Global Peru
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-03-31T00:00:00.000Z
Reasoning: The Guillermina deposit reports 1,763 Kt of Indicated Mineral Resources at 0.21% Cu, contributing to the district-scale potential.
Positive factors
- Indicated Resource
- QP/CP Signed
Evidence · table
“0.21”
Context: 1,763
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: The resource is classified as Indicated, providing reasonable geological confidence.
Evidence · table
“Indicated”
Context: 1,763
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: The Mineral Resource estimate was prepared by Mineros S.A. and reviewed by SLR, with Katharine M. Masun, P.Geo., as the independent Qualified Person.
Evidence · text
“Katharine M. Masun, M.Sc., MSA, P.Geo., Principal Resource Geologist with SLR, is the independent Qualified Person responsible for the Mineral Resource estimate”
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
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
indicatedLeticia · goldTonnes: 300000Grade: 3.4Grade Unit: g/tContained Metal: 33Contained Unit: koz auView all detailsHide details
Identity
- Project
- Leticia
- Commodity
- gold
- Region
- nicaragua
- Reported Region
- Nicaragua
- Ticker
- MSA
Resource scope
- Estimate type
- resource
- Effective date
- 2025-12-31T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Katharine M. Masun
- Resource group id
- resource:fc714cad411e97681127
- Mining method
- underground
- Ownership percent
- 100 %
- Resource basis
- gross
Resource Data
- Category
- indicated
- Tonnes
- 300000
- Grade
- 3.4
- Grade Unit
- g/t
- Contained Metal
- 33
- Contained Unit
- koz au
- Cutoff Grade
- 80
- Cutoff Unit
- $/t NSR
Prior Estimate
- Resource Date
- 2025-12-31
Metal Equivalent
- Metal Eq. Grade
- 3.98
- Metal Eq. Unit
- g/t AuEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- ALS Global Peru
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-03-31T00:00:00.000Z
Reasoning: The Leticia deposit reports 300 Kt of Indicated Mineral Resources at 3.40 g/t Au, contributing to the district-scale potential.
Positive factors
- Indicated Resource
- QP/CP Signed
Evidence · table
“3.40”
Context: 300
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: The resource is classified as Indicated, providing reasonable geological confidence.
Evidence · table
“Indicated”
Context: 300
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: The Mineral Resource estimate was prepared by Mineros S.A. and reviewed by SLR, with Katharine M. Masun, P.Geo., as the independent Qualified Person.
Evidence · text
“Katharine M. Masun, M.Sc., MSA, P.Geo., Principal Resource Geologist with SLR, is the independent Qualified Person responsible for the Mineral Resource estimate”
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
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
indicatedLeticia · silverTonnes: 300000Grade: 13.31Grade Unit: g/tContained Metal: 129Contained Unit: koz agView all detailsHide details
Identity
- Project
- Leticia
- Commodity
- silver
- Region
- nicaragua
- Reported Region
- Nicaragua
- Ticker
- MSA
Resource scope
- Estimate type
- resource
- Effective date
- 2025-12-31T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Katharine M. Masun
- Resource group id
- resource:fc714cad411e97681127
- Mining method
- underground
- Ownership percent
- 100 %
- Resource basis
- gross
Resource Data
- Category
- indicated
- Tonnes
- 300000
- Grade
- 13.31
- Grade Unit
- g/t
- Contained Metal
- 129
- Contained Unit
- koz ag
- Cutoff Grade
- 80
- Cutoff Unit
- $/t NSR
Prior Estimate
- Resource Date
- 2025-12-31
Metal Equivalent
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- ALS Global Peru
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-03-31T00:00:00.000Z
Reasoning: The Leticia deposit reports 300 Kt of Indicated Mineral Resources at 13.31 g/t Ag, contributing to the district-scale potential.
Positive factors
- Indicated Resource
- QP/CP Signed
Evidence · table
“13.31”
Context: 300
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: The resource is classified as Indicated, providing reasonable geological confidence.
Evidence · table
“Indicated”
Context: 300
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: The Mineral Resource estimate was prepared by Mineros S.A. and reviewed by SLR, with Katharine M. Masun, P.Geo., as the independent Qualified Person.
Evidence · text
“Katharine M. Masun, M.Sc., MSA, P.Geo., Principal Resource Geologist with SLR, is the independent Qualified Person responsible for the Mineral Resource estimate”
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
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
indicatedLeticia · zincTonnes: 300000Grade: 1.71Grade Unit: %Contained Metal: 11Contained Unit: mlb znView all detailsHide details
Identity
- Project
- Leticia
- Commodity
- zinc
- Region
- nicaragua
- Reported Region
- Nicaragua
- Ticker
- MSA
Resource scope
- Estimate type
- resource
- Effective date
- 2025-12-31T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Katharine M. Masun
- Resource group id
- resource:fc714cad411e97681127
- Mining method
- underground
- Ownership percent
- 100 %
- Resource basis
- gross
Resource Data
- Category
- indicated
- Tonnes
- 300000
- Grade
- 1.71
- Grade Unit
- %
- Contained Metal
- 11
- Contained Unit
- mlb zn
- Cutoff Grade
- 80
- Cutoff Unit
- $/t NSR
Prior Estimate
- Resource Date
- 2025-12-31
Metal Equivalent
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- ALS Global Peru
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-03-31T00:00:00.000Z
Reasoning: The Leticia deposit reports 300 Kt of Indicated Mineral Resources at 1.71% Zn, contributing to the district-scale potential.
Positive factors
- Indicated Resource
- QP/CP Signed
Evidence · table
“1.71”
Context: 300
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: The resource is classified as Indicated, providing reasonable geological confidence.
Evidence · table
“Indicated”
Context: 300
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: The Mineral Resource estimate was prepared by Mineros S.A. and reviewed by SLR, with Katharine M. Masun, P.Geo., as the independent Qualified Person.
Evidence · text
“Katharine M. Masun, M.Sc., MSA, P.Geo., Principal Resource Geologist with SLR, is the independent Qualified Person responsible for the Mineral Resource estimate”
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
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
indicatedLeticia · copperTonnes: 300000Grade: 0.54Grade Unit: %Contained Metal: 4Contained Unit: mlb cuView all detailsHide details
Identity
- Project
- Leticia
- Commodity
- copper
- Region
- nicaragua
- Reported Region
- Nicaragua
- Ticker
- MSA
Resource scope
- Estimate type
- resource
- Effective date
- 2025-12-31T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Katharine M. Masun
- Resource group id
- resource:fc714cad411e97681127
- Mining method
- underground
- Ownership percent
- 100 %
- Resource basis
- gross
Resource Data
- Category
- indicated
- Tonnes
- 300000
- Grade
- 0.54
- Grade Unit
- %
- Contained Metal
- 4
- Contained Unit
- mlb cu
- Cutoff Grade
- 80
- Cutoff Unit
- $/t NSR
Prior Estimate
- Resource Date
- 2025-12-31
Metal Equivalent
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- ALS Global Peru
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-03-31T00:00:00.000Z
Reasoning: The Leticia deposit reports 300 Kt of Indicated Mineral Resources at 0.54% Cu, contributing to the district-scale potential.
Positive factors
- Indicated Resource
- QP/CP Signed
Evidence · table
“0.54”
Context: 300
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: The resource is classified as Indicated, providing reasonable geological confidence.
Evidence · table
“Indicated”
Context: 300
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: The Mineral Resource estimate was prepared by Mineros S.A. and reviewed by SLR, with Katharine M. Masun, P.Geo., as the independent Qualified Person.
Evidence · text
“Katharine M. Masun, M.Sc., MSA, P.Geo., Principal Resource Geologist with SLR, is the independent Qualified Person responsible for the Mineral Resource estimate”
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
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
indicatedHemco Property · goldTonnes: 5033000Grade: 1.67Grade Unit: g/tContained Metal: 270Contained Unit: koz auView all detailsHide details
Identity
- Project
- Hemco Property
- Commodity
- gold
- Region
- nicaragua
- Reported Region
- Nicaragua
- Ticker
- MSA
Resource scope
- Estimate type
- resource
- Effective date
- 2025-12-31T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Katharine M. Masun
- Resource group id
- resource:861bb2e8244774e7a32d
- Deposit or zone
- Porvenir Polymetallic
- Mining method
- underground
- Ownership percent
- 100 %
- Resource basis
- gross
Resource Data
- Category
- indicated
- Tonnes
- 5033000
- Grade
- 1.67
- Grade Unit
- g/t
- Contained Metal
- 270
- Contained Unit
- koz au
- Cutoff Grade
- 80
- Cutoff Unit
- $/t NSR
Prior Estimate
- Resource Date
- 2025-12-31
Metal Equivalent
- Metal Eq. Grade
- 2.51
- Metal Eq. Unit
- g/t AuEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- ALS Global Peru
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-03-31T00:00:00.000Z
Reasoning: The Porvenir Polymetallic District reports 5,033 Kt of Total Measured and Indicated Mineral Resources at 1.67 g/t Au, demonstrating significant district-scale potential.
Positive factors
- Indicated Resource
- QP/CP Signed
- Contained Metal Growth
Evidence · table
“1.67”
Context: 5,033
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: The resource is classified as Indicated (as the lower confidence category for M+I), providing reasonable geological confidence.
Evidence · table
“Total M+ I”
Context: 5,033
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: The Mineral Resource estimate was prepared by Mineros S.A. and reviewed by SLR, with Katharine M. Masun, P.Geo., as the independent Qualified Person.
Evidence · text
“Katharine M. Masun, M.Sc., MSA, P.Geo., Principal Resource Geologist with SLR, is the independent Qualified Person responsible for the Mineral Resource estimate”
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
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
indicatedHemco Property · silverTonnes: 5033000Grade: 15.74Grade Unit: g/tContained Metal: 2546Contained Unit: koz agView all detailsHide details
Identity
- Project
- Hemco Property
- Commodity
- silver
- Region
- nicaragua
- Reported Region
- Nicaragua
- Ticker
- MSA
Resource scope
- Estimate type
- resource
- Effective date
- 2025-12-31T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Katharine M. Masun
- Resource group id
- resource:861bb2e8244774e7a32d
- Deposit or zone
- Porvenir Polymetallic
- Mining method
- underground
- Ownership percent
- 100 %
- Resource basis
- gross
Resource Data
- Category
- indicated
- Tonnes
- 5033000
- Grade
- 15.74
- Grade Unit
- g/t
- Contained Metal
- 2546
- Contained Unit
- koz ag
- Cutoff Grade
- 80
- Cutoff Unit
- $/t NSR
Prior Estimate
- Resource Date
- 2025-12-31
Metal Equivalent
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- ALS Global Peru
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-03-31T00:00:00.000Z
Reasoning: The Porvenir Polymetallic District reports 5,033 Kt of Total Measured and Indicated Mineral Resources at 15.74 g/t Ag, demonstrating significant district-scale potential.
Positive factors
- Indicated Resource
- QP/CP Signed
- Contained Metal Growth
Evidence · table
“15.74”
Context: 5,033
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: The resource is classified as Indicated (as the lower confidence category for M+I), providing reasonable geological confidence.
Evidence · table
“Total M+ I”
Context: 5,033
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: The Mineral Resource estimate was prepared by Mineros S.A. and reviewed by SLR, with Katharine M. Masun, P.Geo., as the independent Qualified Person.
Evidence · text
“Katharine M. Masun, M.Sc., MSA, P.Geo., Principal Resource Geologist with SLR, is the independent Qualified Person responsible for the Mineral Resource estimate”
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
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
indicatedHemco Property · zincTonnes: 5033000Grade: 3.71Grade Unit: %Contained Metal: 411Contained Unit: mlb znView all detailsHide details
Identity
- Project
- Hemco Property
- Commodity
- zinc
- Region
- nicaragua
- Reported Region
- Nicaragua
- Ticker
- MSA
Resource scope
- Estimate type
- resource
- Effective date
- 2025-12-31T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Katharine M. Masun
- Resource group id
- resource:861bb2e8244774e7a32d
- Deposit or zone
- Porvenir Polymetallic
- Mining method
- underground
- Ownership percent
- 100 %
- Resource basis
- gross
Resource Data
- Category
- indicated
- Tonnes
- 5033000
- Grade
- 3.71
- Grade Unit
- %
- Contained Metal
- 411
- Contained Unit
- mlb zn
- Cutoff Grade
- 80
- Cutoff Unit
- $/t NSR
Prior Estimate
- Resource Date
- 2025-12-31
Metal Equivalent
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- ALS Global Peru
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-03-31T00:00:00.000Z
Reasoning: The Porvenir Polymetallic District reports 5,033 Kt of Total Measured and Indicated Mineral Resources at 3.71% Zn, demonstrating significant district-scale potential.
Positive factors
- Indicated Resource
- QP/CP Signed
- Contained Metal Growth
Evidence · table
“3.71”
Context: 5,033
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: The resource is classified as Indicated (as the lower confidence category for M+I), providing reasonable geological confidence.
Evidence · table
“Total M+ I”
Context: 5,033
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: The Mineral Resource estimate was prepared by Mineros S.A. and reviewed by SLR, with Katharine M. Masun, P.Geo., as the independent Qualified Person.
Evidence · text
“Katharine M. Masun, M.Sc., MSA, P.Geo., Principal Resource Geologist with SLR, is the independent Qualified Person responsible for the Mineral Resource estimate”
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
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
indicatedHemco Property · copperTonnes: 5033000Grade: 0.27Grade Unit: %Contained Metal: 30Contained Unit: mlb cuView all detailsHide details
Identity
- Project
- Hemco Property
- Commodity
- copper
- Region
- nicaragua
- Reported Region
- Nicaragua
- Ticker
- MSA
Resource scope
- Estimate type
- resource
- Effective date
- 2025-12-31T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Katharine M. Masun
- Resource group id
- resource:861bb2e8244774e7a32d
- Deposit or zone
- Porvenir Polymetallic
- Mining method
- underground
- Ownership percent
- 100 %
- Resource basis
- gross
Resource Data
- Category
- indicated
- Tonnes
- 5033000
- Grade
- 0.27
- Grade Unit
- %
- Contained Metal
- 30
- Contained Unit
- mlb cu
- Cutoff Grade
- 80
- Cutoff Unit
- $/t NSR
Prior Estimate
- Resource Date
- 2025-12-31
Metal Equivalent
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- ALS Global Peru
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-03-31T00:00:00.000Z
Reasoning: The Porvenir Polymetallic District reports 5,033 Kt of Total Measured and Indicated Mineral Resources at 0.27% Cu, demonstrating significant district-scale potential.
Positive factors
- Indicated Resource
- QP/CP Signed
- Contained Metal Growth
Evidence · table
“0.27”
Context: 5,033
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: The resource is classified as Indicated (as the lower confidence category for M+I), providing reasonable geological confidence.
Evidence · table
“Total M+ I”
Context: 5,033
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: The Mineral Resource estimate was prepared by Mineros S.A. and reviewed by SLR, with Katharine M. Masun, P.Geo., as the independent Qualified Person.
Evidence · text
“Katharine M. Masun, M.Sc., MSA, P.Geo., Principal Resource Geologist with SLR, is the independent Qualified Person responsible for the Mineral Resource estimate”
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
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
inferredGuillermina · goldTonnes: 1118000Grade: 1.44Grade Unit: g/tContained Metal: 52Contained Unit: koz auView all detailsHide details
Identity
- Project
- Guillermina
- Commodity
- gold
- Region
- nicaragua
- Reported Region
- Nicaragua
- Ticker
- MSA
Resource scope
- Estimate type
- resource
- Effective date
- 2025-12-31T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Katharine M. Masun
- Resource group id
- resource:f0558185b6b39633b19b
- Mining method
- underground
- Ownership percent
- 100 %
- Resource basis
- gross
Resource Data
- Category
- inferred
- Tonnes
- 1118000
- Grade
- 1.44
- Grade Unit
- g/t
- Contained Metal
- 52
- Contained Unit
- koz au
- Cutoff Grade
- 80
- Cutoff Unit
- $/t NSR
Prior Estimate
- Resource Date
- 2025-12-31
Metal Equivalent
- Metal Eq. Grade
- 2.66
- Metal Eq. Unit
- g/t AuEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- ALS Global Peru
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-03-31T00:00:00.000Z
Reasoning: The Guillermina deposit reports 1,118 Kt of Inferred Mineral Resources at 1.44 g/t Au, which is a speculative category with limited drilling.
Positive factors
- QP/CP Signed
Negative factors
- Inferred Resource
Evidence · table
“1.44”
Context: 1,118
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: The resource is classified as Inferred, indicating a speculative category with limited drilling.
Evidence · table
“Inferred”
Context: 1,118
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: The Mineral Resource estimate was prepared by Mineros S.A. and reviewed by SLR, with Katharine M. Masun, P.Geo., as the independent Qualified Person.
Evidence · text
“Katharine M. Masun, M.Sc., MSA, P.Geo., Principal Resource Geologist with SLR, is the independent Qualified Person responsible for the Mineral Resource estimate”
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
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
inferredGuillermina · silverTonnes: 1118000Grade: 30.15Grade Unit: g/tContained Metal: 1084Contained Unit: koz agView all detailsHide details
Identity
- Project
- Guillermina
- Commodity
- silver
- Region
- nicaragua
- Reported Region
- Nicaragua
- Ticker
- MSA
Resource scope
- Estimate type
- resource
- Effective date
- 2025-12-31T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Katharine M. Masun
- Resource group id
- resource:f0558185b6b39633b19b
- Mining method
- underground
- Ownership percent
- 100 %
- Resource basis
- gross
Resource Data
- Category
- inferred
- Tonnes
- 1118000
- Grade
- 30.15
- Grade Unit
- g/t
- Contained Metal
- 1084
- Contained Unit
- koz ag
- Cutoff Grade
- 80
- Cutoff Unit
- $/t NSR
Prior Estimate
- Resource Date
- 2025-12-31
Metal Equivalent
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- ALS Global Peru
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-03-31T00:00:00.000Z
Reasoning: The Guillermina deposit reports 1,118 Kt of Inferred Mineral Resources at 30.15 g/t Ag, which is a speculative category with limited drilling.
Positive factors
- QP/CP Signed
Negative factors
- Inferred Resource
Evidence · table
“30.15”
Context: 1,118
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: The resource is classified as Inferred, indicating a speculative category with limited drilling.
Evidence · table
“Inferred”
Context: 1,118
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: The Mineral Resource estimate was prepared by Mineros S.A. and reviewed by SLR, with Katharine M. Masun, P.Geo., as the independent Qualified Person.
Evidence · text
“Katharine M. Masun, M.Sc., MSA, P.Geo., Principal Resource Geologist with SLR, is the independent Qualified Person responsible for the Mineral Resource estimate”
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
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
inferredGuillermina · zincTonnes: 1118000Grade: 5.5Grade Unit: %Contained Metal: 136Contained Unit: mlb znView all detailsHide details
Identity
- Project
- Guillermina
- Commodity
- zinc
- Region
- nicaragua
- Reported Region
- Nicaragua
- Ticker
- MSA
Resource scope
- Estimate type
- resource
- Effective date
- 2025-12-31T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Katharine M. Masun
- Resource group id
- resource:f0558185b6b39633b19b
- Mining method
- underground
- Ownership percent
- 100 %
- Resource basis
- gross
Resource Data
- Category
- inferred
- Tonnes
- 1118000
- Grade
- 5.5
- Grade Unit
- %
- Contained Metal
- 136
- Contained Unit
- mlb zn
- Cutoff Grade
- 80
- Cutoff Unit
- $/t NSR
Prior Estimate
- Resource Date
- 2025-12-31
Metal Equivalent
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- ALS Global Peru
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-03-31T00:00:00.000Z
Reasoning: The Guillermina deposit reports 1,118 Kt of Inferred Mineral Resources at 5.50% Zn, which is a speculative category with limited drilling.
Positive factors
- QP/CP Signed
Negative factors
- Inferred Resource
Evidence · table
“5.50”
Context: 1,118
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: The resource is classified as Inferred, indicating a speculative category with limited drilling.
Evidence · table
“Inferred”
Context: 1,118
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: The Mineral Resource estimate was prepared by Mineros S.A. and reviewed by SLR, with Katharine M. Masun, P.Geo., as the independent Qualified Person.
Evidence · text
“Katharine M. Masun, M.Sc., MSA, P.Geo., Principal Resource Geologist with SLR, is the independent Qualified Person responsible for the Mineral Resource estimate”
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
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
inferredGuillermina · copperTonnes: 1118000Grade: 0.17Grade Unit: %Contained Metal: 4Contained Unit: mlb cuView all detailsHide details
Identity
- Project
- Guillermina
- Commodity
- copper
- Region
- nicaragua
- Reported Region
- Nicaragua
- Ticker
- MSA
Resource scope
- Estimate type
- resource
- Effective date
- 2025-12-31T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Katharine M. Masun
- Resource group id
- resource:f0558185b6b39633b19b
- Mining method
- underground
- Ownership percent
- 100 %
- Resource basis
- gross
Resource Data
- Category
- inferred
- Tonnes
- 1118000
- Grade
- 0.17
- Grade Unit
- %
- Contained Metal
- 4
- Contained Unit
- mlb cu
- Cutoff Grade
- 80
- Cutoff Unit
- $/t NSR
Prior Estimate
- Resource Date
- 2025-12-31
Metal Equivalent
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- ALS Global Peru
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-03-31T00:00:00.000Z
Reasoning: The Guillermina deposit reports 1,118 Kt of Inferred Mineral Resources at 0.17% Cu, which is a speculative category with limited drilling.
Positive factors
- QP/CP Signed
Negative factors
- Inferred Resource
Evidence · table
“0.17”
Context: 1,118
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: The resource is classified as Inferred, indicating a speculative category with limited drilling.
Evidence · table
“Inferred”
Context: 1,118
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: The Mineral Resource estimate was prepared by Mineros S.A. and reviewed by SLR, with Katharine M. Masun, P.Geo., as the independent Qualified Person.
Evidence · text
“Katharine M. Masun, M.Sc., MSA, P.Geo., Principal Resource Geologist with SLR, is the independent Qualified Person responsible for the Mineral Resource estimate”
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
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
inferredLeticia · goldTonnes: 137000Grade: 2.81Grade Unit: g/tContained Metal: 12Contained Unit: koz auView all detailsHide details
Identity
- Project
- Leticia
- Commodity
- gold
- Region
- nicaragua
- Reported Region
- Nicaragua
- Ticker
- MSA
Resource scope
- Estimate type
- resource
- Effective date
- 2025-12-31T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Katharine M. Masun
- Resource group id
- resource:e2ffc24a44699b4db8ff
- Mining method
- underground
- Ownership percent
- 100 %
- Resource basis
- gross
Resource Data
- Category
- inferred
- Tonnes
- 137000
- Grade
- 2.81
- Grade Unit
- g/t
- Contained Metal
- 12
- Contained Unit
- koz au
- Cutoff Grade
- 80
- Cutoff Unit
- $/t NSR
Prior Estimate
- Resource Date
- 2025-12-31
Metal Equivalent
- Metal Eq. Grade
- 3.15
- Metal Eq. Unit
- g/t AuEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- ALS Global Peru
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-03-31T00:00:00.000Z
Reasoning: The Leticia deposit reports 137 Kt of Inferred Mineral Resources at 2.81 g/t Au, which is a speculative category with limited drilling.
Positive factors
- QP/CP Signed
Negative factors
- Inferred Resource
Evidence · table
“2.81”
Context: 137
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: The resource is classified as Inferred, indicating a speculative category with limited drilling.
Evidence · table
“Inferred”
Context: 137
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: The Mineral Resource estimate was prepared by Mineros S.A. and reviewed by SLR, with Katharine M. Masun, P.Geo., as the independent Qualified Person.
Evidence · text
“Katharine M. Masun, M.Sc., MSA, P.Geo., Principal Resource Geologist with SLR, is the independent Qualified Person responsible for the Mineral Resource estimate”
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
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
inferredLeticia · silverTonnes: 137000Grade: 8.53Grade Unit: g/tContained Metal: 38Contained Unit: koz agView all detailsHide details
Identity
- Project
- Leticia
- Commodity
- silver
- Region
- nicaragua
- Reported Region
- Nicaragua
- Ticker
- MSA
Resource scope
- Estimate type
- resource
- Effective date
- 2025-12-31T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Katharine M. Masun
- Resource group id
- resource:e2ffc24a44699b4db8ff
- Mining method
- underground
- Ownership percent
- 100 %
- Resource basis
- gross
Resource Data
- Category
- inferred
- Tonnes
- 137000
- Grade
- 8.53
- Grade Unit
- g/t
- Contained Metal
- 38
- Contained Unit
- koz ag
- Cutoff Grade
- 80
- Cutoff Unit
- $/t NSR
Prior Estimate
- Resource Date
- 2025-12-31
Metal Equivalent
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- ALS Global Peru
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-03-31T00:00:00.000Z
Reasoning: The Leticia deposit reports 137 Kt of Inferred Mineral Resources at 8.53 g/t Ag, which is a speculative category with limited drilling.
Positive factors
- QP/CP Signed
Negative factors
- Inferred Resource
Evidence · table
“8.53”
Context: 137
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: The resource is classified as Inferred, indicating a speculative category with limited drilling.
Evidence · table
“Inferred”
Context: 137
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: The Mineral Resource estimate was prepared by Mineros S.A. and reviewed by SLR, with Katharine M. Masun, P.Geo., as the independent Qualified Person.
Evidence · text
“Katharine M. Masun, M.Sc., MSA, P.Geo., Principal Resource Geologist with SLR, is the independent Qualified Person responsible for the Mineral Resource estimate”
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
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
inferredLeticia · zincTonnes: 137000Grade: 0.82Grade Unit: %Contained Metal: 3Contained Unit: mlb znView all detailsHide details
Identity
- Project
- Leticia
- Commodity
- zinc
- Region
- nicaragua
- Reported Region
- Nicaragua
- Ticker
- MSA
Resource scope
- Estimate type
- resource
- Effective date
- 2025-12-31T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Katharine M. Masun
- Resource group id
- resource:e2ffc24a44699b4db8ff
- Mining method
- underground
- Ownership percent
- 100 %
- Resource basis
- gross
Resource Data
- Category
- inferred
- Tonnes
- 137000
- Grade
- 0.82
- Grade Unit
- %
- Contained Metal
- 3
- Contained Unit
- mlb zn
- Cutoff Grade
- 80
- Cutoff Unit
- $/t NSR
Prior Estimate
- Resource Date
- 2025-12-31
Metal Equivalent
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- ALS Global Peru
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-03-31T00:00:00.000Z
Reasoning: The Leticia deposit reports 137 Kt of Inferred Mineral Resources at 0.82% Zn, which is a speculative category with limited drilling.
Positive factors
- QP/CP Signed
Negative factors
- Inferred Resource
Evidence · table
“0.82”
Context: 137
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: The resource is classified as Inferred, indicating a speculative category with limited drilling.
Evidence · table
“Inferred”
Context: 137
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: The Mineral Resource estimate was prepared by Mineros S.A. and reviewed by SLR, with Katharine M. Masun, P.Geo., as the independent Qualified Person.
Evidence · text
“Katharine M. Masun, M.Sc., MSA, P.Geo., Principal Resource Geologist with SLR, is the independent Qualified Person responsible for the Mineral Resource estimate”
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
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
inferredLeticia · copperTonnes: 137000Grade: 0.36Grade Unit: %Contained Metal: 1Contained Unit: mlb cuView all detailsHide details
Identity
- Project
- Leticia
- Commodity
- copper
- Region
- nicaragua
- Reported Region
- Nicaragua
- Ticker
- MSA
Resource scope
- Estimate type
- resource
- Effective date
- 2025-12-31T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Katharine M. Masun
- Resource group id
- resource:e2ffc24a44699b4db8ff
- Mining method
- underground
- Ownership percent
- 100 %
- Resource basis
- gross
Resource Data
- Category
- inferred
- Tonnes
- 137000
- Grade
- 0.36
- Grade Unit
- %
- Contained Metal
- 1
- Contained Unit
- mlb cu
- Cutoff Grade
- 80
- Cutoff Unit
- $/t NSR
Prior Estimate
- Resource Date
- 2025-12-31
Metal Equivalent
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- ALS Global Peru
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-03-31T00:00:00.000Z
Reasoning: The Leticia deposit reports 137 Kt of Inferred Mineral Resources at 0.36% Cu, which is a speculative category with limited drilling.
Positive factors
- QP/CP Signed
Negative factors
- Inferred Resource
Evidence · table
“0.36”
Context: 137
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: The resource is classified as Inferred, indicating a speculative category with limited drilling.
Evidence · table
“Inferred”
Context: 137
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: The Mineral Resource estimate was prepared by Mineros S.A. and reviewed by SLR, with Katharine M. Masun, P.Geo., as the independent Qualified Person.
Evidence · text
“Katharine M. Masun, M.Sc., MSA, P.Geo., Principal Resource Geologist with SLR, is the independent Qualified Person responsible for the Mineral Resource estimate”
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
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
inferredSan Antonio · goldTonnes: 1313000Grade: 2.23Grade Unit: g/tContained Metal: 94Contained Unit: koz auView all detailsHide details
Identity
- Project
- San Antonio
- Commodity
- gold
- Region
- nicaragua
- Reported Region
- Nicaragua
- Ticker
- MSA
Resource scope
- Estimate type
- resource
- Effective date
- 2025-12-31T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Katharine M. Masun
- Resource group id
- resource:b101db2a8e3665bfdcda
- Mining method
- underground
- Ownership percent
- 100 %
- Resource basis
- gross
Resource Data
- Category
- inferred
- Tonnes
- 1313000
- Grade
- 2.23
- Grade Unit
- g/t
- Contained Metal
- 94
- Contained Unit
- koz au
- Cutoff Grade
- 80
- Cutoff Unit
- $/t NSR
Prior Estimate
- Resource Date
- 2025-12-31
Metal Equivalent
- Metal Eq. Grade
- 2.82
- Metal Eq. Unit
- g/t AuEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- ALS Global Peru
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-03-31T00:00:00.000Z
Reasoning: The San Antonio deposit reports 1,313 Kt of Inferred Mineral Resources at 2.23 g/t Au, which is a speculative category with limited drilling.
Positive factors
- QP/CP Signed
Negative factors
- Inferred Resource
Evidence · table
“2.23”
Context: 1,313
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: The resource is classified as Inferred, indicating a speculative category with limited drilling.
Evidence · table
“Inferred”
Context: 1,313
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: The Mineral Resource estimate was prepared by Mineros S.A. and reviewed by SLR, with Katharine M. Masun, P.Geo., as the independent Qualified Person.
Evidence · text
“Katharine M. Masun, M.Sc., MSA, P.Geo., Principal Resource Geologist with SLR, is the independent Qualified Person responsible for the Mineral Resource estimate”
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
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
inferredSan Antonio · silverTonnes: 1313000Grade: 12.33Grade Unit: g/tContained Metal: 521Contained Unit: koz agView all detailsHide details
Identity
- Project
- San Antonio
- Commodity
- silver
- Region
- nicaragua
- Reported Region
- Nicaragua
- Ticker
- MSA
Resource scope
- Estimate type
- resource
- Effective date
- 2025-12-31T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Katharine M. Masun
- Resource group id
- resource:b101db2a8e3665bfdcda
- Mining method
- underground
- Ownership percent
- 100 %
- Resource basis
- gross
Resource Data
- Category
- inferred
- Tonnes
- 1313000
- Grade
- 12.33
- Grade Unit
- g/t
- Contained Metal
- 521
- Contained Unit
- koz ag
- Cutoff Grade
- 80
- Cutoff Unit
- $/t NSR
Prior Estimate
- Resource Date
- 2025-12-31
Metal Equivalent
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- ALS Global Peru
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-03-31T00:00:00.000Z
Reasoning: The San Antonio deposit reports 1,313 Kt of Inferred Mineral Resources at 12.33 g/t Ag, which is a speculative category with limited drilling.
Positive factors
- QP/CP Signed
Negative factors
- Inferred Resource
Evidence · table
“12.33”
Context: 1,313
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: The resource is classified as Inferred, indicating a speculative category with limited drilling.
Evidence · table
“Inferred”
Context: 1,313
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: The Mineral Resource estimate was prepared by Mineros S.A. and reviewed by SLR, with Katharine M. Masun, P.Geo., as the independent Qualified Person.
Evidence · text
“Katharine M. Masun, M.Sc., MSA, P.Geo., Principal Resource Geologist with SLR, is the independent Qualified Person responsible for the Mineral Resource estimate”
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
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
inferredSan Antonio · zincTonnes: 1313000Grade: 0.32Grade Unit: %Contained Metal: 9Contained Unit: mlb znView all detailsHide details
Identity
- Project
- San Antonio
- Commodity
- zinc
- Region
- nicaragua
- Reported Region
- Nicaragua
- Ticker
- MSA
Resource scope
- Estimate type
- resource
- Effective date
- 2025-12-31T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Katharine M. Masun
- Resource group id
- resource:b101db2a8e3665bfdcda
- Mining method
- underground
- Ownership percent
- 100 %
- Resource basis
- gross
Resource Data
- Category
- inferred
- Tonnes
- 1313000
- Grade
- 0.32
- Grade Unit
- %
- Contained Metal
- 9
- Contained Unit
- mlb zn
- Cutoff Grade
- 80
- Cutoff Unit
- $/t NSR
Prior Estimate
- Resource Date
- 2025-12-31
Metal Equivalent
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- ALS Global Peru
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-03-31T00:00:00.000Z
Reasoning: The San Antonio deposit reports 1,313 Kt of Inferred Mineral Resources at 0.32% Zn, which is a speculative category with limited drilling.
Positive factors
- QP/CP Signed
Negative factors
- Inferred Resource
Evidence · table
“0.32”
Context: 1,313
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: The resource is classified as Inferred, indicating a speculative category with limited drilling.
Evidence · table
“Inferred”
Context: 1,313
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: The Mineral Resource estimate was prepared by Mineros S.A. and reviewed by SLR, with Katharine M. Masun, P.Geo., as the independent Qualified Person.
Evidence · text
“Katharine M. Masun, M.Sc., MSA, P.Geo., Principal Resource Geologist with SLR, is the independent Qualified Person responsible for the Mineral Resource estimate”
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
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
inferredSan Antonio · copperTonnes: 1313000Grade: 0.93Grade Unit: %Contained Metal: 27Contained Unit: mlb cuView all detailsHide details
Identity
- Project
- San Antonio
- Commodity
- copper
- Region
- nicaragua
- Reported Region
- Nicaragua
- Ticker
- MSA
Resource scope
- Estimate type
- resource
- Effective date
- 2025-12-31T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Katharine M. Masun
- Resource group id
- resource:b101db2a8e3665bfdcda
- Mining method
- underground
- Ownership percent
- 100 %
- Resource basis
- gross
Resource Data
- Category
- inferred
- Tonnes
- 1313000
- Grade
- 0.93
- Grade Unit
- %
- Contained Metal
- 27
- Contained Unit
- mlb cu
- Cutoff Grade
- 80
- Cutoff Unit
- $/t NSR
Prior Estimate
- Resource Date
- 2025-12-31
Metal Equivalent
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- ALS Global Peru
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-03-31T00:00:00.000Z
Reasoning: The San Antonio deposit reports 1,313 Kt of Inferred Mineral Resources at 0.93% Cu, which is a speculative category with limited drilling.
Positive factors
- QP/CP Signed
Negative factors
- Inferred Resource
Evidence · table
“0.93”
Context: 1,313
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: The resource is classified as Inferred, indicating a speculative category with limited drilling.
Evidence · table
“Inferred”
Context: 1,313
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: The Mineral Resource estimate was prepared by Mineros S.A. and reviewed by SLR, with Katharine M. Masun, P.Geo., as the independent Qualified Person.
Evidence · text
“Katharine M. Masun, M.Sc., MSA, P.Geo., Principal Resource Geologist with SLR, is the independent Qualified Person responsible for the Mineral Resource estimate”
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
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
inferredHemco Property · goldTonnes: 3599000Grade: 1.95Grade Unit: g/tContained Metal: 226Contained Unit: koz auView all detailsHide details
Identity
- Project
- Hemco Property
- Commodity
- gold
- Region
- nicaragua
- Reported Region
- Nicaragua
- Ticker
- MSA
Resource scope
- Estimate type
- resource
- Effective date
- 2025-12-31T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Katharine M. Masun
- Resource group id
- resource:e84b1bc75fc7527e0c2d
- Deposit or zone
- Porvenir Polymetallic
- Mining method
- underground
- Ownership percent
- 100 %
- Resource basis
- gross
Resource Data
- Category
- inferred
- Tonnes
- 3599000
- Grade
- 1.95
- Grade Unit
- g/t
- Contained Metal
- 226
- Contained Unit
- koz au
- Cutoff Grade
- 80
- Cutoff Unit
- $/t NSR
Prior Estimate
- Resource Date
- 2025-12-31
Metal Equivalent
- Metal Eq. Grade
- 2.7
- Metal Eq. Unit
- g/t AuEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- ALS Global Peru
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-03-31T00:00:00.000Z
Reasoning: The Porvenir Polymetallic District reports 3,599 Kt of Total Inferred Mineral Resources at 1.95 g/t Au, which is a speculative category with limited drilling.
Positive factors
- QP/CP Signed
Negative factors
- Inferred Resource
Evidence · table
“1.95”
Context: 3,599
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: The resource is classified as Inferred, indicating a speculative category with limited drilling.
Evidence · table
“Total Inferred”
Context: 3,599
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: The Mineral Resource estimate was prepared by Mineros S.A. and reviewed by SLR, with Katharine M. Masun, P.Geo., as the independent Qualified Person.
Evidence · text
“Katharine M. Masun, M.Sc., MSA, P.Geo., Principal Resource Geologist with SLR, is the independent Qualified Person responsible for the Mineral Resource estimate”
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
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
inferredHemco Property · silverTonnes: 3599000Grade: 16.13Grade Unit: g/tContained Metal: 1866Contained Unit: koz agView all detailsHide details
Identity
- Project
- Hemco Property
- Commodity
- silver
- Region
- nicaragua
- Reported Region
- Nicaragua
- Ticker
- MSA
Resource scope
- Estimate type
- resource
- Effective date
- 2025-12-31T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Katharine M. Masun
- Resource group id
- resource:e84b1bc75fc7527e0c2d
- Deposit or zone
- Porvenir Polymetallic
- Mining method
- underground
- Ownership percent
- 100 %
- Resource basis
- gross
Resource Data
- Category
- inferred
- Tonnes
- 3599000
- Grade
- 16.13
- Grade Unit
- g/t
- Contained Metal
- 1866
- Contained Unit
- koz ag
- Cutoff Grade
- 80
- Cutoff Unit
- $/t NSR
Prior Estimate
- Resource Date
- 2025-12-31
Metal Equivalent
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- ALS Global Peru
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-03-31T00:00:00.000Z
Reasoning: The Porvenir Polymetallic District reports 3,599 Kt of Total Inferred Mineral Resources at 16.13 g/t Ag, which is a speculative category with limited drilling.
Positive factors
- QP/CP Signed
Negative factors
- Inferred Resource
Evidence · table
“16.13”
Context: 3,599
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: The resource is classified as Inferred, indicating a speculative category with limited drilling.
Evidence · table
“Inferred”
Context: 3,599
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: The Mineral Resource estimate was prepared by Mineros S.A. and reviewed by SLR, with Katharine M. Masun, P.Geo., as the independent Qualified Person.
Evidence · text
“Katharine M. Masun, M.Sc., MSA, P.Geo., Principal Resource Geologist with SLR, is the independent Qualified Person responsible for the Mineral Resource estimate”
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
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
inferredHemco Property · zincTonnes: 3599000Grade: 2.53Grade Unit: %Contained Metal: 200Contained Unit: mlb znView all detailsHide details
Identity
- Project
- Hemco Property
- Commodity
- zinc
- Region
- nicaragua
- Reported Region
- Nicaragua
- Ticker
- MSA
Resource scope
- Estimate type
- resource
- Effective date
- 2025-12-31T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Katharine M. Masun
- Resource group id
- resource:e84b1bc75fc7527e0c2d
- Deposit or zone
- Porvenir Polymetallic
- Mining method
- underground
- Ownership percent
- 100 %
- Resource basis
- gross
Resource Data
- Category
- inferred
- Tonnes
- 3599000
- Grade
- 2.53
- Grade Unit
- %
- Contained Metal
- 200
- Contained Unit
- mlb zn
- Cutoff Grade
- 80
- Cutoff Unit
- $/t NSR
Prior Estimate
- Resource Date
- 2025-12-31
Metal Equivalent
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- ALS Global Peru
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-03-31T00:00:00.000Z
Reasoning: The Porvenir Polymetallic District reports 3,599 Kt of Total Inferred Mineral Resources at 2.53% Zn, which is a speculative category with limited drilling.
Positive factors
- QP/CP Signed
Negative factors
- Inferred Resource
Evidence · table
“2.53”
Context: 3,599
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: The resource is classified as Inferred, indicating a speculative category with limited drilling.
Evidence · table
“Inferred”
Context: 3,599
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: The Mineral Resource estimate was prepared by Mineros S.A. and reviewed by SLR, with Katharine M. Masun, P.Geo., as the independent Qualified Person.
Evidence · text
“Katharine M. Masun, M.Sc., MSA, P.Geo., Principal Resource Geologist with SLR, is the independent Qualified Person responsible for the Mineral Resource estimate”
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
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
inferredHemco Property · copperTonnes: 3599000Grade: 0.44Grade Unit: %Contained Metal: 35Contained Unit: mlb cuView all detailsHide details
Identity
- Project
- Hemco Property
- Commodity
- copper
- Region
- nicaragua
- Reported Region
- Nicaragua
- Ticker
- MSA
Resource scope
- Estimate type
- resource
- Effective date
- 2025-12-31T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Katharine M. Masun
- Resource group id
- resource:e84b1bc75fc7527e0c2d
- Deposit or zone
- Porvenir Polymetallic
- Mining method
- underground
- Ownership percent
- 100 %
- Resource basis
- gross
Resource Data
- Category
- inferred
- Tonnes
- 3599000
- Grade
- 0.44
- Grade Unit
- %
- Contained Metal
- 35
- Contained Unit
- mlb cu
- Cutoff Grade
- 80
- Cutoff Unit
- $/t NSR
Prior Estimate
- Resource Date
- 2025-12-31
Metal Equivalent
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- ALS Global Peru
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-03-31T00:00:00.000Z
Reasoning: The Porvenir Polymetallic District reports 3,599 Kt of Total Inferred Mineral Resources at 0.44% Cu, which is a speculative category with limited drilling.
Positive factors
- QP/CP Signed
Negative factors
- Inferred Resource
Evidence · table
“0.44”
Context: 3,599
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: The resource is classified as Inferred, indicating a speculative category with limited drilling.
Evidence · table
“Inferred”
Context: 3,599
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: The Mineral Resource estimate was prepared by Mineros S.A. and reviewed by SLR, with Katharine M. Masun, P.Geo., as the independent Qualified Person.
Evidence · text
“Katharine M. Masun, M.Sc., MSA, P.Geo., Principal Resource Geologist with SLR, is the independent Qualified Person responsible for the Mineral Resource estimate”
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
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
measuredPanama · goldTonnes: 124000Grade: 2.51Grade Unit: g/tContained Metal: 10Contained Unit: koz auView all detailsHide details
Identity
- Project
- Panama
- Commodity
- gold
- Region
- nicaragua
- Reported Region
- Nicaragua
- Ticker
- MSA
Resource scope
- Estimate type
- resource
- Effective date
- 2025-12-31T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Katharine M. Masun
- Resource group id
- resource:64e1107aeb36bd9dc04a
- Ownership percent
- 100 %
- Resource basis
- gross
Resource Data
- Category
- measured
- Tonnes
- 124000
- Grade
- 2.51
- Grade Unit
- g/t
- Contained Metal
- 10
- Contained Unit
- koz au
- Cutoff Grade
- 1.5
- Cutoff Unit
- g/t Au
Prior Estimate
- Resource Date
- 2025-12-31
Lab
- Laboratory
- ALS Global Peru
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-03-31T00:00:00.000Z
Reasoning: The Panama deposit reports 124 Kt of Measured Mineral Resources at 2.51 g/t Au, contributing to the overall Hemco Property resource base.
Positive factors
- Measured Resource
- QP/CP Signed
Evidence · table
“2.51”
Context: 124
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: The resource is classified as Measured, indicating the highest level of confidence.
Evidence · table
“Measured”
Context: 124
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: The Mineral Resource estimate was prepared by Mineros S.A. and reviewed by SLR, with Katharine M. Masun, P.Geo., as the independent Qualified Person.
Evidence · text
“Katharine M. Masun, M.Sc., MSA, P.Geo., Principal Resource Geologist with SLR, is the independent Qualified Person responsible for the Mineral Resource estimate”
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
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
measuredPioneer · goldTonnes: 51000Grade: 4.39Grade Unit: g/tContained Metal: 7Contained Unit: koz auView all detailsHide details
Identity
- Project
- Pioneer
- Commodity
- gold
- Region
- nicaragua
- Reported Region
- Nicaragua
- Ticker
- MSA
Resource scope
- Estimate type
- resource
- Effective date
- 2025-12-31T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Katharine M. Masun
- Resource group id
- resource:4e01a51c2272b94e1951
- Ownership percent
- 100 %
- Resource basis
- gross
Resource Data
- Category
- measured
- Tonnes
- 51000
- Grade
- 4.39
- Grade Unit
- g/t
- Contained Metal
- 7
- Contained Unit
- koz au
- Cutoff Grade
- 1.5
- Cutoff Unit
- g/t Au
Prior Estimate
- Resource Date
- 2025-12-31
Lab
- Laboratory
- ALS Global Peru
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-03-31T00:00:00.000Z
Reasoning: The Pioneer deposit reports 51 Kt of Measured Mineral Resources at 4.39 g/t Au, contributing to the overall Hemco Property resource base.
Positive factors
- Measured Resource
- QP/CP Signed
Evidence · table
“4.39”
Context: 51
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: The resource is classified as Measured, indicating the highest level of confidence.
Evidence · table
“Measured”
Context: 51
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: The Mineral Resource estimate was prepared by Mineros S.A. and reviewed by SLR, with Katharine M. Masun, P.Geo., as the independent Qualified Person.
Evidence · text
“Katharine M. Masun, M.Sc., MSA, P.Geo., Principal Resource Geologist with SLR, is the independent Qualified Person responsible for the Mineral Resource estimate”
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
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
indicatedPanama · goldTonnes: 1034000Grade: 3.14Grade Unit: g/tContained Metal: 104Contained Unit: koz auView all detailsHide details
Identity
- Project
- Panama
- Commodity
- gold
- Region
- nicaragua
- Reported Region
- Nicaragua
- Ticker
- MSA
Resource scope
- Estimate type
- resource
- Effective date
- 2025-12-31T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Katharine M. Masun
- Resource group id
- resource:9bf9cc8b1d596252c40d
- Ownership percent
- 100 %
- Resource basis
- gross
Resource Data
- Category
- indicated
- Tonnes
- 1034000
- Grade
- 3.14
- Grade Unit
- g/t
- Contained Metal
- 104
- Contained Unit
- koz au
- Cutoff Grade
- 1.5
- Cutoff Unit
- g/t Au
Prior Estimate
- Resource Date
- 2025-12-31
Lab
- Laboratory
- ALS Global Peru
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-03-31T00:00:00.000Z
Reasoning: The Panama deposit reports 1,034 Kt of Indicated Mineral Resources at 3.14 g/t Au, contributing to the overall Hemco Property resource base.
Positive factors
- Indicated Resource
- QP/CP Signed
Evidence · table
“3.14”
Context: 1,034
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: The resource is classified as Indicated, providing reasonable geological confidence.
Evidence · table
“Indicated”
Context: 1,034
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: The Mineral Resource estimate was prepared by Mineros S.A. and reviewed by SLR, with Katharine M. Masun, P.Geo., as the independent Qualified Person.
Evidence · text
“Katharine M. Masun, M.Sc., MSA, P.Geo., Principal Resource Geologist with SLR, is the independent Qualified Person responsible for the Mineral Resource estimate”
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
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
indicatedPioneer · goldTonnes: 311000Grade: 3.12Grade Unit: g/tContained Metal: 31Contained Unit: koz auView all detailsHide details
Identity
- Project
- Pioneer
- Commodity
- gold
- Region
- nicaragua
- Reported Region
- Nicaragua
- Ticker
- MSA
Resource scope
- Estimate type
- resource
- Effective date
- 2025-12-31T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Katharine M. Masun
- Resource group id
- resource:60528283259948d7dd64
- Ownership percent
- 100 %
- Resource basis
- gross
Resource Data
- Category
- indicated
- Tonnes
- 311000
- Grade
- 3.12
- Grade Unit
- g/t
- Contained Metal
- 31
- Contained Unit
- koz au
- Cutoff Grade
- 1.5
- Cutoff Unit
- g/t Au
Prior Estimate
- Resource Date
- 2025-12-31
Lab
- Laboratory
- ALS Global Peru
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-03-31T00:00:00.000Z
Reasoning: The Pioneer deposit reports 311 Kt of Indicated Mineral Resources at 3.12 g/t Au, contributing to the overall Hemco Property resource base.
Positive factors
- Indicated Resource
- QP/CP Signed
Evidence · table
“3.12”
Context: 311
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: The resource is classified as Indicated, providing reasonable geological confidence.
Evidence · table
“Indicated”
Context: 311
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: The Mineral Resource estimate was prepared by Mineros S.A. and reviewed by SLR, with Katharine M. Masun, P.Geo., as the independent Qualified Person.
Evidence · text
“Katharine M. Masun, M.Sc., MSA, P.Geo., Principal Resource Geologist with SLR, is the independent Qualified Person responsible for the Mineral Resource estimate”
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
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
indicatedLuna Roja · goldTonnes: 841000Grade: 2.77Grade Unit: g/tContained Metal: 75Contained Unit: koz auView all detailsHide details
Identity
- Project
- Luna Roja
- Commodity
- gold
- Region
- nicaragua
- Reported Region
- Nicaragua
- Ticker
- MSA
Resource scope
- Estimate type
- resource
- Effective date
- 2025-12-31T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Katharine M. Masun
- Resource group id
- resource:df606fa9faeea6185fca
- Deposit or zone
- Open Pit
- Ownership percent
- 100 %
- Resource basis
- gross
Resource Data
- Category
- indicated
- Tonnes
- 841000
- Grade
- 2.77
- Grade Unit
- g/t
- Contained Metal
- 75
- Contained Unit
- koz au
- Cutoff Grade
- 0.8
- Cutoff Unit
- g/t Au
Prior Estimate
- Resource Date
- 2025-12-31
Lab
- Laboratory
- ALS Global Peru
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-03-31T00:00:00.000Z
Reasoning: The Luna Roja (Open Pit) deposit reports 841 Kt of Indicated Mineral Resources at 2.77 g/t Au, contributing to the overall Hemco Property resource base.
Positive factors
- Indicated Resource
- QP/CP Signed
Evidence · table
“2.77”
Context: 841
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: The resource is classified as Indicated, providing reasonable geological confidence.
Evidence · table
“Indicated”
Context: 841
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: The Mineral Resource estimate was prepared by Mineros S.A. and reviewed by SLR, with Katharine M. Masun, P.Geo., as the independent Qualified Person.
Evidence · text
“Katharine M. Masun, M.Sc., MSA, P.Geo., Principal Resource Geologist with SLR, is the independent Qualified Person responsible for the Mineral Resource estimate”
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
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
indicatedPanama · goldTonnes: 1159000Grade: 3.07Grade Unit: g/tContained Metal: 114Contained Unit: koz auView all detailsHide details
Identity
- Project
- Panama
- Commodity
- gold
- Region
- nicaragua
- Reported Region
- Nicaragua
- Ticker
- MSA
Resource scope
- Estimate type
- resource
- Effective date
- 2025-12-31T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Katharine M. Masun
- Resource group id
- resource:b95180c106d567c7b58e
- Ownership percent
- 100 %
- Resource basis
- gross
Resource Data
- Category
- indicated
- Tonnes
- 1159000
- Grade
- 3.07
- Grade Unit
- g/t
- Contained Metal
- 114
- Contained Unit
- koz au
- Cutoff Grade
- 1.5
- Cutoff Unit
- g/t Au
Prior Estimate
- Resource Date
- 2025-12-31
Lab
- Laboratory
- ALS Global Peru
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-03-31T00:00:00.000Z
Reasoning: The Panama deposit reports 1,159 Kt of Total Measured and Indicated Mineral Resources at 3.07 g/t Au, contributing to the overall Hemco Property resource base.
Positive factors
- Indicated Resource
- QP/CP Signed
Evidence · table
“3.07”
Context: 1,159
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: The resource is classified as Indicated (as the lower confidence category for M+I), providing reasonable geological confidence.
Evidence · table
“M+I”
Context: 1,159
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: The Mineral Resource estimate was prepared by Mineros S.A. and reviewed by SLR, with Katharine M. Masun, P.Geo., as the independent Qualified Person.
Evidence · text
“Katharine M. Masun, M.Sc., MSA, P.Geo., Principal Resource Geologist with SLR, is the independent Qualified Person responsible for the Mineral Resource estimate”
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
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
indicatedPioneer · goldTonnes: 362000Grade: 3.3Grade Unit: g/tContained Metal: 38Contained Unit: koz auView all detailsHide details
Identity
- Project
- Pioneer
- Commodity
- gold
- Region
- nicaragua
- Reported Region
- Nicaragua
- Ticker
- MSA
Resource scope
- Estimate type
- resource
- Effective date
- 2025-12-31T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Katharine M. Masun
- Resource group id
- resource:01f141966a7a514e9620
- Ownership percent
- 100 %
- Resource basis
- gross
Resource Data
- Category
- indicated
- Tonnes
- 362000
- Grade
- 3.3
- Grade Unit
- g/t
- Contained Metal
- 38
- Contained Unit
- koz au
- Cutoff Grade
- 1.5
- Cutoff Unit
- g/t Au
Prior Estimate
- Resource Date
- 2025-12-31
Lab
- Laboratory
- ALS Global Peru
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-03-31T00:00:00.000Z
Reasoning: The Pioneer deposit reports 362 Kt of Total Measured and Indicated Mineral Resources at 3.30 g/t Au, contributing to the overall Hemco Property resource base.
Positive factors
- Indicated Resource
- QP/CP Signed
Evidence · table
“3.30”
Context: 362
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: The resource is classified as Indicated (as the lower confidence category for M+I), providing reasonable geological confidence.
Evidence · table
“M+I”
Context: 362
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: The Mineral Resource estimate was prepared by Mineros S.A. and reviewed by SLR, with Katharine M. Masun, P.Geo., as the independent Qualified Person.
Evidence · text
“Katharine M. Masun, M.Sc., MSA, P.Geo., Principal Resource Geologist with SLR, is the independent Qualified Person responsible for the Mineral Resource estimate”
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
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
indicatedHemco Property · goldTonnes: 7394000Grade: 2.09Grade Unit: g/tContained Metal: 497Contained Unit: koz auView all detailsHide details
Identity
- Project
- Hemco Property
- Commodity
- gold
- Region
- nicaragua
- Reported Region
- Nicaragua
- Ticker
- MSA
Resource scope
- Estimate type
- resource
- Effective date
- 2025-12-31T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Katharine M. Masun
- Resource group id
- resource:da4447b6faaa0d81ab26
- Ownership percent
- 100 %
- Resource basis
- gross
Resource Data
- Category
- indicated
- Tonnes
- 7394000
- Grade
- 2.09
- Grade Unit
- g/t
- Contained Metal
- 497
- Contained Unit
- koz au
Prior Estimate
- Resource Date
- 2025-12-31
Lab
- Laboratory
- ALS Global Peru
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-03-31T00:00:00.000Z
Reasoning: The Hemco Property reports 7,394 Kt of Total Measured and Indicated Mineral Resources at 2.09 g/t Au, demonstrating significant overall resource potential.
Positive factors
- Indicated Resource
- QP/CP Signed
- Contained Metal Growth
Evidence · table
“2.09”
Context: 7,394
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: The resource is classified as Indicated (as the lower confidence category for M+I), providing reasonable geological confidence.
Evidence · table
“Total M+I”
Context: 7,394
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: The Mineral Resource estimate was prepared by Mineros S.A. and reviewed by SLR, with Katharine M. Masun, P.Geo., as the independent Qualified Person.
Evidence · text
“Katharine M. Masun, M.Sc., MSA, P.Geo., Principal Resource Geologist with SLR, is the independent Qualified Person responsible for the Mineral Resource estimate”
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
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
indicatedHemco Property · silverTonnes: 7394000Contained Metal: 2546Contained Unit: koz agView all detailsHide details
Identity
- Project
- Hemco Property
- Commodity
- silver
- Region
- nicaragua
- Reported Region
- Nicaragua
- Ticker
- MSA
Resource scope
- Estimate type
- resource
- Effective date
- 2025-12-31T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Katharine M. Masun
- Resource group id
- resource:da4447b6faaa0d81ab26
- Ownership percent
- 100 %
- Resource basis
- gross
Resource Data
- Category
- indicated
- Tonnes
- 7394000
- Contained Metal
- 2546
- Contained Unit
- koz ag
Prior Estimate
- Resource Date
- 2025-12-31
Lab
- Laboratory
- ALS Global Peru
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-03-31T00:00:00.000Z
Reasoning: The Hemco Property reports 7,394 Kt of Total Measured and Indicated Mineral Resources with 2,546 Koz Ag, demonstrating significant overall resource potential.
Positive factors
- Indicated Resource
- QP/CP Signed
- Contained Metal Growth
Evidence · table
“2,546”
Context: 7,394
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: The resource is classified as Indicated (as the lower confidence category for M+I), providing reasonable geological confidence.
Evidence · table
“Total M+I”
Context: 7,394
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: The Mineral Resource estimate was prepared by Mineros S.A. and reviewed by SLR, with Katharine M. Masun, P.Geo., as the independent Qualified Person.
Evidence · text
“Katharine M. Masun, M.Sc., MSA, P.Geo., Principal Resource Geologist with SLR, is the independent Qualified Person responsible for the Mineral Resource estimate”
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
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
indicatedHemco Property · zincTonnes: 7394000Contained Metal: 411Contained Unit: mlb znView all detailsHide details
Identity
- Project
- Hemco Property
- Commodity
- zinc
- Region
- nicaragua
- Reported Region
- Nicaragua
- Ticker
- MSA
Resource scope
- Estimate type
- resource
- Effective date
- 2025-12-31T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Katharine M. Masun
- Resource group id
- resource:da4447b6faaa0d81ab26
- Ownership percent
- 100 %
- Resource basis
- gross
Resource Data
- Category
- indicated
- Tonnes
- 7394000
- Contained Metal
- 411
- Contained Unit
- mlb zn
Prior Estimate
- Resource Date
- 2025-12-31
Lab
- Laboratory
- ALS Global Peru
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-03-31T00:00:00.000Z
Reasoning: The Hemco Property reports 7,394 Kt of Total Measured and Indicated Mineral Resources with 411 Mlb Zn, demonstrating significant overall resource potential.
Positive factors
- Indicated Resource
- QP/CP Signed
- Contained Metal Growth
Evidence · table
“411”
Context: 7,394
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: The resource is classified as Indicated (as the lower confidence category for M+I), providing reasonable geological confidence.
Evidence · table
“Total M+I”
Context: 7,394
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: The Mineral Resource estimate was prepared by Mineros S.A. and reviewed by SLR, with Katharine M. Masun, P.Geo., as the independent Qualified Person.
Evidence · text
“Katharine M. Masun, M.Sc., MSA, P.Geo., Principal Resource Geologist with SLR, is the independent Qualified Person responsible for the Mineral Resource estimate”
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
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
indicatedHemco Property · copperTonnes: 7394000Contained Metal: 30Contained Unit: mlb cuView all detailsHide details
Identity
- Project
- Hemco Property
- Commodity
- copper
- Region
- nicaragua
- Reported Region
- Nicaragua
- Ticker
- MSA
Resource scope
- Estimate type
- resource
- Effective date
- 2025-12-31T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Katharine M. Masun
- Resource group id
- resource:da4447b6faaa0d81ab26
- Ownership percent
- 100 %
- Resource basis
- gross
Resource Data
- Category
- indicated
- Tonnes
- 7394000
- Contained Metal
- 30
- Contained Unit
- mlb cu
Prior Estimate
- Resource Date
- 2025-12-31
Lab
- Laboratory
- ALS Global Peru
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-03-31T00:00:00.000Z
Reasoning: The Hemco Property reports 7,394 Kt of Total Measured and Indicated Mineral Resources with 30 Mlb Cu, demonstrating significant overall resource potential.
Positive factors
- Indicated Resource
- QP/CP Signed
- Contained Metal Growth
Evidence · table
“30”
Context: 7,394
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: The resource is classified as Indicated (as the lower confidence category for M+I), providing reasonable geological confidence.
Evidence · table
“Total M+I”
Context: 7,394
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: The Mineral Resource estimate was prepared by Mineros S.A. and reviewed by SLR, with Katharine M. Masun, P.Geo., as the independent Qualified Person.
Evidence · text
“Katharine M. Masun, M.Sc., MSA, P.Geo., Principal Resource Geologist with SLR, is the independent Qualified Person responsible for the Mineral Resource estimate”
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
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
inferredPanama · goldTonnes: 3027000Grade: 3.5Grade Unit: g/tContained Metal: 340Contained Unit: koz auView all detailsHide details
Identity
- Project
- Panama
- Commodity
- gold
- Region
- nicaragua
- Reported Region
- Nicaragua
- Ticker
- MSA
Resource scope
- Estimate type
- resource
- Effective date
- 2025-12-31T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Katharine M. Masun
- Resource group id
- resource:74444788273e6eaaa03a
- Ownership percent
- 100 %
- Resource basis
- gross
Resource Data
- Category
- inferred
- Tonnes
- 3027000
- Grade
- 3.5
- Grade Unit
- g/t
- Contained Metal
- 340
- Contained Unit
- koz au
- Cutoff Grade
- 1.5
- Cutoff Unit
- g/t Au
Prior Estimate
- Resource Date
- 2025-12-31
Lab
- Laboratory
- ALS Global Peru
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-03-31T00:00:00.000Z
Reasoning: The Panama deposit reports 3,027 Kt of Inferred Mineral Resources at 3.50 g/t Au, which is a speculative category with limited drilling.
Positive factors
- QP/CP Signed
Negative factors
- Inferred Resource
Evidence · table
“3.50”
Context: 3,027
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: The resource is classified as Inferred, indicating a speculative category with limited drilling.
Evidence · table
“Inferred”
Context: 3,027
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: The Mineral Resource estimate was prepared by Mineros S.A. and reviewed by SLR, with Katharine M. Masun, P.Geo., as the independent Qualified Person.
Evidence · text
“Katharine M. Masun, M.Sc., MSA, P.Geo., Principal Resource Geologist with SLR, is the independent Qualified Person responsible for the Mineral Resource estimate”
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
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
inferredPioneer · goldTonnes: 1769000Grade: 3.54Grade Unit: g/tContained Metal: 201Contained Unit: koz auView all detailsHide details
Identity
- Project
- Pioneer
- Commodity
- gold
- Region
- nicaragua
- Reported Region
- Nicaragua
- Ticker
- MSA
Resource scope
- Estimate type
- resource
- Effective date
- 2025-12-31T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Katharine M. Masun
- Resource group id
- resource:af97be7229d3618782b4
- Ownership percent
- 100 %
- Resource basis
- gross
Resource Data
- Category
- inferred
- Tonnes
- 1769000
- Grade
- 3.54
- Grade Unit
- g/t
- Contained Metal
- 201
- Contained Unit
- koz au
- Cutoff Grade
- 1.5
- Cutoff Unit
- g/t Au
Prior Estimate
- Resource Date
- 2025-12-31
Lab
- Laboratory
- ALS Global Peru
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-03-31T00:00:00.000Z
Reasoning: The Pioneer deposit reports 1,769 Kt of Inferred Mineral Resources at 3.54 g/t Au, which is a speculative category with limited drilling.
Positive factors
- QP/CP Signed
Negative factors
- Inferred Resource
Evidence · table
“3.54”
Context: 1,769
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: The resource is classified as Inferred, indicating a speculative category with limited drilling.
Evidence · table
“Inferred”
Context: 1,769
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: The Mineral Resource estimate was prepared by Mineros S.A. and reviewed by SLR, with Katharine M. Masun, P.Geo., as the independent Qualified Person.
Evidence · text
“Katharine M. Masun, M.Sc., MSA, P.Geo., Principal Resource Geologist with SLR, is the independent Qualified Person responsible for the Mineral Resource estimate”
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
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
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.