# NATIONS ROYALTY PROVIDES UPDATE ON ROYALTY INTEREST: THE KSM DEPOSIT RECEIVES "SUBSTANTIALLY STARTED" DESIGNATION Canonical Atlas analysis: https://atlas-extractions.minestarters.com/news/nations-royalty-provides-update-on-royalty-interest-the-ksm-deposit-receives-sub--f99c9cf2-97ff-4582-b6a4-7b3b3d511e7c Original source: https://money.tmx.com/en/quote/NRC/news/6984468142508304/nations-royalty-provides-update-on-royalty-interest-the-ksm-deposit-receives-sub Publisher: tmx Original announcement: 2024-07-30T12:00:00.000Z Analysis by Minestarters Atlas Atlas analysis published: Unknown date Atlas analysis updated: Unknown date - Company: Nations Royalty Corp. - Ticker: NRC - Exchange: TSX - Region: British Columbia - Primary commodity: Copper - Secondary commodities: Gold, Silver, Molybdenum - Document categories: Resource update, Permitting - Extracted: 2026-09-14 15:35:11 UTC Narrative sentiment: 0.80 · Bullish ## Minestarters Atlas summary Nations Royalty announced that the KSM Project in British Columbia has received a 'Substantially Started' designation, ensuring its environmental permit remains valid in perpetuity. The project is a massive copper-gold-silver-molybdenum deposit with significant proven and probable reserves. Reasoning: The 'Substantially Started' designation is a major de-risking milestone for the KSM project, securing the environmental permit in perpetuity. - Positive factor: Permitting milestone: 'Substantially Started' designation removes expiry risk for EAC - Positive factor: Large-scale project: Largest permitted copper-gold development project in the world - Positive factor: High-quality reserves: Significant proven and probable reserves reported - Negative factor: Third-party dependency: Nations Royalty has limited access to project data and relies on Seabridge Gold's disclosures Facts used in scoring: 8 ## Classification and evidence **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: Jim Gray, P.Eng., is named as the Independent Qualified Person for the Mineral Reserve Estimates. Evidence · text > reviewed by Jim Gray, P.Eng. \(who is also the Independent Qualified Person **Permitting Milestone** Polarity: positive Story-specific tag Definition: No canonical definition is currently available. Why it applies: The project received a 'Substantially Started' designation from the BC Provincial Government. Evidence · text > granted 'Substantially Started' designation for Seabridge Gold Inc.'s \(" Seabridge "\) KSM Project ## Extracted facts Stored fact records: 8. Some facts used in scoring do not have a stored record. ## Resource Estimates (8) ### proven [Link to this fact](https://atlas-extractions.minestarters.com/news/nations-royalty-provides-update-on-royalty-interest-the-ksm-deposit-receives-sub--f99c9cf2-97ff-4582-b6a4-7b3b3d511e7c#fact-resource-facts-0) KSM · gold Historical result Needs review: historical\_restatement #### Identity - Project: KSM - Commodity: gold - Region: canada\_bc - Reported Region: British Columbia - Ticker: NRC #### Resource scope - Estimate type: reserve - Reporting standards: other - QP Signed: Yes - Qualified person names: Jim Gray - Resource group id: resource:eeed677c560159c9098f - Deposit or zone: KSM - Material type: unspecified - Resource basis: gross #### Resource Data - Category: proven - Tonnes: 1297000000 - Grade: 0.71 - Grade Unit: g/t - Contained Metal: 29.6 - Contained Unit: moz #### Prior Estimate - Resource Date: 2022-05-26 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2022-08-08T00:00:00.000Z #### Dates - Event date: 2024-07-30T00:00:00.000Z Reasoning: Proven gold reserve component of the KSM project. Evidence · table > 29.6 Context: 1,297 #### Tags used in scoring **Proven Reserve** Polarity: positive Definition: Measured Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "proven" **Cut-off 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 **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 2.2 years before this release ### proven [Link to this fact](https://atlas-extractions.minestarters.com/news/nations-royalty-provides-update-on-royalty-interest-the-ksm-deposit-receives-sub--f99c9cf2-97ff-4582-b6a4-7b3b3d511e7c#fact-resource-facts-1) KSM · copper Historical result Needs review: historical\_restatement #### Identity - Project: KSM - Commodity: copper - Region: canada\_bc - Reported Region: British Columbia - Ticker: NRC #### Resource scope - Estimate type: reserve - Reporting standards: other - QP Signed: Yes - Qualified person names: Jim Gray - Resource group id: resource:eeed677c560159c9098f - Deposit or zone: KSM - Material type: unspecified - Resource basis: gross #### Resource Data - Category: proven - Tonnes: 1297000000 - Grade: 0.15 - Grade Unit: % - Contained Metal: 4203 - Contained Unit: mlb #### Prior Estimate - Resource Date: 2022-05-26 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2022-08-08T00:00:00.000Z #### Dates - Event date: 2024-07-30T00:00:00.000Z Reasoning: Proven copper reserve component of the KSM project. Evidence · table > 4,203 Context: 1,297 #### Tags used in scoring **Proven Reserve** Polarity: positive Definition: Measured Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "proven" **Cut-off 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 **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 2.2 years before this release ### proven [Link to this fact](https://atlas-extractions.minestarters.com/news/nations-royalty-provides-update-on-royalty-interest-the-ksm-deposit-receives-sub--f99c9cf2-97ff-4582-b6a4-7b3b3d511e7c#fact-resource-facts-2) KSM · silver Historical result Needs review: historical\_restatement #### Identity - Project: KSM - Commodity: silver - Region: canada\_bc - Reported Region: British Columbia - Ticker: NRC #### Resource scope - Estimate type: reserve - Reporting standards: other - QP Signed: Yes - Qualified person names: Jim Gray - Resource group id: resource:eeed677c560159c9098f - Deposit or zone: KSM - Material type: unspecified - Resource basis: gross #### Resource Data - Category: proven - Tonnes: 1297000000 - Grade: 2.4 - Grade Unit: g/t - Contained Metal: 98 - Contained Unit: moz #### Prior Estimate - Resource Date: 2022-05-26 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2022-08-08T00:00:00.000Z #### Dates - Event date: 2024-07-30T00:00:00.000Z Reasoning: Proven silver reserve component of the KSM project. Evidence · table > 98 Context: 1,297 #### Tags used in scoring **Proven Reserve** Polarity: positive Definition: Measured Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "proven" **Cut-off 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 **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 2.2 years before this release ### proven [Link to this fact](https://atlas-extractions.minestarters.com/news/nations-royalty-provides-update-on-royalty-interest-the-ksm-deposit-receives-sub--f99c9cf2-97ff-4582-b6a4-7b3b3d511e7c#fact-resource-facts-3) KSM · molybdenum Historical result Needs review: historical\_restatement #### Identity - Project: KSM - Commodity: molybdenum - Region: canada\_bc - Reported Region: British Columbia - Ticker: NRC #### Resource scope - Estimate type: reserve - Reporting standards: other - QP Signed: Yes - Qualified person names: Jim Gray - Resource group id: resource:eeed677c560159c9098f - Deposit or zone: KSM - Material type: unspecified - Resource basis: gross #### Resource Data - Category: proven - Tonnes: 1297000000 - Grade: 75 - Grade Unit: ppm - Contained Metal: 215 - Contained Unit: mlb #### Prior Estimate - Resource Date: 2022-05-26 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2022-08-08T00:00:00.000Z #### Dates - Event date: 2024-07-30T00:00:00.000Z Reasoning: Proven molybdenum reserve component of the KSM project. Evidence · table > 215 Context: 1,297 #### Tags used in scoring **Proven Reserve** Polarity: positive Definition: Measured Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "proven" **Cut-off 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 **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 2.2 years before this release ### probable [Link to this fact](https://atlas-extractions.minestarters.com/news/nations-royalty-provides-update-on-royalty-interest-the-ksm-deposit-receives-sub--f99c9cf2-97ff-4582-b6a4-7b3b3d511e7c#fact-resource-facts-4) KSM · gold Historical result Needs review: historical\_restatement #### Identity - Project: KSM - Commodity: gold - Region: canada\_bc - Reported Region: British Columbia - Ticker: NRC #### Resource scope - Estimate type: reserve - Reporting standards: other - QP Signed: Yes - Qualified person names: Jim Gray - Resource group id: resource:f5bdc1aeddb1a7285bdf - Deposit or zone: KSM - Material type: unspecified - Resource basis: gross #### Resource Data - Category: probable - Tonnes: 995000000 - Grade: 0.55 - Grade Unit: g/t - Contained Metal: 17.7 - Contained Unit: moz #### Prior Estimate - Resource Date: 2022-05-26 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2022-08-08T00:00:00.000Z #### Dates - Event date: 2024-07-30T00:00:00.000Z Reasoning: Probable gold reserve component of the KSM project. Evidence · table > 17.7 Context: 995 #### Tags used in scoring **Probable Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "probable" **Cut-off 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 **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 2.2 years before this release ### probable [Link to this fact](https://atlas-extractions.minestarters.com/news/nations-royalty-provides-update-on-royalty-interest-the-ksm-deposit-receives-sub--f99c9cf2-97ff-4582-b6a4-7b3b3d511e7c#fact-resource-facts-5) KSM · copper Historical result Needs review: historical\_restatement #### Identity - Project: KSM - Commodity: copper - Region: canada\_bc - Reported Region: British Columbia - Ticker: NRC #### Resource scope - Estimate type: reserve - Reporting standards: other - QP Signed: Yes - Qualified person names: Jim Gray - Resource group id: resource:f5bdc1aeddb1a7285bdf - Deposit or zone: KSM - Material type: unspecified - Resource basis: gross #### Resource Data - Category: probable - Tonnes: 995000000 - Grade: 0.14 - Grade Unit: % - Contained Metal: 3116 - Contained Unit: mlb #### Prior Estimate - Resource Date: 2022-05-26 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2022-08-08T00:00:00.000Z #### Dates - Event date: 2024-07-30T00:00:00.000Z Reasoning: Probable copper reserve component of the KSM project. Evidence · table > 3,116 Context: 995 #### Tags used in scoring **Probable Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "probable" **Cut-off 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 **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 2.2 years before this release ### probable [Link to this fact](https://atlas-extractions.minestarters.com/news/nations-royalty-provides-update-on-royalty-interest-the-ksm-deposit-receives-sub--f99c9cf2-97ff-4582-b6a4-7b3b3d511e7c#fact-resource-facts-6) KSM · silver Historical result Needs review: historical\_restatement #### Identity - Project: KSM - Commodity: silver - Region: canada\_bc - Reported Region: British Columbia - Ticker: NRC #### Resource scope - Estimate type: reserve - Reporting standards: other - QP Signed: Yes - Qualified person names: Jim Gray - Resource group id: resource:f5bdc1aeddb1a7285bdf - Deposit or zone: KSM - Material type: unspecified - Resource basis: gross #### Resource Data - Category: probable - Tonnes: 995000000 - Grade: 1.9 - Grade Unit: g/t - Contained Metal: 62 - Contained Unit: moz #### Prior Estimate - Resource Date: 2022-05-26 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2022-08-08T00:00:00.000Z #### Dates - Event date: 2024-07-30T00:00:00.000Z Reasoning: Probable silver reserve component of the KSM project. Evidence · table > 62 Context: 995 #### Tags used in scoring **Probable Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "probable" **Cut-off 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 **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 2.2 years before this release ### probable [Link to this fact](https://atlas-extractions.minestarters.com/news/nations-royalty-provides-update-on-royalty-interest-the-ksm-deposit-receives-sub--f99c9cf2-97ff-4582-b6a4-7b3b3d511e7c#fact-resource-facts-7) KSM · molybdenum Historical result Needs review: historical\_restatement #### Identity - Project: KSM - Commodity: molybdenum - Region: canada\_bc - Reported Region: British Columbia - Ticker: NRC #### Resource scope - Estimate type: reserve - Reporting standards: other - QP Signed: Yes - Qualified person names: Jim Gray - Resource group id: resource:f5bdc1aeddb1a7285bdf - Deposit or zone: KSM - Material type: unspecified - Resource basis: gross #### Resource Data - Category: probable - Tonnes: 995000000 - Grade: 77 - Grade Unit: ppm - Contained Metal: 170 - Contained Unit: mlb #### Prior Estimate - Resource Date: 2022-05-26 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2022-08-08T00:00:00.000Z #### Dates - Event date: 2024-07-30T00:00:00.000Z Reasoning: Probable molybdenum reserve component of the KSM project. Evidence · table > 170 Context: 995 #### Tags used in scoring **Probable Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "probable" **Cut-off 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 **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 2.2 years before this release ## 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.