# PRU increases Nyanzaga Project Ore Reserves to 4.0Moz Canonical Atlas analysis: https://atlas-extractions.minestarters.com/news/pru-increases-nyanzaga-project-ore-reserves-to-4-0moz--531ade1b-6bcc-429d-87a0-c63b0c831127 Original source: https://money.tmx.com/en/quote/PRU/news/7858800386080744/pru-increases-nyanzaga-project-ore-reserves-to-4-0moz Publisher: tmx Original announcement: 2026-02-19T21:45:00.000Z Analysis by Minestarters Atlas Atlas analysis published: Unknown date Atlas analysis updated: Unknown date - Company: Perseus Mining Limited - Ticker: PRU - Exchange: TSX - Region: Tanzania - Primary commodity: Gold - Secondary commodities: None reported - Document categories: Resource update - Extracted: 2026-09-14 18:53:23 UTC Narrative sentiment: 1.00 · Bullish ## Minestarters Atlas summary Perseus Mining has updated the Nyanzaga Gold Project ore reserves to 4.0 Moz, representing a 73% increase from the April 2025 estimate. The update is supported by 82,700m of recent drilling and a revised large-scale open-pit mine design, extending the projected mine life to 16 years. Reasoning: Significant expansion of ore reserves \(from 2.3 Moz to 4.0 Moz\) driven by successful infill and extension drilling and pit optimization. - Positive factor: 73% increase in ore reserves compared to April 2025 - Positive factor: Mine life extended to 16 years - Positive factor: Significant drilling campaign \(82,700m\) underpinning the update - Positive factor: Strong investment metrics \(28.8% IRR, $864M NPV\) Facts used in scoring: 7 ## Classification and evidence **Tonnage Growth** Polarity: positive Definition: Tonnage increase reaching the strong tier vs prior estimate, with grade maintained or improved. Why it applies: Ore reserves increased by 73% from 2.3 Moz to 4.0 Moz. Evidence · text > This represents a 73% increase to the 2.3 Moz Ore Reserve reported in April 2025 **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: The reserve is classified in accordance with the JORC Code \(2012\). Evidence · text > The Ore Reserve is classified as Probable in accordance with the JORC Code \(2012\) **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: The release states preparation in accordance with NI 43-101 standards. Evidence · text > and have been prepared in accordance with the standards set out in ... NI 43-101 **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: Competent Persons Daniel Saunders and Adrian Ralph are named and responsible for the report. Evidence · text > prepared by Mr Daniel Saunders, a Competent Person ## Extracted facts Stored fact records: 7. Some facts used in scoring do not have a stored record. ## Resource Estimates (7) ### probable [Link to this fact](https://atlas-extractions.minestarters.com/news/pru-increases-nyanzaga-project-ore-reserves-to-4-0moz--531ade1b-6bcc-429d-87a0-c63b0c831127#fact-resource-facts-0) Nyanzaga Gold Project · gold #### Identity - Project: Nyanzaga Gold Project - Commodity: gold - Region: tanzania - Reported Region: Tanzania - Ticker: PRU #### Resource scope - Estimate type: reserve - Reporting standards: jorc, ni\_43\_101 - QP Signed: Yes - Qualified person names: Daniel Saunders, Adrian Ralph - Resource group id: resource:b6431643bca0dbab984e - Deposit or zone: Nyanzaga Gold Project - Mining method: open\_pit - Ownership percent: 80 % - Resource basis: attributable #### Resource Data - Category: probable - Tonnes: 90900000 - Grade: 1.38 - Grade Unit: g/t - Contained Metal: 4046 - Contained Unit: ’000 oz - Cutoff Grade: 0.3 - Cutoff Unit: g/t #### Prior Estimate - Resource Date: 2026-02-20 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-02-19T00:00:00.000Z Reasoning: Large scale probable reserve update. - Positive factor: Significant tonnage and metal growth Evidence · text > The Probable Ore Reserve for the NGP is estimated as 90.9 Mt, grading 1.38 g/t Au and containing 4.0 Moz of gold #### Tags used in scoring **Probable Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "probable" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **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/pru-increases-nyanzaga-project-ore-reserves-to-4-0moz--531ade1b-6bcc-429d-87a0-c63b0c831127#fact-resource-facts-1) Nyanzaga Gold Project · gold #### Identity - Project: Nyanzaga Gold Project - Commodity: gold - Region: tanzania - Reported Region: Tanzania - Ticker: PRU #### Resource scope - Estimate type: resource - Reporting standards: jorc, ni\_43\_101 - QP Signed: Yes - Qualified person names: Daniel Saunders, Adrian Ralph - Resource group id: resource:91a2afc0a5557d1cf090 - Deposit or zone: Nyanzaga Gold Project - Mining method: open\_pit - Ownership percent: 80 % - Resource basis: attributable #### Resource Data - Category: indicated - Tonnes: 110400000 - Grade: 1.33 - Grade Unit: g/t - Contained Metal: 4715 - Contained Unit: ’000 oz - Cutoff Grade: 0.25 - Cutoff Unit: g/t gold #### Prior Estimate - Resource Date: 2026-02-20 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-02-19T00:00:00.000Z Reasoning: Substantial indicated resource supporting the reserve. - Positive factor: Large M&I resource base Evidence · text > The combined M&I Mineral Resource for the NGP is estimated at 110.4 Mt grading 1.33 g/t Au, containing 4.7 Moz of gold. #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **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/pru-increases-nyanzaga-project-ore-reserves-to-4-0moz--531ade1b-6bcc-429d-87a0-c63b0c831127#fact-resource-facts-2) Nyanzaga Gold Project · gold #### Identity - Project: Nyanzaga Gold Project - Commodity: gold - Region: tanzania - Reported Region: Tanzania - Ticker: PRU #### Resource scope - Estimate type: resource - Reporting standards: jorc, ni\_43\_101 - QP Signed: Yes - Qualified person names: Daniel Saunders, Adrian Ralph - Resource group id: resource:9d57e73a37705f8ddf3e - Deposit or zone: Nyanzaga Gold Project - Mining method: open\_pit - Ownership percent: 80 % - Resource basis: attributable #### Resource Data - Category: inferred - Tonnes: 6500000 - Grade: 1.6 - Grade Unit: g/t - Contained Metal: 343 - Contained Unit: koz #### Prior Estimate - Resource Date: 2026-02-20 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-02-19T00:00:00.000Z Reasoning: Inferred resource provides additional upside but lacks geological confidence. - Positive factor: Higher grade than M&I - Negative factor: Speculative category Evidence · text > A further 6.5 Mt of material grading 1.6 g/t Au, containing 343 koz of gold is classified as Inferred Mineral Resources #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off 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 **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **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/pru-increases-nyanzaga-project-ore-reserves-to-4-0moz--531ade1b-6bcc-429d-87a0-c63b0c831127#fact-resource-facts-3) Tusker · gold #### Identity - Project: Tusker - Commodity: gold - Ticker: PRU #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101, jorc - Resource group id: resource:8eec3529a7cee59d17d6 - Mining method: open\_pit #### Resource Data - Category: indicated - Tonnes: 100700000 - Grade: 1.37 - Grade Unit: g/t #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-02-19T00:00:00.000Z Reasoning: Expanded from portfolio resource summary table. - Negative factor: Fact expanded from resource table columns \(model omitted this commodity\). Evidence · table > 1.37 Context: 100.7 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off 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 **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **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 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/pru-increases-nyanzaga-project-ore-reserves-to-4-0moz--531ade1b-6bcc-429d-87a0-c63b0c831127#fact-resource-facts-4) Tusker · gold #### Identity - Project: Tusker - Commodity: gold - Ticker: PRU #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101, jorc - Resource group id: resource:1c9524ae366c86ac98b1 - Mining method: open\_pit #### Resource Data - Category: inferred - Tonnes: 5500000 - Grade: 1.8 - Grade Unit: g/t #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-02-19T00:00:00.000Z Reasoning: Expanded from portfolio resource summary table. - Negative factor: Fact expanded from resource table columns \(model omitted this commodity\). Evidence · table > 1.8 Context: 5.5 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off 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 **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **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 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/pru-increases-nyanzaga-project-ore-reserves-to-4-0moz--531ade1b-6bcc-429d-87a0-c63b0c831127#fact-resource-facts-5) Kilimani · gold #### Identity - Project: Kilimani - Commodity: gold - Ticker: PRU #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101, jorc - Resource group id: resource:1276edecd117d6706d18 - Mining method: open\_pit #### Resource Data - Category: indicated - Tonnes: 9700000 - Grade: 0.9 - Grade Unit: g/t #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-02-19T00:00:00.000Z Reasoning: Expanded from portfolio resource summary table. - Negative factor: Fact expanded from resource table columns \(model omitted this commodity\). Evidence · table > 0.90 Context: 9.7 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off 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 **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **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 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/pru-increases-nyanzaga-project-ore-reserves-to-4-0moz--531ade1b-6bcc-429d-87a0-c63b0c831127#fact-resource-facts-6) Kilimani · gold #### Identity - Project: Kilimani - Commodity: gold - Ticker: PRU #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101, jorc - Resource group id: resource:a2ad046584d912ab142c - Mining method: open\_pit #### Resource Data - Category: inferred - Tonnes: 1000000 - Grade: 1 - Grade Unit: g/t #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-02-19T00:00:00.000Z Reasoning: Expanded from portfolio resource summary table. - Negative factor: Fact expanded from resource table columns \(model omitted this commodity\). Evidence · table > 1.0 Context: 1.0 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off 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 **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **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 **No Contained Metal** Polarity: negative Definition: 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.