# Mineros Announces Updated Prefeasibility Study for the Porvenir Project and Highlights Emerging Porvenir Polymetallic District Canonical Atlas analysis: https://atlas-extractions.minestarters.com/news/mineros-announces-updated-prefeasibility-study-for-the-porvenir-project-and-high--0b24b92e-ed1a-4db2-b70a-3c85300bba73 Original source: https://money.tmx.com/en/quote/MSA/news/5428004096961885/mineros-announces-updated-prefeasibility-study-for-the-porvenir-project-and-high Publisher: tmx Original announcement: 2026-03-31T12:00:00.000Z Analysis by Minestarters Atlas Atlas analysis published: Unknown date Atlas analysis updated: Unknown date - 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 Narrative sentiment: 0.80 · Bullish ## Minestarters Atlas 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 factor: Robust Economics - Positive factor: District Scale Potential - Positive factor: Updated Resources and Reserves - Positive factor: Optimized Flowsheet - Negative factor: Undisclosed Cost Basis - Negative factor: Undisclosed TSF Type Facts used in scoring: 70 ## Classification and evidence **Cut-off Disclosed** Polarity: positive Definition: 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 Update** Polarity: neutral Definition: 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 Route** Polarity: neutral Definition: 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) ### measured [Link to this fact](https://atlas-extractions.minestarters.com/news/mineros-announces-updated-prefeasibility-study-for-the-porvenir-project-and-high--0b24b92e-ed1a-4db2-b70a-3c85300bba73#fact-resource-facts-1) Porvenir · gold #### 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 factor: Measured Resource - Positive factor: QP/CP Signed Evidence · table > 1.86 Context: 159 #### Tags used in scoring **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: The resource is classified as Measured, indicating the highest level of confidence. Evidence · table > Measured Context: 159 **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: 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 Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 ### measured [Link to this fact](https://atlas-extractions.minestarters.com/news/mineros-announces-updated-prefeasibility-study-for-the-porvenir-project-and-high--0b24b92e-ed1a-4db2-b70a-3c85300bba73#fact-resource-facts-2) Porvenir · silver #### 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 factor: Measured Resource - Positive factor: QP/CP Signed Evidence · table > 10.52 Context: 159 #### Tags used in scoring **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: The resource is classified as Measured, indicating the highest level of confidence. Evidence · table > Measured Context: 159 **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: 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 Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 ### measured [Link to this fact](https://atlas-extractions.minestarters.com/news/mineros-announces-updated-prefeasibility-study-for-the-porvenir-project-and-high--0b24b92e-ed1a-4db2-b70a-3c85300bba73#fact-resource-facts-3) Porvenir · zinc #### 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 factor: Measured Resource - Positive factor: QP/CP Signed Evidence · table > 1.82 Context: 159 #### Tags used in scoring **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: The resource is classified as Measured, indicating the highest level of confidence. Evidence · table > Measured Context: 159 **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: 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 Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 ### measured [Link to this fact](https://atlas-extractions.minestarters.com/news/mineros-announces-updated-prefeasibility-study-for-the-porvenir-project-and-high--0b24b92e-ed1a-4db2-b70a-3c85300bba73#fact-resource-facts-4) Porvenir · copper #### 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 factor: Measured Resource - Positive factor: QP/CP Signed Evidence · table > 0.43 Context: 159 #### Tags used in scoring **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: The resource is classified as Measured, indicating the highest level of confidence. Evidence · table > Measured Context: 159 **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: 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 Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/mineros-announces-updated-prefeasibility-study-for-the-porvenir-project-and-high--0b24b92e-ed1a-4db2-b70a-3c85300bba73#fact-resource-facts-5) Porvenir · gold #### 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 factor: Indicated Resource - Positive factor: QP/CP Signed Evidence · table > 1.91 Context: 2,811 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: The resource is classified as Indicated, providing reasonable geological confidence. Evidence · table > Indicated Context: 2,811 **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: 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 Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/mineros-announces-updated-prefeasibility-study-for-the-porvenir-project-and-high--0b24b92e-ed1a-4db2-b70a-3c85300bba73#fact-resource-facts-6) Porvenir · silver #### 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 factor: Indicated Resource - Positive factor: QP/CP Signed Evidence · table > 9.02 Context: 2,811 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: The resource is classified as Indicated, providing reasonable geological confidence. Evidence · table > Indicated Context: 2,811 **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: 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 Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/mineros-announces-updated-prefeasibility-study-for-the-porvenir-project-and-high--0b24b92e-ed1a-4db2-b70a-3c85300bba73#fact-resource-facts-7) Porvenir · zinc #### 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 factor: Indicated Resource - Positive factor: QP/CP Signed Evidence · table > 2.20 Context: 2,811 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: The resource is classified as Indicated, providing reasonable geological confidence. Evidence · table > Indicated Context: 2,811 **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: 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 Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/mineros-announces-updated-prefeasibility-study-for-the-porvenir-project-and-high--0b24b92e-ed1a-4db2-b70a-3c85300bba73#fact-resource-facts-8) Porvenir · copper #### 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 factor: Indicated Resource - Positive factor: QP/CP Signed Evidence · table > 0.27 Context: 2,811 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: The resource is classified as Indicated, providing reasonable geological confidence. Evidence · table > Indicated Context: 2,811 **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: 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 Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/mineros-announces-updated-prefeasibility-study-for-the-porvenir-project-and-high--0b24b92e-ed1a-4db2-b70a-3c85300bba73#fact-resource-facts-9) Porvenir · gold #### 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 factor: Indicated Resource - Positive factor: QP/CP Signed Evidence · table > 1.91 Context: 2,969 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: 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 Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: 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 Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/mineros-announces-updated-prefeasibility-study-for-the-porvenir-project-and-high--0b24b92e-ed1a-4db2-b70a-3c85300bba73#fact-resource-facts-10) Porvenir · silver #### 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 factor: Indicated Resource - Positive factor: QP/CP Signed Evidence · table > 9.10 Context: 2,969 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: 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 Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: 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 Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/mineros-announces-updated-prefeasibility-study-for-the-porvenir-project-and-high--0b24b92e-ed1a-4db2-b70a-3c85300bba73#fact-resource-facts-11) Porvenir · zinc #### 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 factor: Indicated Resource - Positive factor: QP/CP Signed Evidence · table > 2.18 Context: 2,969 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: 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 Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: 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 Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/mineros-announces-updated-prefeasibility-study-for-the-porvenir-project-and-high--0b24b92e-ed1a-4db2-b70a-3c85300bba73#fact-resource-facts-12) Porvenir · copper #### 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 factor: Indicated Resource - Positive factor: QP/CP Signed Evidence · table > 0.28 Context: 2,969 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: 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 Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: 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 Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/mineros-announces-updated-prefeasibility-study-for-the-porvenir-project-and-high--0b24b92e-ed1a-4db2-b70a-3c85300bba73#fact-resource-facts-13) Porvenir · gold #### 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 factor: QP/CP Signed - Negative factor: Inferred Resource Evidence · table > 2.05 Context: 1,031 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: The resource is classified as Inferred, indicating a speculative category with limited drilling. Evidence · table > Inferred Context: 1,031 **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: 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 Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/mineros-announces-updated-prefeasibility-study-for-the-porvenir-project-and-high--0b24b92e-ed1a-4db2-b70a-3c85300bba73#fact-resource-facts-14) Porvenir · silver #### 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 factor: QP/CP Signed - Negative factor: Inferred Resource Evidence · table > 6.77 Context: 1,031 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: The resource is classified as Inferred, indicating a speculative category with limited drilling. Evidence · table > Inferred Context: 1,031 **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: 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 Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/mineros-announces-updated-prefeasibility-study-for-the-porvenir-project-and-high--0b24b92e-ed1a-4db2-b70a-3c85300bba73#fact-resource-facts-15) Porvenir · zinc #### 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 factor: QP/CP Signed - Negative factor: Inferred Resource Evidence · table > 2.35 Context: 1,031 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: The resource is classified as Inferred, indicating a speculative category with limited drilling. Evidence · table > Inferred Context: 1,031 **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: 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 Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/mineros-announces-updated-prefeasibility-study-for-the-porvenir-project-and-high--0b24b92e-ed1a-4db2-b70a-3c85300bba73#fact-resource-facts-16) Porvenir · copper #### 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 factor: QP/CP Signed - Negative factor: Inferred Resource Evidence · table > 0.12 Context: 1,031 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: The resource is classified as Inferred, indicating a speculative category with limited drilling. Evidence · table > Inferred Context: 1,031 **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: 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 Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 ### proven [Link to this fact](https://atlas-extractions.minestarters.com/news/mineros-announces-updated-prefeasibility-study-for-the-porvenir-project-and-high--0b24b92e-ed1a-4db2-b70a-3c85300bba73#fact-resource-facts-17) Porvenir · gold #### 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 factor: Proven Reserve - Positive factor: QP/CP Signed Evidence · table > 3.50 Context: 650 #### Tags used in scoring **Proven Reserve** Polarity: positive Definition: 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 Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: 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 Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 ### proven [Link to this fact](https://atlas-extractions.minestarters.com/news/mineros-announces-updated-prefeasibility-study-for-the-porvenir-project-and-high--0b24b92e-ed1a-4db2-b70a-3c85300bba73#fact-resource-facts-18) Porvenir · silver #### 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 factor: Proven Reserve - Positive factor: QP/CP Signed Evidence · table > 14.07 Context: 650 #### Tags used in scoring **Proven Reserve** Polarity: positive Definition: 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 Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: 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 Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 ### proven [Link to this fact](https://atlas-extractions.minestarters.com/news/mineros-announces-updated-prefeasibility-study-for-the-porvenir-project-and-high--0b24b92e-ed1a-4db2-b70a-3c85300bba73#fact-resource-facts-19) Porvenir · zinc #### 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 factor: Proven Reserve - Positive factor: QP/CP Signed Evidence · table > 2.54 Context: 650 #### Tags used in scoring **Proven Reserve** Polarity: positive Definition: 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 Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: 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 Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 ### proven [Link to this fact](https://atlas-extractions.minestarters.com/news/mineros-announces-updated-prefeasibility-study-for-the-porvenir-project-and-high--0b24b92e-ed1a-4db2-b70a-3c85300bba73#fact-resource-facts-20) Porvenir · copper #### 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 factor: Proven Reserve - Positive factor: QP/CP Signed Evidence · table > 0.50 Context: 650 #### Tags used in scoring **Proven Reserve** Polarity: positive Definition: 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 Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: 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 Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 ### probable [Link to this fact](https://atlas-extractions.minestarters.com/news/mineros-announces-updated-prefeasibility-study-for-the-porvenir-project-and-high--0b24b92e-ed1a-4db2-b70a-3c85300bba73#fact-resource-facts-21) Porvenir · gold #### 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 factor: Probable Reserve - Positive factor: QP/CP Signed Evidence · table > 2.79 Context: 5,827 #### Tags used in scoring **Probable Reserve** Polarity: positive Definition: 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 Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: 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 Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 ### probable [Link to this fact](https://atlas-extractions.minestarters.com/news/mineros-announces-updated-prefeasibility-study-for-the-porvenir-project-and-high--0b24b92e-ed1a-4db2-b70a-3c85300bba73#fact-resource-facts-22) Porvenir · silver #### 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 factor: Probable Reserve - Positive factor: QP/CP Signed Evidence · table > 12.07 Context: 5,827 #### Tags used in scoring **Probable Reserve** Polarity: positive Definition: 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 Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: 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 Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 ### probable [Link to this fact](https://atlas-extractions.minestarters.com/news/mineros-announces-updated-prefeasibility-study-for-the-porvenir-project-and-high--0b24b92e-ed1a-4db2-b70a-3c85300bba73#fact-resource-facts-23) Porvenir · zinc #### 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 factor: Probable Reserve - Positive factor: QP/CP Signed Evidence · table > 2.61 Context: 5,827 #### Tags used in scoring **Probable Reserve** Polarity: positive Definition: 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 Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: 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 Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 ### probable [Link to this fact](https://atlas-extractions.minestarters.com/news/mineros-announces-updated-prefeasibility-study-for-the-porvenir-project-and-high--0b24b92e-ed1a-4db2-b70a-3c85300bba73#fact-resource-facts-24) Porvenir · copper #### 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 factor: Probable Reserve - Positive factor: QP/CP Signed Evidence · table > 0.35 Context: 5,827 #### Tags used in scoring **Probable Reserve** Polarity: positive Definition: 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 Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: 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 Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 ### probable [Link to this fact](https://atlas-extractions.minestarters.com/news/mineros-announces-updated-prefeasibility-study-for-the-porvenir-project-and-high--0b24b92e-ed1a-4db2-b70a-3c85300bba73#fact-resource-facts-25) Porvenir · gold #### 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 factor: Probable Reserve - Positive factor: QP/CP Signed Evidence · table > 2.86 Context: 6,477 #### Tags used in scoring **Probable Reserve** Polarity: positive Definition: 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 Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: 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 Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 ### probable [Link to this fact](https://atlas-extractions.minestarters.com/news/mineros-announces-updated-prefeasibility-study-for-the-porvenir-project-and-high--0b24b92e-ed1a-4db2-b70a-3c85300bba73#fact-resource-facts-26) Porvenir · silver #### 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 factor: Probable Reserve - Positive factor: QP/CP Signed Evidence · table > 12.27 Context: 6,477 #### Tags used in scoring **Probable Reserve** Polarity: positive Definition: 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 Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: 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 Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 ### probable [Link to this fact](https://atlas-extractions.minestarters.com/news/mineros-announces-updated-prefeasibility-study-for-the-porvenir-project-and-high--0b24b92e-ed1a-4db2-b70a-3c85300bba73#fact-resource-facts-27) Porvenir · zinc #### 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 factor: Probable Reserve - Positive factor: QP/CP Signed Evidence · table > 2.61 Context: 6,477 #### Tags used in scoring **Probable Reserve** Polarity: positive Definition: 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 Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: 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 Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 ### probable [Link to this fact](https://atlas-extractions.minestarters.com/news/mineros-announces-updated-prefeasibility-study-for-the-porvenir-project-and-high--0b24b92e-ed1a-4db2-b70a-3c85300bba73#fact-resource-facts-28) Porvenir · copper #### 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 factor: Probable Reserve - Positive factor: QP/CP Signed Evidence · table > 0.37 Context: 6,477 #### Tags used in scoring **Probable Reserve** Polarity: positive Definition: 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 Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: 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 Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/mineros-announces-updated-prefeasibility-study-for-the-porvenir-project-and-high--0b24b92e-ed1a-4db2-b70a-3c85300bba73#fact-resource-facts-29) Guillermina · gold #### 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 factor: Indicated Resource - Positive factor: QP/CP Signed Evidence · table > 0.97 Context: 1,763 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: The resource is classified as Indicated, providing reasonable geological confidence. Evidence · table > Indicated Context: 1,763 **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: 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 Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/mineros-announces-updated-prefeasibility-study-for-the-porvenir-project-and-high--0b24b92e-ed1a-4db2-b70a-3c85300bba73#fact-resource-facts-30) Guillermina · silver #### 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 factor: Indicated Resource - Positive factor: QP/CP Signed Evidence · table > 27.33 Context: 1,763 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: The resource is classified as Indicated, providing reasonable geological confidence. Evidence · table > Indicated Context: 1,763 **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: 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 Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/mineros-announces-updated-prefeasibility-study-for-the-porvenir-project-and-high--0b24b92e-ed1a-4db2-b70a-3c85300bba73#fact-resource-facts-31) Guillermina · zinc #### 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 factor: Indicated Resource - Positive factor: QP/CP Signed Evidence · table > 6.61 Context: 1,763 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: The resource is classified as Indicated, providing reasonable geological confidence. Evidence · table > Indicated Context: 1,763 **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: 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 Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/mineros-announces-updated-prefeasibility-study-for-the-porvenir-project-and-high--0b24b92e-ed1a-4db2-b70a-3c85300bba73#fact-resource-facts-32) Guillermina · copper #### 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 factor: Indicated Resource - Positive factor: QP/CP Signed Evidence · table > 0.21 Context: 1,763 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: The resource is classified as Indicated, providing reasonable geological confidence. Evidence · table > Indicated Context: 1,763 **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: 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 Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/mineros-announces-updated-prefeasibility-study-for-the-porvenir-project-and-high--0b24b92e-ed1a-4db2-b70a-3c85300bba73#fact-resource-facts-33) Leticia · gold #### 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 factor: Indicated Resource - Positive factor: QP/CP Signed Evidence · table > 3.40 Context: 300 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: The resource is classified as Indicated, providing reasonable geological confidence. Evidence · table > Indicated Context: 300 **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: 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 Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/mineros-announces-updated-prefeasibility-study-for-the-porvenir-project-and-high--0b24b92e-ed1a-4db2-b70a-3c85300bba73#fact-resource-facts-34) Leticia · silver #### 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 factor: Indicated Resource - Positive factor: QP/CP Signed Evidence · table > 13.31 Context: 300 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: The resource is classified as Indicated, providing reasonable geological confidence. Evidence · table > Indicated Context: 300 **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: 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 Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/mineros-announces-updated-prefeasibility-study-for-the-porvenir-project-and-high--0b24b92e-ed1a-4db2-b70a-3c85300bba73#fact-resource-facts-35) Leticia · zinc #### 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 factor: Indicated Resource - Positive factor: QP/CP Signed Evidence · table > 1.71 Context: 300 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: The resource is classified as Indicated, providing reasonable geological confidence. Evidence · table > Indicated Context: 300 **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: 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 Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/mineros-announces-updated-prefeasibility-study-for-the-porvenir-project-and-high--0b24b92e-ed1a-4db2-b70a-3c85300bba73#fact-resource-facts-36) Leticia · copper #### 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 factor: Indicated Resource - Positive factor: QP/CP Signed Evidence · table > 0.54 Context: 300 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: The resource is classified as Indicated, providing reasonable geological confidence. Evidence · table > Indicated Context: 300 **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: 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 Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/mineros-announces-updated-prefeasibility-study-for-the-porvenir-project-and-high--0b24b92e-ed1a-4db2-b70a-3c85300bba73#fact-resource-facts-37) Hemco Property · gold #### 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 factor: Indicated Resource - Positive factor: QP/CP Signed - Positive factor: Contained Metal Growth Evidence · table > 1.67 Context: 5,033 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: 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 Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: 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 Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/mineros-announces-updated-prefeasibility-study-for-the-porvenir-project-and-high--0b24b92e-ed1a-4db2-b70a-3c85300bba73#fact-resource-facts-38) Hemco Property · silver #### 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 factor: Indicated Resource - Positive factor: QP/CP Signed - Positive factor: Contained Metal Growth Evidence · table > 15.74 Context: 5,033 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: 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 Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: 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 Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/mineros-announces-updated-prefeasibility-study-for-the-porvenir-project-and-high--0b24b92e-ed1a-4db2-b70a-3c85300bba73#fact-resource-facts-39) Hemco Property · zinc #### 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 factor: Indicated Resource - Positive factor: QP/CP Signed - Positive factor: Contained Metal Growth Evidence · table > 3.71 Context: 5,033 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: 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 Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: 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 Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/mineros-announces-updated-prefeasibility-study-for-the-porvenir-project-and-high--0b24b92e-ed1a-4db2-b70a-3c85300bba73#fact-resource-facts-40) Hemco Property · copper #### 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 factor: Indicated Resource - Positive factor: QP/CP Signed - Positive factor: Contained Metal Growth Evidence · table > 0.27 Context: 5,033 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: 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 Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: 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 Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/mineros-announces-updated-prefeasibility-study-for-the-porvenir-project-and-high--0b24b92e-ed1a-4db2-b70a-3c85300bba73#fact-resource-facts-41) Guillermina · gold #### 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 factor: QP/CP Signed - Negative factor: Inferred Resource Evidence · table > 1.44 Context: 1,118 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: The resource is classified as Inferred, indicating a speculative category with limited drilling. Evidence · table > Inferred Context: 1,118 **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: 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 Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/mineros-announces-updated-prefeasibility-study-for-the-porvenir-project-and-high--0b24b92e-ed1a-4db2-b70a-3c85300bba73#fact-resource-facts-42) Guillermina · silver #### 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 factor: QP/CP Signed - Negative factor: Inferred Resource Evidence · table > 30.15 Context: 1,118 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: The resource is classified as Inferred, indicating a speculative category with limited drilling. Evidence · table > Inferred Context: 1,118 **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: 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 Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/mineros-announces-updated-prefeasibility-study-for-the-porvenir-project-and-high--0b24b92e-ed1a-4db2-b70a-3c85300bba73#fact-resource-facts-43) Guillermina · zinc #### 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 factor: QP/CP Signed - Negative factor: Inferred Resource Evidence · table > 5.50 Context: 1,118 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: The resource is classified as Inferred, indicating a speculative category with limited drilling. Evidence · table > Inferred Context: 1,118 **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: 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 Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/mineros-announces-updated-prefeasibility-study-for-the-porvenir-project-and-high--0b24b92e-ed1a-4db2-b70a-3c85300bba73#fact-resource-facts-44) Guillermina · copper #### 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 factor: QP/CP Signed - Negative factor: Inferred Resource Evidence · table > 0.17 Context: 1,118 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: The resource is classified as Inferred, indicating a speculative category with limited drilling. Evidence · table > Inferred Context: 1,118 **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: 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 Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/mineros-announces-updated-prefeasibility-study-for-the-porvenir-project-and-high--0b24b92e-ed1a-4db2-b70a-3c85300bba73#fact-resource-facts-45) Leticia · gold #### 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 factor: QP/CP Signed - Negative factor: Inferred Resource Evidence · table > 2.81 Context: 137 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: The resource is classified as Inferred, indicating a speculative category with limited drilling. Evidence · table > Inferred Context: 137 **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: 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 Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/mineros-announces-updated-prefeasibility-study-for-the-porvenir-project-and-high--0b24b92e-ed1a-4db2-b70a-3c85300bba73#fact-resource-facts-46) Leticia · silver #### 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 factor: QP/CP Signed - Negative factor: Inferred Resource Evidence · table > 8.53 Context: 137 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: The resource is classified as Inferred, indicating a speculative category with limited drilling. Evidence · table > Inferred Context: 137 **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: 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 Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/mineros-announces-updated-prefeasibility-study-for-the-porvenir-project-and-high--0b24b92e-ed1a-4db2-b70a-3c85300bba73#fact-resource-facts-47) Leticia · zinc #### 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 factor: QP/CP Signed - Negative factor: Inferred Resource Evidence · table > 0.82 Context: 137 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: The resource is classified as Inferred, indicating a speculative category with limited drilling. Evidence · table > Inferred Context: 137 **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: 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 Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/mineros-announces-updated-prefeasibility-study-for-the-porvenir-project-and-high--0b24b92e-ed1a-4db2-b70a-3c85300bba73#fact-resource-facts-48) Leticia · copper #### 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 factor: QP/CP Signed - Negative factor: Inferred Resource Evidence · table > 0.36 Context: 137 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: The resource is classified as Inferred, indicating a speculative category with limited drilling. Evidence · table > Inferred Context: 137 **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: 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 Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/mineros-announces-updated-prefeasibility-study-for-the-porvenir-project-and-high--0b24b92e-ed1a-4db2-b70a-3c85300bba73#fact-resource-facts-49) San Antonio · gold #### 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 factor: QP/CP Signed - Negative factor: Inferred Resource Evidence · table > 2.23 Context: 1,313 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: The resource is classified as Inferred, indicating a speculative category with limited drilling. Evidence · table > Inferred Context: 1,313 **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: 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 Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/mineros-announces-updated-prefeasibility-study-for-the-porvenir-project-and-high--0b24b92e-ed1a-4db2-b70a-3c85300bba73#fact-resource-facts-50) San Antonio · silver #### 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 factor: QP/CP Signed - Negative factor: Inferred Resource Evidence · table > 12.33 Context: 1,313 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: The resource is classified as Inferred, indicating a speculative category with limited drilling. Evidence · table > Inferred Context: 1,313 **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: 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 Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/mineros-announces-updated-prefeasibility-study-for-the-porvenir-project-and-high--0b24b92e-ed1a-4db2-b70a-3c85300bba73#fact-resource-facts-51) San Antonio · zinc #### 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 factor: QP/CP Signed - Negative factor: Inferred Resource Evidence · table > 0.32 Context: 1,313 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: The resource is classified as Inferred, indicating a speculative category with limited drilling. Evidence · table > Inferred Context: 1,313 **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: 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 Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/mineros-announces-updated-prefeasibility-study-for-the-porvenir-project-and-high--0b24b92e-ed1a-4db2-b70a-3c85300bba73#fact-resource-facts-52) San Antonio · copper #### 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 factor: QP/CP Signed - Negative factor: Inferred Resource Evidence · table > 0.93 Context: 1,313 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: The resource is classified as Inferred, indicating a speculative category with limited drilling. Evidence · table > Inferred Context: 1,313 **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: 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 Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/mineros-announces-updated-prefeasibility-study-for-the-porvenir-project-and-high--0b24b92e-ed1a-4db2-b70a-3c85300bba73#fact-resource-facts-53) Hemco Property · gold #### 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 factor: QP/CP Signed - Negative factor: Inferred Resource Evidence · table > 1.95 Context: 3,599 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: The resource is classified as Inferred, indicating a speculative category with limited drilling. Evidence · table > Total Inferred Context: 3,599 **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: 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 Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/mineros-announces-updated-prefeasibility-study-for-the-porvenir-project-and-high--0b24b92e-ed1a-4db2-b70a-3c85300bba73#fact-resource-facts-54) Hemco Property · silver #### 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 factor: QP/CP Signed - Negative factor: Inferred Resource Evidence · table > 16.13 Context: 3,599 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: The resource is classified as Inferred, indicating a speculative category with limited drilling. Evidence · table > Inferred Context: 3,599 **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: 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 Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/mineros-announces-updated-prefeasibility-study-for-the-porvenir-project-and-high--0b24b92e-ed1a-4db2-b70a-3c85300bba73#fact-resource-facts-55) Hemco Property · zinc #### 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 factor: QP/CP Signed - Negative factor: Inferred Resource Evidence · table > 2.53 Context: 3,599 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: The resource is classified as Inferred, indicating a speculative category with limited drilling. Evidence · table > Inferred Context: 3,599 **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: 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 Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/mineros-announces-updated-prefeasibility-study-for-the-porvenir-project-and-high--0b24b92e-ed1a-4db2-b70a-3c85300bba73#fact-resource-facts-56) Hemco Property · copper #### 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 factor: QP/CP Signed - Negative factor: Inferred Resource Evidence · table > 0.44 Context: 3,599 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: The resource is classified as Inferred, indicating a speculative category with limited drilling. Evidence · table > Inferred Context: 3,599 **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: 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 Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 ### measured [Link to this fact](https://atlas-extractions.minestarters.com/news/mineros-announces-updated-prefeasibility-study-for-the-porvenir-project-and-high--0b24b92e-ed1a-4db2-b70a-3c85300bba73#fact-resource-facts-57) Panama · gold #### 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 factor: Measured Resource - Positive factor: QP/CP Signed Evidence · table > 2.51 Context: 124 #### Tags used in scoring **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: The resource is classified as Measured, indicating the highest level of confidence. Evidence · table > Measured Context: 124 **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: 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 Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 ### measured [Link to this fact](https://atlas-extractions.minestarters.com/news/mineros-announces-updated-prefeasibility-study-for-the-porvenir-project-and-high--0b24b92e-ed1a-4db2-b70a-3c85300bba73#fact-resource-facts-58) Pioneer · gold #### 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 factor: Measured Resource - Positive factor: QP/CP Signed Evidence · table > 4.39 Context: 51 #### Tags used in scoring **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: The resource is classified as Measured, indicating the highest level of confidence. Evidence · table > Measured Context: 51 **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: 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 Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/mineros-announces-updated-prefeasibility-study-for-the-porvenir-project-and-high--0b24b92e-ed1a-4db2-b70a-3c85300bba73#fact-resource-facts-59) Panama · gold #### 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 factor: Indicated Resource - Positive factor: QP/CP Signed Evidence · table > 3.14 Context: 1,034 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: The resource is classified as Indicated, providing reasonable geological confidence. Evidence · table > Indicated Context: 1,034 **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: 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 Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/mineros-announces-updated-prefeasibility-study-for-the-porvenir-project-and-high--0b24b92e-ed1a-4db2-b70a-3c85300bba73#fact-resource-facts-60) Pioneer · gold #### 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 factor: Indicated Resource - Positive factor: QP/CP Signed Evidence · table > 3.12 Context: 311 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: The resource is classified as Indicated, providing reasonable geological confidence. Evidence · table > Indicated Context: 311 **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: 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 Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/mineros-announces-updated-prefeasibility-study-for-the-porvenir-project-and-high--0b24b92e-ed1a-4db2-b70a-3c85300bba73#fact-resource-facts-61) Luna Roja · gold #### 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 factor: Indicated Resource - Positive factor: QP/CP Signed Evidence · table > 2.77 Context: 841 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: The resource is classified as Indicated, providing reasonable geological confidence. Evidence · table > Indicated Context: 841 **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: 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 Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/mineros-announces-updated-prefeasibility-study-for-the-porvenir-project-and-high--0b24b92e-ed1a-4db2-b70a-3c85300bba73#fact-resource-facts-62) Panama · gold #### 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 factor: Indicated Resource - Positive factor: QP/CP Signed Evidence · table > 3.07 Context: 1,159 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: 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 Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: 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 Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/mineros-announces-updated-prefeasibility-study-for-the-porvenir-project-and-high--0b24b92e-ed1a-4db2-b70a-3c85300bba73#fact-resource-facts-63) Pioneer · gold #### 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 factor: Indicated Resource - Positive factor: QP/CP Signed Evidence · table > 3.30 Context: 362 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: 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 Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: 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 Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/mineros-announces-updated-prefeasibility-study-for-the-porvenir-project-and-high--0b24b92e-ed1a-4db2-b70a-3c85300bba73#fact-resource-facts-64) Hemco Property · gold #### 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 factor: Indicated Resource - Positive factor: QP/CP Signed - Positive factor: Contained Metal Growth Evidence · table > 2.09 Context: 7,394 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: 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 Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: 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 Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/mineros-announces-updated-prefeasibility-study-for-the-porvenir-project-and-high--0b24b92e-ed1a-4db2-b70a-3c85300bba73#fact-resource-facts-65) Hemco Property · silver #### 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 factor: Indicated Resource - Positive factor: QP/CP Signed - Positive factor: Contained Metal Growth Evidence · table > 2,546 Context: 7,394 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: 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 Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: 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 Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/mineros-announces-updated-prefeasibility-study-for-the-porvenir-project-and-high--0b24b92e-ed1a-4db2-b70a-3c85300bba73#fact-resource-facts-66) Hemco Property · zinc #### 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 factor: Indicated Resource - Positive factor: QP/CP Signed - Positive factor: Contained Metal Growth Evidence · table > 411 Context: 7,394 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: 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 Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: 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 Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/mineros-announces-updated-prefeasibility-study-for-the-porvenir-project-and-high--0b24b92e-ed1a-4db2-b70a-3c85300bba73#fact-resource-facts-67) Hemco Property · copper #### 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 factor: Indicated Resource - Positive factor: QP/CP Signed - Positive factor: Contained Metal Growth Evidence · table > 30 Context: 7,394 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: 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 Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: 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 Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/mineros-announces-updated-prefeasibility-study-for-the-porvenir-project-and-high--0b24b92e-ed1a-4db2-b70a-3c85300bba73#fact-resource-facts-68) Panama · gold #### 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 factor: QP/CP Signed - Negative factor: Inferred Resource Evidence · table > 3.50 Context: 3,027 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: The resource is classified as Inferred, indicating a speculative category with limited drilling. Evidence · table > Inferred Context: 3,027 **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: 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 Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/mineros-announces-updated-prefeasibility-study-for-the-porvenir-project-and-high--0b24b92e-ed1a-4db2-b70a-3c85300bba73#fact-resource-facts-69) Pioneer · gold #### 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 factor: QP/CP Signed - Negative factor: Inferred Resource Evidence · table > 3.54 Context: 1,769 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: The resource is classified as Inferred, indicating a speculative category with limited drilling. Evidence · table > Inferred Context: 1,769 **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: 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 Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 ## How Atlas produces this analysis Minestarters Atlas uses automated extraction to summarize mining announcements, identify reported measurements, and classify supporting evidence. Sentiment reflects the extracted narrative and classification rules; it is an interpretation, not a reported measurement. Evidence quotes and context are provided where available. Missing data, low-confidence results, and review flags indicate limitations. Check the original publisher announcement before relying on an interpretation.