Mineros Delivers Record Q1 2026: Revenue of $291.8 Million and Adjusted EBITDA of $154.1 Million on Higher Production and Gold Prices
Original announcement by tmx on
- Company
- Mineros S.A.
- Ticker
- MSA
- Exchange
- TSX
- Region
- Colombia, Nicaragua, Chile
- Primary commodity
- Gold
- Secondary commodities
- Silver, Zinc, Copper
- Document categories
- Resource update, Production, Economic study, Drill results
- Extracted
- 2026-09-18 10:55:03 UTC
Analysis by Minestarters Atlas
Minestarters Atlas analysis
Summary
Mineros S.A. reported record Q1 2026 financial results, with revenue of $291.8 million and Adjusted EBITDA of $154.1 million, driven by higher gold production and realized gold prices. The company's Cash Cost and AISC per ounce of gold sold were below its 2026 guidance ranges. Strategic highlights include compelling economics from an updated Pre-Feasibility Study for the Porvenir Project, significant updates to Mineral Reserves and Resources across multiple deposits in Nicaragua, and ongoing exploration and resource expansion drilling programs in both Nicaragua and Colombia.
Reasoning: Mineros reported record Q1 2026 financial results, driven by strong production growth and higher gold prices, with costs tracking below guidance. The updated Porvenir PFS shows compelling economics, and the company announced significant Mineral Reserve and Resource updates for several deposits, alongside active drilling programs. Negative free cash flow is noted but attributed to strategic gold position and tax payments.
Positive factors
- Record Q1 financial results driven by higher production and gold prices
- Strong gold and silver production growth
- Cash Cost and AISC tracking below guidance
- Compelling economics from Porvenir PFS
- Significant Mineral Reserve and Resource updates for multiple deposits
- Active exploration and resource expansion drilling programs
Negative factors
- Net free cash flow was negative, reflecting working capital movements for strategic gold position and higher tax payments
- Tonnage decrease in Porvenir Probable Reserves compared to prior estimate (though prior was AuEq)
- Increase in LTIFR at Nechí Property
Low confidence — this extraction should be reviewed alongside the original source.
Facts used in scoring: 63
Classification and evidence
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: The source explicitly discloses a revised resource estimate
Evidence · text
“updated Mineral Resource estimate”
Extracted facts
Stored fact records: 36. Some facts used in scoring do not have a stored record.
Drill Results (1)
Fact 1Experiencia target (Apoyo)Needs review: drill_no_hole_idView all detailsHide details
Identity
- Project
- Experiencia target (Apoyo)
- Region
- nicaragua
- Reported Region
- nicaragua
- Ticker
- MSA
Classification
- Program
- exploration
- Sample Type
- drill
QA/QC
- QP Signed
- Yes
Review
- Needs Review
- Yes
- Review Reason
- drill_no_hole_id
- Interp. Status
- scored
- Historical
- No
Dates
- Event date
- 2026-05-06T00:00:00.000Z
Reasoning: Greenfield exploration activities commenced at the Experiencia target, indicating early-stage exploration for new discoveries.
Positive factors
- Initiation of regional greenfield exploration
Negative factors
- Delays in starting drilling contracts
Evidence · text
“During the first quarter, the Company completed 947 metres of diamond drilling across four holes, ... Drilling activities were initiated at the Experiencia target, recently renamed Apoyo, which is located within the Bonanza district.”
Tags used in scoring
No QA/QC Disclosurenegative
Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document.
Why it applies: qaqc_disclosed is not true
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
Resource Estimates (35)
indicatedTolima · goldContained Metal: 23.35Contained Unit: mozHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Tolima
- Commodity
- gold
- Region
- colombia
- Reported Region
- Colombia
- Ticker
- MSA
Resource scope
- Estimate type
- resource
- Effective date
- 2024-12-01T00:00:00.000Z
- Resource group id
- resource:97d384b231628215685a
Resource Data
- Category
- indicated
- Contained Metal
- 23.35
- Contained Unit
- moz
Prior Estimate
- Resource Date
- 2024-12-01
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
Dates
- Event date
- 2026-05-06T00:00:00.000Z
Reasoning: The company acquired a project with a significant historical indicated gold resource, providing future exploration potential.
Positive factors
- Large historical resource estimate
Negative factors
- Historical estimate, not current
- Acquisition of project, not new discovery
Evidence · text
“hosts a historical mineral resource estimate of 23.35 million ounces of gold in the Indicated Mineral Resources category”
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
inferredTolima · goldContained Metal: 4.98Contained Unit: mozHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Tolima
- Commodity
- gold
- Region
- colombia
- Reported Region
- Colombia
- Ticker
- MSA
Resource scope
- Estimate type
- resource
- Effective date
- 2024-12-01T00:00:00.000Z
- Resource group id
- resource:7d600cf7281906433478
Resource Data
- Category
- inferred
- Contained Metal
- 4.98
- Contained Unit
- moz
Prior Estimate
- Resource Date
- 2024-12-01
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
Dates
- Event date
- 2026-05-06T00:00:00.000Z
Reasoning: The acquired project also includes a substantial historical inferred gold resource, adding to its exploration upside.
Positive factors
- Significant historical resource estimate
Negative factors
- Historical estimate, not current
- Inferred category has lower confidence
Evidence · text
“4.98 million ounces of gold in the Inferred Mineral Resources category”
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
provenPorvenir Project · goldTonnes: 650000Grade: 3.5Grade Unit: g/tContained Metal: 73000Contained Unit: kozView all detailsHide details
Identity
- Project
- Porvenir Project
- Commodity
- gold
- Region
- nicaragua
- Reported Region
- Nicaragua
- Ticker
- MSA
Resource scope
- Estimate type
- reserve
- Effective date
- 2025-12-31T00:00:00.000Z
- Resource group id
- resource:8b4e34449332aaba2756
Resource Data
- Category
- proven
- Tonnes
- 650000
- Grade
- 3.5
- Grade Unit
- g/t
- Contained Metal
- 73000
- Contained Unit
- koz
Prior Estimate
- Resource Date
- 2025-12-31
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-05-06T00:00:00.000Z
Reasoning: Updated Proven Mineral Reserves for the Porvenir Project include a high-grade gold component, contributing to the project's economic viability.
Positive factors
- New Proven Mineral Reserves reported
- High-grade gold component
Negative factors
- Effective date is older than RAG data, suggesting this is a prior estimate
Evidence · text
“Proven Mineral Reserves: 650 kt averaging 3.50 g/t Au, ... containing 73 koz Au”
Tags used in scoring
Proven Reservepositive
Measured Resource with demonstrated economic viability after applying modifying factors.
Why it applies: category is "proven"
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
provenPorvenir Project · silverTonnes: 650000Grade: 14.07Grade Unit: g/tContained Metal: 294000Contained Unit: kozView all detailsHide details
Identity
- Project
- Porvenir Project
- Commodity
- silver
- Region
- nicaragua
- Reported Region
- Nicaragua
- Ticker
- MSA
Resource scope
- Estimate type
- reserve
- Effective date
- 2025-12-31T00:00:00.000Z
- Resource group id
- resource:8b4e34449332aaba2756
Resource Data
- Category
- proven
- Tonnes
- 650000
- Grade
- 14.07
- Grade Unit
- g/t
- Contained Metal
- 294000
- Contained Unit
- koz
Prior Estimate
- Resource Date
- 2025-12-31
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-05-06T00:00:00.000Z
Reasoning: Updated Proven Mineral Reserves for the Porvenir Project include a significant silver component.
Positive factors
- New Proven Mineral Reserves reported
- Significant silver component
Negative factors
- Effective date is older than RAG data, suggesting this is a prior estimate
Evidence · text
“Proven Mineral Reserves: 650 kt averaging ... 14.07 g/t Ag, ... containing ... 294 koz Ag”
Tags used in scoring
Proven Reservepositive
Measured Resource with demonstrated economic viability after applying modifying factors.
Why it applies: category is "proven"
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
provenPorvenir Project · zincTonnes: 650000Grade: 2.54Grade Unit: %Contained Metal: 36000000Contained Unit: lbView all detailsHide details
Identity
- Project
- Porvenir Project
- Commodity
- zinc
- Region
- nicaragua
- Reported Region
- Nicaragua
- Ticker
- MSA
Resource scope
- Estimate type
- reserve
- Effective date
- 2025-12-31T00:00:00.000Z
- Resource group id
- resource:8b4e34449332aaba2756
Resource Data
- Category
- proven
- Tonnes
- 650000
- Grade
- 2.54
- Grade Unit
- %
- Contained Metal
- 36000000
- Contained Unit
- lb
Prior Estimate
- Resource Date
- 2025-12-31
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-05-06T00:00:00.000Z
Reasoning: Updated Proven Mineral Reserves for the Porvenir Project include a significant zinc component.
Positive factors
- New Proven Mineral Reserves reported
- Significant zinc component
Negative factors
- Effective date is older than RAG data, suggesting this is a prior estimate
Evidence · text
“Proven Mineral Reserves: 650 kt averaging ... 2.54% Zn and ... containing ... 36 Mlb Zn”
Tags used in scoring
Proven Reservepositive
Measured Resource with demonstrated economic viability after applying modifying factors.
Why it applies: category is "proven"
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
provenPorvenir Project · copperTonnes: 650000Grade: 0.5Grade Unit: %Contained Metal: 7000000Contained Unit: lbView all detailsHide details
Identity
- Project
- Porvenir Project
- Commodity
- copper
- Region
- nicaragua
- Reported Region
- Nicaragua
- Ticker
- MSA
Resource scope
- Estimate type
- reserve
- Effective date
- 2025-12-31T00:00:00.000Z
- Resource group id
- resource:8b4e34449332aaba2756
Resource Data
- Category
- proven
- Tonnes
- 650000
- Grade
- 0.5
- Grade Unit
- %
- Contained Metal
- 7000000
- Contained Unit
- lb
Prior Estimate
- Resource Date
- 2025-12-31
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-05-06T00:00:00.000Z
Reasoning: Updated Proven Mineral Reserves for the Porvenir Project include a significant copper component.
Positive factors
- New Proven Mineral Reserves reported
- Significant copper component
Negative factors
- Effective date is older than RAG data, suggesting this is a prior estimate
Evidence · text
“Proven Mineral Reserves: 650 kt averaging ... 0.50% Cu, containing ... 7 Mlb Cu.”
Tags used in scoring
Proven Reservepositive
Measured Resource with demonstrated economic viability after applying modifying factors.
Why it applies: category is "proven"
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
probablePorvenir Project · goldTonnes: 5827000Grade: 2.79Grade Unit: g/tContained Metal: 523000Contained Unit: kozView all detailsHide details
Identity
- Project
- Porvenir Project
- Commodity
- gold
- Region
- nicaragua
- Reported Region
- Nicaragua
- Ticker
- MSA
Resource scope
- Estimate type
- reserve
- Effective date
- 2025-12-31T00:00:00.000Z
- Resource group id
- resource:391c25ce17f48e38a390
Resource Data
- Category
- probable
- Tonnes
- 5827000
- Grade
- 2.79
- Grade Unit
- g/t
- Contained Metal
- 523000
- Contained Unit
- koz
Prior Estimate
- Resource Date
- 2025-12-31
- Prior Tonnes
- 6480000
- Prior Grade
- 2.86
- Prior Contained Metal
- 736000
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-05-06T00:00:00.000Z
Reasoning: Updated Probable Mineral Reserves for the Porvenir Project show a decrease in tonnage, grade, and contained gold compared to the prior estimate, though the prior contained metal was AuEq.
Positive factors
- New Probable Mineral Reserves reported
Negative factors
- Tonnage decreased compared to prior estimate
- Grade decreased compared to prior estimate
- Contained metal decreased compared to prior estimate
- Effective date is older than RAG data, suggesting this is a prior estimate
- Prior contained metal was AuEq, making direct comparison difficult
Evidence · text
“Probable Mineral Reserves: 5,827 kt averaging 2.79 g/t Au, ... containing 523 koz Au”
Tags used in scoring
Probable Reservepositive
Indicated Resource with demonstrated economic viability after applying modifying factors.
Why it applies: category is "probable"
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
Tonnage Declinenegative
Resource tonnage decreased vs prior estimate — pit optimization removed marginal material or geological model revised down.
Why it applies: 5827000 against 6480000 previously
Contained Metal Declinenegative
Contained metal decreased vs prior despite tonnage growth — grade dilution exceeds volume gain.
Why it applies: 523000 against 736000 previously
probablePorvenir Project · silverTonnes: 5827000Grade: 12.07Grade Unit: g/tContained Metal: 2261000Contained Unit: kozView all detailsHide details
Identity
- Project
- Porvenir Project
- Commodity
- silver
- Region
- nicaragua
- Reported Region
- Nicaragua
- Ticker
- MSA
Resource scope
- Estimate type
- reserve
- Effective date
- 2025-12-31T00:00:00.000Z
- Resource group id
- resource:391c25ce17f48e38a390
Resource Data
- Category
- probable
- Tonnes
- 5827000
- Grade
- 12.07
- Grade Unit
- g/t
- Contained Metal
- 2261000
- Contained Unit
- koz
Prior Estimate
- Resource Date
- 2025-12-31
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-05-06T00:00:00.000Z
Reasoning: Updated Probable Mineral Reserves for the Porvenir Project include a significant silver component.
Positive factors
- New Probable Mineral Reserves reported
- Significant silver component
Negative factors
- Effective date is older than RAG data, suggesting this is a prior estimate
Evidence · text
“Probable Mineral Reserves: 5,827 kt averaging ... 12.07 g/t Ag, ... containing ... 2,261 koz Ag”
Tags used in scoring
Probable Reservepositive
Indicated Resource with demonstrated economic viability after applying modifying factors.
Why it applies: category is "probable"
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
probablePorvenir Project · zincTonnes: 5827000Grade: 2.61Grade Unit: %Contained Metal: 336000000Contained Unit: lbView all detailsHide details
Identity
- Project
- Porvenir Project
- Commodity
- zinc
- Region
- nicaragua
- Reported Region
- Nicaragua
- Ticker
- MSA
Resource scope
- Estimate type
- reserve
- Effective date
- 2025-12-31T00:00:00.000Z
- Resource group id
- resource:391c25ce17f48e38a390
Resource Data
- Category
- probable
- Tonnes
- 5827000
- Grade
- 2.61
- Grade Unit
- %
- Contained Metal
- 336000000
- Contained Unit
- lb
Prior Estimate
- Resource Date
- 2025-12-31
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-05-06T00:00:00.000Z
Reasoning: Updated Probable Mineral Reserves for the Porvenir Project include a significant zinc component.
Positive factors
- New Probable Mineral Reserves reported
- Significant zinc component
Negative factors
- Effective date is older than RAG data, suggesting this is a prior estimate
Evidence · text
“Probable Mineral Reserves: 5,827 kt averaging ... 2.61% Zn and ... containing ... 336 Mlb Zn”
Tags used in scoring
Probable Reservepositive
Indicated Resource with demonstrated economic viability after applying modifying factors.
Why it applies: category is "probable"
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
probablePorvenir Project · copperTonnes: 5827000Grade: 0.35Grade Unit: %Contained Metal: 45000000Contained Unit: lbView all detailsHide details
Identity
- Project
- Porvenir Project
- Commodity
- copper
- Region
- nicaragua
- Reported Region
- Nicaragua
- Ticker
- MSA
Resource scope
- Estimate type
- reserve
- Effective date
- 2025-12-31T00:00:00.000Z
- Resource group id
- resource:391c25ce17f48e38a390
Resource Data
- Category
- probable
- Tonnes
- 5827000
- Grade
- 0.35
- Grade Unit
- %
- Contained Metal
- 45000000
- Contained Unit
- lb
Prior Estimate
- Resource Date
- 2025-12-31
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-05-06T00:00:00.000Z
Reasoning: Updated Probable Mineral Reserves for the Porvenir Project include a significant copper component.
Positive factors
- New Probable Mineral Reserves reported
- Significant copper component
Negative factors
- Effective date is older than RAG data, suggesting this is a prior estimate
Evidence · text
“Probable Mineral Reserves: 5,827 kt averaging ... 0.35% Cu, containing ... 45 Mlb Cu.”
Tags used in scoring
Probable Reservepositive
Indicated Resource with demonstrated economic viability after applying modifying factors.
Why it applies: category is "probable"
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
indicatedGuillermina Deposit · goldTonnes: 1763000Grade: 0.97Grade Unit: g/tContained Metal: 55000Contained Unit: kozView all detailsHide details
Identity
- Project
- Guillermina Deposit
- Commodity
- gold
- Region
- nicaragua
- Reported Region
- Nicaragua
- Ticker
- MSA
Resource scope
- Estimate type
- resource
- Effective date
- 2025-12-31T00:00:00.000Z
- Resource group id
- resource:04dc400eb22080c72ede
- Deposit or zone
- Guillermina
Resource Data
- Category
- indicated
- Tonnes
- 1763000
- Grade
- 0.97
- Grade Unit
- g/t
- Contained Metal
- 55000
- Contained Unit
- koz
Prior Estimate
- Resource Date
- 2025-12-31
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-05-06T00:00:00.000Z
Reasoning: Updated Indicated Mineral Resources for the Guillermina Deposit, contributing to the overall resource base.
Positive factors
- New Indicated Mineral Resources reported
Evidence · text
“Indicated Mineral Resources of 1,763 kt grading 0.97 g/t Au, ... containing 55 koz Au”
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
indicatedGuillermina Deposit · silverTonnes: 1763000Grade: 27.33Grade Unit: g/tContained Metal: 1549000Contained Unit: kozView all detailsHide details
Identity
- Project
- Guillermina Deposit
- Commodity
- silver
- Region
- nicaragua
- Reported Region
- Nicaragua
- Ticker
- MSA
Resource scope
- Estimate type
- resource
- Effective date
- 2025-12-31T00:00:00.000Z
- Resource group id
- resource:04dc400eb22080c72ede
- Deposit or zone
- Guillermina
Resource Data
- Category
- indicated
- Tonnes
- 1763000
- Grade
- 27.33
- Grade Unit
- g/t
- Contained Metal
- 1549000
- Contained Unit
- koz
Prior Estimate
- Resource Date
- 2025-12-31
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-05-06T00:00:00.000Z
Reasoning: Updated Indicated Mineral Resources for the Guillermina Deposit include a significant silver component.
Positive factors
- New Indicated Mineral Resources reported
- Significant silver component
Evidence · text
“Indicated Mineral Resources of 1,763 kt grading ... 27.33 g/t Ag, ... containing ... 1,549 koz Ag”
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
indicatedGuillermina Deposit · copperTonnes: 1763000Grade: 0.21Grade Unit: %Contained Metal: 8000000Contained Unit: lbView all detailsHide details
Identity
- Project
- Guillermina Deposit
- Commodity
- copper
- Region
- nicaragua
- Reported Region
- Nicaragua
- Ticker
- MSA
Resource scope
- Estimate type
- resource
- Effective date
- 2025-12-31T00:00:00.000Z
- Resource group id
- resource:04dc400eb22080c72ede
- Deposit or zone
- Guillermina
Resource Data
- Category
- indicated
- Tonnes
- 1763000
- Grade
- 0.21
- Grade Unit
- %
- Contained Metal
- 8000000
- Contained Unit
- lb
Prior Estimate
- Resource Date
- 2025-12-31
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-05-06T00:00:00.000Z
Reasoning: Updated Indicated Mineral Resources for the Guillermina Deposit include a copper component.
Positive factors
- New Indicated Mineral Resources reported
- Copper component adds to polymetallic nature
Evidence · text
“Indicated Mineral Resources of 1,763 kt grading ... 0.21% Cu, and ... containing ... 8 Mlb Cu”
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
indicatedGuillermina Deposit · zincTonnes: 1763000Grade: 6.61Grade Unit: %Contained Metal: 257000000Contained Unit: lbView all detailsHide details
Identity
- Project
- Guillermina Deposit
- Commodity
- zinc
- Region
- nicaragua
- Reported Region
- Nicaragua
- Ticker
- MSA
Resource scope
- Estimate type
- resource
- Effective date
- 2025-12-31T00:00:00.000Z
- Resource group id
- resource:04dc400eb22080c72ede
- Deposit or zone
- Guillermina
Resource Data
- Category
- indicated
- Tonnes
- 1763000
- Grade
- 6.61
- Grade Unit
- %
- Contained Metal
- 257000000
- Contained Unit
- lb
Prior Estimate
- Resource Date
- 2025-12-31
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-05-06T00:00:00.000Z
Reasoning: Updated Indicated Mineral Resources for the Guillermina Deposit include a high-grade zinc component, making it a prospective feed source.
Positive factors
- New Indicated Mineral Resources reported
- High-grade zinc component
Evidence · text
“Indicated Mineral Resources of 1,763 kt grading ... 6.61% Zn, containing ... 257 Mlb Zn”
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
inferredGuillermina Deposit · goldTonnes: 1118000Grade: 1.44Grade Unit: g/tContained Metal: 52000Contained Unit: kozView all detailsHide details
Identity
- Project
- Guillermina Deposit
- Commodity
- gold
- Region
- nicaragua
- Reported Region
- Nicaragua
- Ticker
- MSA
Resource scope
- Estimate type
- resource
- Effective date
- 2025-12-31T00:00:00.000Z
- Resource group id
- resource:fcfdfc5c84e06fa97f28
- Deposit or zone
- Guillermina
Resource Data
- Category
- inferred
- Tonnes
- 1118000
- Grade
- 1.44
- Grade Unit
- g/t
- Contained Metal
- 52000
- Contained Unit
- koz
Prior Estimate
- Resource Date
- 2025-12-31
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-05-06T00:00:00.000Z
Reasoning: Updated Inferred Mineral Resources for the Guillermina Deposit, providing future exploration potential.
Positive factors
- New Inferred Mineral Resources reported
Negative factors
- Inferred category has lower confidence
Evidence · text
“Inferred Mineral Resources of 1,118 kt grading 1.44 g/t Au, ... containing 52 koz Au”
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
inferredGuillermina Deposit · silverTonnes: 1118000Grade: 30.15Grade Unit: g/tContained Metal: 1084000Contained Unit: kozView all detailsHide details
Identity
- Project
- Guillermina Deposit
- Commodity
- silver
- Region
- nicaragua
- Reported Region
- Nicaragua
- Ticker
- MSA
Resource scope
- Estimate type
- resource
- Effective date
- 2025-12-31T00:00:00.000Z
- Resource group id
- resource:fcfdfc5c84e06fa97f28
- Deposit or zone
- Guillermina
Resource Data
- Category
- inferred
- Tonnes
- 1118000
- Grade
- 30.15
- Grade Unit
- g/t
- Contained Metal
- 1084000
- Contained Unit
- koz
Prior Estimate
- Resource Date
- 2025-12-31
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-05-06T00:00:00.000Z
Reasoning: Updated Inferred Mineral Resources for the Guillermina Deposit include a significant silver component.
Positive factors
- New Inferred Mineral Resources reported
- Significant silver component
Negative factors
- Inferred category has lower confidence
Evidence · text
“Inferred Mineral Resources of 1,118 kt grading ... 30.15 g/t Ag, ... containing ... 1,084 koz Ag”
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
inferredGuillermina Deposit · copperTonnes: 1118000Grade: 0.17Grade Unit: %Contained Metal: 4000000Contained Unit: lbView all detailsHide details
Identity
- Project
- Guillermina Deposit
- Commodity
- copper
- Region
- nicaragua
- Reported Region
- Nicaragua
- Ticker
- MSA
Resource scope
- Estimate type
- resource
- Effective date
- 2025-12-31T00:00:00.000Z
- Resource group id
- resource:fcfdfc5c84e06fa97f28
- Deposit or zone
- Guillermina
Resource Data
- Category
- inferred
- Tonnes
- 1118000
- Grade
- 0.17
- Grade Unit
- %
- Contained Metal
- 4000000
- Contained Unit
- lb
Prior Estimate
- Resource Date
- 2025-12-31
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-05-06T00:00:00.000Z
Reasoning: Updated Inferred Mineral Resources for the Guillermina Deposit include a copper component.
Positive factors
- New Inferred Mineral Resources reported
- Copper component adds to polymetallic nature
Negative factors
- Inferred category has lower confidence
Evidence · text
“Inferred Mineral Resources of 1,118 kt grading ... 0.17% Cu, and ... containing ... 4 Mlb Cu”
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
inferredGuillermina Deposit · zincTonnes: 1118000Grade: 5.5Grade Unit: %Contained Metal: 136000000Contained Unit: lbView all detailsHide details
Identity
- Project
- Guillermina Deposit
- Commodity
- zinc
- Region
- nicaragua
- Reported Region
- Nicaragua
- Ticker
- MSA
Resource scope
- Estimate type
- resource
- Effective date
- 2025-12-31T00:00:00.000Z
- Resource group id
- resource:fcfdfc5c84e06fa97f28
- Deposit or zone
- Guillermina
Resource Data
- Category
- inferred
- Tonnes
- 1118000
- Grade
- 5.5
- Grade Unit
- %
- Contained Metal
- 136000000
- Contained Unit
- lb
Prior Estimate
- Resource Date
- 2025-12-31
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-05-06T00:00:00.000Z
Reasoning: Updated Inferred Mineral Resources for the Guillermina Deposit include a significant zinc component.
Positive factors
- New Inferred Mineral Resources reported
- Significant zinc component
Negative factors
- Inferred category has lower confidence
Evidence · text
“Inferred Mineral Resources of 1,118 kt grading ... 5.50% Zn, containing ... 136 Mlb Zn.”
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
indicatedLeticia Deposit · goldTonnes: 300400Grade: 3.4Grade Unit: g/tContained Metal: 32900Contained Unit: kozView all detailsHide details
Identity
- Project
- Leticia Deposit
- Commodity
- gold
- Region
- nicaragua
- Reported Region
- Nicaragua
- Ticker
- MSA
Resource scope
- Estimate type
- resource
- Effective date
- 2025-12-31T00:00:00.000Z
- Resource group id
- resource:a3d956c1d788fbab6218
- Deposit or zone
- Leticia
Resource Data
- Category
- indicated
- Tonnes
- 300400
- Grade
- 3.4
- Grade Unit
- g/t
- Contained Metal
- 32900
- Contained Unit
- koz
Prior Estimate
- Resource Date
- 2025-12-31
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-05-06T00:00:00.000Z
Reasoning: Updated Indicated Mineral Resources for the Leticia Deposit include a high-grade gold component.
Positive factors
- New Indicated Mineral Resources reported
- High-grade gold component
Evidence · text
“Indicated Mineral Resources of 300.4 kt grading 3.40 g/t Au, ... containing 32.9 koz Au”
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
indicatedLeticia Deposit · silverTonnes: 300400Grade: 13.31Grade Unit: g/tContained Metal: 128600Contained Unit: kozView all detailsHide details
Identity
- Project
- Leticia Deposit
- Commodity
- silver
- Region
- nicaragua
- Reported Region
- Nicaragua
- Ticker
- MSA
Resource scope
- Estimate type
- resource
- Effective date
- 2025-12-31T00:00:00.000Z
- Resource group id
- resource:a3d956c1d788fbab6218
- Deposit or zone
- Leticia
Resource Data
- Category
- indicated
- Tonnes
- 300400
- Grade
- 13.31
- Grade Unit
- g/t
- Contained Metal
- 128600
- Contained Unit
- koz
Prior Estimate
- Resource Date
- 2025-12-31
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-05-06T00:00:00.000Z
Reasoning: Updated Indicated Mineral Resources for the Leticia Deposit include a significant silver component.
Positive factors
- New Indicated Mineral Resources reported
- Significant silver component
Evidence · text
“Indicated Mineral Resources of 300.4 kt grading ... 13.31 g/t Ag, ... containing ... 128.6 koz Ag”
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
indicatedLeticia Deposit · copperTonnes: 300400Grade: 0.54Grade Unit: %Contained Metal: 3600000Contained Unit: lbView all detailsHide details
Identity
- Project
- Leticia Deposit
- Commodity
- copper
- Region
- nicaragua
- Reported Region
- Nicaragua
- Ticker
- MSA
Resource scope
- Estimate type
- resource
- Effective date
- 2025-12-31T00:00:00.000Z
- Resource group id
- resource:a3d956c1d788fbab6218
- Deposit or zone
- Leticia
Resource Data
- Category
- indicated
- Tonnes
- 300400
- Grade
- 0.54
- Grade Unit
- %
- Contained Metal
- 3600000
- Contained Unit
- lb
Prior Estimate
- Resource Date
- 2025-12-31
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-05-06T00:00:00.000Z
Reasoning: Updated Indicated Mineral Resources for the Leticia Deposit include a copper component.
Positive factors
- New Indicated Mineral Resources reported
- Copper component adds to polymetallic nature
Evidence · text
“Indicated Mineral Resources of 300.4 kt grading ... 0.54% Cu, and ... 3.6 Mlb Cu”
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
indicatedLeticia Deposit · zincTonnes: 300400Grade: 1.71Grade Unit: %Contained Metal: 11300000Contained Unit: lbView all detailsHide details
Identity
- Project
- Leticia Deposit
- Commodity
- zinc
- Region
- nicaragua
- Reported Region
- Nicaragua
- Ticker
- MSA
Resource scope
- Estimate type
- resource
- Effective date
- 2025-12-31T00:00:00.000Z
- Resource group id
- resource:a3d956c1d788fbab6218
- Deposit or zone
- Leticia
Resource Data
- Category
- indicated
- Tonnes
- 300400
- Grade
- 1.71
- Grade Unit
- %
- Contained Metal
- 11300000
- Contained Unit
- lb
Prior Estimate
- Resource Date
- 2025-12-31
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-05-06T00:00:00.000Z
Reasoning: Updated Indicated Mineral Resources for the Leticia Deposit include a zinc component.
Positive factors
- New Indicated Mineral Resources reported
- Zinc component adds to polymetallic nature
Evidence · text
“Indicated Mineral Resources of 300.4 kt grading ... 1.71% Zn, containing 11.3 Mlb Zn”
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
inferredLeticia Deposit · goldTonnes: 137400Grade: 2.81Grade Unit: g/tContained Metal: 12400Contained Unit: kozView all detailsHide details
Identity
- Project
- Leticia Deposit
- Commodity
- gold
- Region
- nicaragua
- Reported Region
- Nicaragua
- Ticker
- MSA
Resource scope
- Estimate type
- resource
- Effective date
- 2025-12-31T00:00:00.000Z
- Resource group id
- resource:1ad1dc2909ae8d1c925b
- Deposit or zone
- Leticia
Resource Data
- Category
- inferred
- Tonnes
- 137400
- Grade
- 2.81
- Grade Unit
- g/t
- Contained Metal
- 12400
- Contained Unit
- koz
Prior Estimate
- Resource Date
- 2025-12-31
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-05-06T00:00:00.000Z
Reasoning: Updated Inferred Mineral Resources for the Leticia Deposit, providing future exploration potential.
Positive factors
- New Inferred Mineral Resources reported
Negative factors
- Inferred category has lower confidence
Evidence · text
“Inferred Mineral Resources of 137.4 kt grading 2.81 g/t Au, ... containing 12.4 koz Au”
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
inferredLeticia Deposit · silverTonnes: 137400Grade: 8.53Grade Unit: g/tContained Metal: 37700Contained Unit: kozView all detailsHide details
Identity
- Project
- Leticia Deposit
- Commodity
- silver
- Region
- nicaragua
- Reported Region
- Nicaragua
- Ticker
- MSA
Resource scope
- Estimate type
- resource
- Effective date
- 2025-12-31T00:00:00.000Z
- Resource group id
- resource:1ad1dc2909ae8d1c925b
- Deposit or zone
- Leticia
Resource Data
- Category
- inferred
- Tonnes
- 137400
- Grade
- 8.53
- Grade Unit
- g/t
- Contained Metal
- 37700
- Contained Unit
- koz
Prior Estimate
- Resource Date
- 2025-12-31
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-05-06T00:00:00.000Z
Reasoning: Updated Inferred Mineral Resources for the Leticia Deposit include a silver component.
Positive factors
- New Inferred Mineral Resources reported
- Silver component adds to polymetallic nature
Negative factors
- Inferred category has lower confidence
Evidence · text
“Inferred Mineral Resources of 137.4 kt grading ... 8.53 g/t Ag, ... containing ... 37.7 koz Ag”
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
inferredLeticia Deposit · copperTonnes: 137400Grade: 0.36Grade Unit: %Contained Metal: 1100000Contained Unit: lbView all detailsHide details
Identity
- Project
- Leticia Deposit
- Commodity
- copper
- Region
- nicaragua
- Reported Region
- Nicaragua
- Ticker
- MSA
Resource scope
- Estimate type
- resource
- Effective date
- 2025-12-31T00:00:00.000Z
- Resource group id
- resource:1ad1dc2909ae8d1c925b
- Deposit or zone
- Leticia
Resource Data
- Category
- inferred
- Tonnes
- 137400
- Grade
- 0.36
- Grade Unit
- %
- Contained Metal
- 1100000
- Contained Unit
- lb
Prior Estimate
- Resource Date
- 2025-12-31
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-05-06T00:00:00.000Z
Reasoning: Updated Inferred Mineral Resources for the Leticia Deposit include a copper component.
Positive factors
- New Inferred Mineral Resources reported
- Copper component adds to polymetallic nature
Negative factors
- Inferred category has lower confidence
Evidence · text
“Inferred Mineral Resources of 137.4 kt grading ... 0.36% Cu, and ... 1.1 Mlb Cu”
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
inferredLeticia Deposit · zincTonnes: 137400Grade: 0.82Grade Unit: %Contained Metal: 2500000Contained Unit: lbView all detailsHide details
Identity
- Project
- Leticia Deposit
- Commodity
- zinc
- Region
- nicaragua
- Reported Region
- Nicaragua
- Ticker
- MSA
Resource scope
- Estimate type
- resource
- Effective date
- 2025-12-31T00:00:00.000Z
- Resource group id
- resource:1ad1dc2909ae8d1c925b
- Deposit or zone
- Leticia
Resource Data
- Category
- inferred
- Tonnes
- 137400
- Grade
- 0.82
- Grade Unit
- %
- Contained Metal
- 2500000
- Contained Unit
- lb
Prior Estimate
- Resource Date
- 2025-12-31
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-05-06T00:00:00.000Z
Reasoning: Updated Inferred Mineral Resources for the Leticia Deposit include a zinc component.
Positive factors
- New Inferred Mineral Resources reported
- Zinc component adds to polymetallic nature
Negative factors
- Inferred category has lower confidence
Evidence · text
“Inferred Mineral Resources of 137.4 kt grading ... 0.82% Zn, containing 2.5 Mlb Zn.”
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
inferredSan Antonio Deposit · goldTonnes: 1313100Grade: 2.23Grade Unit: g/tContained Metal: 94000Contained Unit: kozView all detailsHide details
Identity
- Project
- San Antonio Deposit
- Commodity
- gold
- Region
- nicaragua
- Reported Region
- Nicaragua
- Ticker
- MSA
Resource scope
- Estimate type
- resource
- Effective date
- 2025-12-31T00:00:00.000Z
- Resource group id
- resource:f892c51996b32b6be470
- Deposit or zone
- San Antonio
Resource Data
- Category
- inferred
- Tonnes
- 1313100
- Grade
- 2.23
- Grade Unit
- g/t
- Contained Metal
- 94000
- Contained Unit
- koz
Prior Estimate
- Resource Date
- 2025-12-31
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-05-06T00:00:00.000Z
Reasoning: Updated Inferred Mineral Resources for the San Antonio Deposit, providing future exploration potential.
Positive factors
- New Inferred Mineral Resources reported
Negative factors
- Inferred category has lower confidence
Evidence · text
“Inferred Mineral Resources of 1,313.1 kt grading 2.23 g/t Au, ... containing 94 koz Au”
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
inferredSan Antonio Deposit · silverTonnes: 1313100Grade: 12.33Grade Unit: g/tContained Metal: 520500Contained Unit: kozView all detailsHide details
Identity
- Project
- San Antonio Deposit
- Commodity
- silver
- Region
- nicaragua
- Reported Region
- Nicaragua
- Ticker
- MSA
Resource scope
- Estimate type
- resource
- Effective date
- 2025-12-31T00:00:00.000Z
- Resource group id
- resource:f892c51996b32b6be470
- Deposit or zone
- San Antonio
Resource Data
- Category
- inferred
- Tonnes
- 1313100
- Grade
- 12.33
- Grade Unit
- g/t
- Contained Metal
- 520500
- Contained Unit
- koz
Prior Estimate
- Resource Date
- 2025-12-31
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-05-06T00:00:00.000Z
Reasoning: Updated Inferred Mineral Resources for the San Antonio Deposit include a significant silver component.
Positive factors
- New Inferred Mineral Resources reported
- Significant silver component
Negative factors
- Inferred category has lower confidence
Evidence · text
“Inferred Mineral Resources of 1,313.1 kt grading ... 12.33 g/t Ag, ... containing ... 520.5 koz Ag”
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
inferredSan Antonio Deposit · copperTonnes: 1313100Grade: 0.93Grade Unit: %Contained Metal: 27000000Contained Unit: lbView all detailsHide details
Identity
- Project
- San Antonio Deposit
- Commodity
- copper
- Region
- nicaragua
- Reported Region
- Nicaragua
- Ticker
- MSA
Resource scope
- Estimate type
- resource
- Effective date
- 2025-12-31T00:00:00.000Z
- Resource group id
- resource:f892c51996b32b6be470
- Deposit or zone
- San Antonio
Resource Data
- Category
- inferred
- Tonnes
- 1313100
- Grade
- 0.93
- Grade Unit
- %
- Contained Metal
- 27000000
- Contained Unit
- lb
Prior Estimate
- Resource Date
- 2025-12-31
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-05-06T00:00:00.000Z
Reasoning: Updated Inferred Mineral Resources for the San Antonio Deposit include a significant copper component.
Positive factors
- New Inferred Mineral Resources reported
- Significant copper component
Negative factors
- Inferred category has lower confidence
Evidence · text
“Inferred Mineral Resources of 1,313.1 kt grading ... 0.93% Cu, and ... 27 Mlb Cu”
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
inferredSan Antonio Deposit · zincTonnes: 1313100Grade: 0.32Grade Unit: %Contained Metal: 9200000Contained Unit: lbView all detailsHide details
Identity
- Project
- San Antonio Deposit
- Commodity
- zinc
- Region
- nicaragua
- Reported Region
- Nicaragua
- Ticker
- MSA
Resource scope
- Estimate type
- resource
- Effective date
- 2025-12-31T00:00:00.000Z
- Resource group id
- resource:f892c51996b32b6be470
- Deposit or zone
- San Antonio
Resource Data
- Category
- inferred
- Tonnes
- 1313100
- Grade
- 0.32
- Grade Unit
- %
- Contained Metal
- 9200000
- Contained Unit
- lb
Prior Estimate
- Resource Date
- 2025-12-31
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-05-06T00:00:00.000Z
Reasoning: Updated Inferred Mineral Resources for the San Antonio Deposit include a zinc component.
Positive factors
- New Inferred Mineral Resources reported
- Zinc component adds to polymetallic nature
Negative factors
- Inferred category has lower confidence
Evidence · text
“Inferred Mineral Resources of 1,313.1 kt grading ... 0.32% Zn, containing 9.2 Mlb Zn.”
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
indicatedLuna Roja Deposit · goldTonnes: 841000Grade: 2.77Grade Unit: g/tContained Metal: 74900Contained Unit: kozView all detailsHide details
Identity
- Project
- Luna Roja Deposit
- Commodity
- gold
- Region
- nicaragua
- Reported Region
- Nicaragua
- Ticker
- MSA
Resource scope
- Estimate type
- resource
- Effective date
- 2025-12-31T00:00:00.000Z
- Resource group id
- resource:9e45f137f96a6338d71b
- Deposit or zone
- Luna Roja
Resource Data
- Category
- indicated
- Tonnes
- 841000
- Grade
- 2.77
- Grade Unit
- g/t
- Contained Metal
- 74900
- Contained Unit
- koz
Prior Estimate
- Resource Date
- 2025-12-31
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-05-06T00:00:00.000Z
Reasoning: Updated Measured and Indicated Mineral Resources for the Luna Roja Deposit, contributing to the overall resource base.
Positive factors
- New Measured and Indicated Mineral Resources reported
Evidence · text
“Measured and Indicated Mineral Resources of 841 kt grading 2.77 g/t Au containing approximately 74.9 koz Au”
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
inferredLuna Roja Deposit · goldTonnes: 1160000Grade: 2.59Grade Unit: g/tContained Metal: 96600Contained Unit: kozView all detailsHide details
Identity
- Project
- Luna Roja Deposit
- Commodity
- gold
- Region
- nicaragua
- Reported Region
- Nicaragua
- Ticker
- MSA
Resource scope
- Estimate type
- resource
- Effective date
- 2025-12-31T00:00:00.000Z
- Resource group id
- resource:9ce23971cb32aace1257
- Deposit or zone
- Luna Roja
Resource Data
- Category
- inferred
- Tonnes
- 1160000
- Grade
- 2.59
- Grade Unit
- g/t
- Contained Metal
- 96600
- Contained Unit
- koz
Prior Estimate
- Resource Date
- 2025-12-31
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-05-06T00:00:00.000Z
Reasoning: Updated Inferred Mineral Resources for the Luna Roja Deposit, providing future exploration potential.
Positive factors
- New Inferred Mineral Resources reported
Negative factors
- Inferred category has lower confidence
Evidence · text
“Inferred Mineral Resources of 1,160 kt grading 2.59 g/t Au containing approximately 96.6 koz Au.”
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
Fact 33Panama and Pioneer MinesView all detailsHide details
Identity
- Project
- Panama and Pioneer Mines
- Region
- nicaragua
- Reported Region
- nicaragua
- Ticker
- MSA
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-05-06T00:00:00.000Z
Reasoning: Near-mine drilling at Panama and Pioneer Mines is focused on resource and reserve expansion, indicating ongoing development.
Positive factors
- Drilling aimed at increasing Mineral Resources and Reserves
Negative factors
- Progress slightly behind schedule
Evidence · text
“A total of 5,311 metres of diamond drilling in 19 holes was completed in the first quarter of 2026, ... The objective of this campaign is to increase the Mineral Resources and Mineral Reserves at the Panama Mine and the Pioneer Mine.”
Tags used in scoring
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
Fact 34Bonanza block (Orpheus/Xiloa, La Reforma NE)View all detailsHide details
Identity
- Project
- Bonanza block (Orpheus/Xiloa, La Reforma NE)
- Region
- nicaragua
- Reported Region
- nicaragua
- Ticker
- MSA
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-05-06T00:00:00.000Z
Reasoning: Brownfield drilling in the Bonanza block is part of the company's resource replacement strategy, indicating efforts to maintain the resource base.
Positive factors
- Drilling part of ongoing resource replacement strategy
Evidence · text
“During the first quarter of 2026, the Company completed 4,700 meters of diamond drilling in 16 holes, ... This drilling campaign is part of the Company’s ongoing resource replacement strategy at the Panama and Pioneer mines.”
Tags used in scoring
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
inferredLeticia DepositView all detailsHide details
Identity
- Project
- Leticia Deposit
- Region
- nicaragua
- Reported Region
- nicaragua
- Ticker
- MSA
Resource scope
- Deposit or zone
- Leticia
Resource Data
- Category
- inferred
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-05-06T00:00:00.000Z
Reasoning: Infill drilling at the Leticia Deposit is focused on upgrading resource confidence, a positive de-risking step.
Positive factors
- Infill drilling aimed at upgrading Inferred to Indicated resources
Evidence · text
“A total of 1,812 metres of diamond drilling in 5 holes was completed in the first quarter of 2026, ... This drilling campaign focused on infill drilling of current Inferred Mineral Resources, with the goal of upgrading them to the Indicated Mineral Resource category.”
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
How Atlas produces this analysis
Minestarters Atlas uses automated extraction to summarize mining announcements, identify reported measurements, and classify supporting evidence. Sentiment reflects the extracted narrative and classification rules; it is an interpretation, not a reported measurement. Evidence quotes and context are provided where available. Missing data, low-confidence results, and review flags indicate limitations. Check the original publisher announcement before relying on an interpretation.