Salazar Resources Reports El Domo After-Tax NPV (8% Discount Rate) of US$573 Million, Representing a 121% Increase Compared to the October 2021 Feasibility Study
Original announcement by tmx on
- Company
- Salazar Resources Limited
- Ticker
- SRL
- Exchange
- TSX
- Region
- Ecuador
- Primary commodity
- Copper
- Secondary commodities
- Gold, Zinc, Silver, Lead
- Document categories
- Resource update, Economic study
- Extracted
- 2026-09-18 22:41:01 UTC
Analysis by Minestarters Atlas
Minestarters Atlas analysis
Summary
Salazar Resources reports a significant upgrade to the El Domo polymetallic project in Ecuador, with the 2025 Technical Report showing a 121% increase in after-tax NPV to US$573 million and a 41% increase in IRR to 45%. Measured + Indicated resources increased by 27% to 11.4 Mt, and Proven + Probable reserves increased by 10% to 7.13 Mt, despite lower average grades. The project is fully funded, with Salazar's 25% interest carried through to commercial production, which is expected in mid-2027.
Reasoning: The document reports a substantial upgrade to the El Domo project's economics, with a 121% increase in after-tax NPV and a 41% increase in IRR, driven by updated resource and reserve estimates. The project is fully funded and under construction, de-risking the path to production for Salazar Resources. While resource grades are lower, contained metal and reserves have increased, and the economic study shows strong returns. The main concerns are the higher sustaining capex and the more aggressive metal price deck used in the updated study.
Positive factors
- Significant increase in after-tax NPV (121%) and IRR (41%) compared to the prior Feasibility Study, indicating improved project economics.
- Increase in Measured + Indicated Mineral Resources (27%) and contained metal across all commodities, enhancing geological confidence.
- Increase in Proven + Probable Mineral Reserves (10%) and contained metal, supporting a longer mine life.
- Project is fully funded through to commercial production, with Salazar's 25% interest fully carried, de-risking financing for shareholders.
- Construction is on track with first production expected in mid-2027, indicating project advancement.
Negative factors
- Lower average grades for Measured + Indicated and Inferred Mineral Resources compared to the prior study, partly due to higher metal price assumptions bringing in lower-grade material.
- Significant increase in sustaining capital cost (150%) compared to the prior study.
- Aggressive metal price assumptions in the updated study compared to the prior study, which may impact the robustness of the economic results.
Low confidence — this extraction should be reviewed alongside the original source.
Facts used in scoring: 17
Classification and evidence
DFS Bankablepositive
AACE Class 2-1 study complete and within the staleness window.
Why it applies: The economic study is a Feasibility Study (FS) with an effective date of December 31, 2025, and was issued on May 31, 2026, indicating it is current and of high confidence.
Evidence · text
“independent NI 43-101 Technical Report prepared by SRK Consulting (China) Ltd. ("SRK") for the Project operator, Silvercorp Metals Inc. ("Silvercorp"), with an effective date of December 31, 2025 and issued on May 31, 2026 (the "2025 Technical Report")”
High IRRpositive
Post-tax real unlevered IRR in the strong tier or better.
Why it applies: The After-Tax IRR is 45%, which is in the exceptional tier (>=25%) for economic studies.
Evidence · table
“45%”
Context: After-Tax IRR (%)
Fast Paybackpositive
Payback in the strong tier or better, on the required basis.
Why it applies: The Payback Period is 3 years, which is in the strong tier (<=3 years) for economic studies.
Evidence · table
“3”
Context: Payback Period (years)
Fully Fundedpositive
Funding coverage at or above 1.0x counting committed facilities only.
Why it applies: The document explicitly states that construction is fully funded and Salazar's interest is fully carried.
Evidence · text
“Construction of El Domo is fully funded, and production of the first commercial concentrates is expected to begin in mid-2027. ... Salazar's 25% interest is fully carried through to commercial production, with no additional development or construction financing obligations.”
Aggressive Pricingnegative
The study only works on a stretched price deck.
Why it applies: The study uses significantly higher metal price assumptions (e.g., Gold US$2,600/oz, Copper US$9,250/t) compared to the prior study (Gold US$1,700/oz, Copper US$7,716/t), which are aggressive.
Evidence · text
“Prices Assumed, SRK, December 31, 2025: US$2,600 Oz of Gold, US$31 Oz of Silver, 9,250 US$/t copper, 2,000 US$/t lead, 2,800 US$/t zinc”
Tonnage Growthpositive
Tonnage increase reaching the strong tier vs prior estimate, with grade maintained or improved.
Why it applies: Measured + Indicated Mineral Resources increased by 27% from 9.0 Mt to 11.4 Mt.
Evidence · table
“11.4”
Context: Tonnage (Mt)
Grade Declinenegative
Average grade fell below the red-flag bound vs prior estimate — deposit economics worsening. May indicate high-grading in early drilling.
Why it applies: Measured + Indicated Cu Grade decreased by 12% from 2.11% to 1.85%.
Evidence · table
“1.85”
Context: Cu Grade (%)
Contained Metal Growthpositive
True scale improvement — contained metal ounces/tonnes increased vs prior, accounting for both tonnage and grade changes.
Why it applies: Contained Cu in M+I resources increased by 12% from 189.4 kt to 211.6 kt.
Evidence · table
“211.6”
Context: Contained Cu (kt)
Category Upgradepositive
Resource confidence improved — Inferred upgraded to Indicated, or Indicated to Measured. De-risking signal.
Why it applies: Proven + Probable Mineral Reserves increased by 10% from 6.48 Mt to 7.13 Mt.
Evidence · table
“7.13”
Context: Tonnage (Mt)
Dilutive Growthnegative
Tonnage increased but contained metal flat or down — likely from lower cut-off grade, not geological expansion.
Why it applies: While M+I tonnage increased, the average grades for Cu, Au, Zn, Pb, and Ag decreased, indicating that lower-grade material was brought into the resource envelope.
Evidence · text
“While reported grades for the Mineral Resources are lower than in the 2021 FS, total contained metal increased across all payable metals. The change in grade primarily reflects: (i) a higher open-pit NSR cut-off value (US$38/t versus US$29/t in 2021); (ii) materially higher metal price assumptions, which brought additional lower-grade material into the resource envelope”
Cut-off Lowerednegative
Cut-off grade reduced beyond the suspicious bound vs prior estimate — tonnage growth may be artificial inflation.
Why it applies: The open-pit NSR cut-off value was increased from US$29/t to US$38/t, which is a positive change for resource quality.
Evidence · text
“a higher open-pit NSR cut-off value (US$38/t versus US$29/t in 2021)”
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: The technical report is prepared in accordance with National Instrument 43-101.
Evidence · text
“independent NI 43-101 Technical Report prepared by SRK Consulting (China) Ltd.”
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: Independent Qualified Persons Ms. Yanfang Zhao (MAIG) and Mr. Falong Hu (FAusIMM) are responsible for the estimates.
Evidence · text
“The independent Qualified Persons for the 2025 Technical Report include Ms. Yanfang Zhao (MAIG), responsible for the Mineral Resource estimate, and Mr. Falong Hu (FAusIMM), responsible for the Mineral Reserve estimate.”
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: A current resource fact retains the disclosed cut-off grade
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: The source explicitly discloses a revised resource estimate
Evidence · text
“Updated Mineral Resource Estimate”
Extracted facts
Stored fact records: 15. Some facts used in scoring do not have a stored record.
Resource Estimates (15)
indicatedCuripamba-El Domo · copperTonnes: 11400000Grade: 1.85Grade Unit: %Contained Metal: 211.6Contained Unit: ktView all detailsHide details
Identity
- Project
- Curipamba-El Domo
- Commodity
- copper
- Region
- ecuador
- Reported Region
- Ecuador
- Ticker
- SRL
Resource scope
- Estimate type
- resource
- Effective date
- 2025-12-31T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Yanfang Zhao (MAIG)
- Resource group id
- resource:f3960810a2612b3db219
- Mining method
- combined
- Ownership percent
- 100 %
Resource Data
- Category
- indicated
- Tonnes
- 11400000
- Grade
- 1.85
- Grade Unit
- %
- Contained Metal
- 211.6
- Contained Unit
- kt
- Cutoff Grade
- 38
- Cutoff Unit
- US$/t
Prior Estimate
- Resource Date
- 2025-12-31
- Prior Tonnes
- 9000000
- Prior Grade
- 2.11
- Prior Contained Metal
- 189.4
- Prior Cutoff Grade
- 29
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-07-15T00:00:00.000Z
Reasoning: The Measured + Indicated resource for copper shows a significant increase in tonnage and contained metal, which is positive for project scale. However, the grade has decreased, partly due to higher metal price assumptions allowing for the inclusion of lower-grade material, which could impact overall resource quality.
Positive factors
- Measured + Indicated tonnage increased by 27% (from 9.0 Mt to 11.4 Mt).
- Contained copper increased by 12% (from 189.4 kt to 211.6 kt).
- Estimate is NI 43-101 compliant and signed by a Qualified Person.
Negative factors
- Copper grade decreased by 12% (from 2.11% to 1.85%).
- Higher metal price assumptions contributed to bringing lower-grade material into the resource envelope.
Evidence · table
“1.85”
Context: Cu Grade (%)
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 Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Tonnage Growthpositive
Tonnage increase reaching the strong tier vs prior estimate, with grade maintained or improved.
Why it applies: 11400000 against 9000000 previously
Grade Declinenegative
Average grade fell below the red-flag bound vs prior estimate — deposit economics worsening. May indicate high-grading in early drilling.
Why it applies: 1.85 against 2.11 previously
Contained Metal Growthpositive
True scale improvement — contained metal ounces/tonnes increased vs prior, accounting for both tonnage and grade changes.
Why it applies: 211.6 against 189.4 previously
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
indicatedCuripamba-El Domo · goldTonnes: 11400000Grade: 2.11Grade Unit: g/tContained Metal: 775Contained Unit: kozView all detailsHide details
Identity
- Project
- Curipamba-El Domo
- Commodity
- gold
- Region
- ecuador
- Reported Region
- Ecuador
- Ticker
- SRL
Resource scope
- Estimate type
- resource
- Effective date
- 2025-12-31T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Yanfang Zhao (MAIG)
- Resource group id
- resource:f3960810a2612b3db219
- Mining method
- combined
- Ownership percent
- 100 %
Resource Data
- Category
- indicated
- Tonnes
- 11400000
- Grade
- 2.11
- Grade Unit
- g/t
- Contained Metal
- 775
- Contained Unit
- koz
- Cutoff Grade
- 38
- Cutoff Unit
- US$/t
Prior Estimate
- Resource Date
- 2025-12-31
- Prior Tonnes
- 9000000
- Prior Grade
- 2.36
- Prior Contained Metal
- 680
- Prior Cutoff Grade
- 29
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-07-15T00:00:00.000Z
Reasoning: The Measured + Indicated resource for gold shows a significant increase in tonnage and contained metal, which is positive for project scale. However, the grade has decreased, partly due to higher metal price assumptions allowing for the inclusion of lower-grade material, which could impact overall resource quality.
Positive factors
- Measured + Indicated tonnage increased by 27% (from 9.0 Mt to 11.4 Mt).
- Contained gold increased by 14% (from 680 koz to 775 koz).
- Estimate is NI 43-101 compliant and signed by a Qualified Person.
Negative factors
- Gold grade decreased by 11% (from 2.36 g/t to 2.11 g/t).
- Higher metal price assumptions contributed to bringing lower-grade material into the resource envelope.
Evidence · table
“2.11”
Context: Au Grade (g/t)
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 Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Tonnage Growthpositive
Tonnage increase reaching the strong tier vs prior estimate, with grade maintained or improved.
Why it applies: 11400000 against 9000000 previously
Grade Declinenegative
Average grade fell below the red-flag bound vs prior estimate — deposit economics worsening. May indicate high-grading in early drilling.
Why it applies: 2.11 against 2.36 previously
Contained Metal Growthpositive
True scale improvement — contained metal ounces/tonnes increased vs prior, accounting for both tonnage and grade changes.
Why it applies: 775 against 680 previously
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
indicatedCuripamba-El Domo · zincTonnes: 11400000Grade: 2.42Grade Unit: %Contained Metal: 275.9Contained Unit: ktView all detailsHide details
Identity
- Project
- Curipamba-El Domo
- Commodity
- zinc
- Region
- ecuador
- Reported Region
- Ecuador
- Ticker
- SRL
Resource scope
- Estimate type
- resource
- Effective date
- 2025-12-31T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Yanfang Zhao (MAIG)
- Resource group id
- resource:f3960810a2612b3db219
- Mining method
- combined
- Ownership percent
- 100 %
Resource Data
- Category
- indicated
- Tonnes
- 11400000
- Grade
- 2.42
- Grade Unit
- %
- Contained Metal
- 275.9
- Contained Unit
- kt
- Cutoff Grade
- 38
- Cutoff Unit
- US$/t
Prior Estimate
- Resource Date
- 2025-12-31
- Prior Tonnes
- 9000000
- Prior Grade
- 2.59
- Prior Contained Metal
- 231.7
- Prior Cutoff Grade
- 29
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-07-15T00:00:00.000Z
Reasoning: The Measured + Indicated resource for zinc shows a significant increase in tonnage and contained metal, which is positive for project scale. However, the grade has decreased, partly due to higher metal price assumptions allowing for the inclusion of lower-grade material, which could impact overall resource quality.
Positive factors
- Measured + Indicated tonnage increased by 27% (from 9.0 Mt to 11.4 Mt).
- Contained zinc increased by 19% (from 231.7 kt to 275.9 kt).
- Estimate is NI 43-101 compliant and signed by a Qualified Person.
Negative factors
- Zinc grade decreased by 7% (from 2.59% to 2.42%).
- Higher metal price assumptions contributed to bringing lower-grade material into the resource envelope.
Evidence · table
“2.42”
Context: Zn Grade (%)
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 Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Tonnage Growthpositive
Tonnage increase reaching the strong tier vs prior estimate, with grade maintained or improved.
Why it applies: 11400000 against 9000000 previously
Grade Declinenegative
Average grade fell below the red-flag bound vs prior estimate — deposit economics worsening. May indicate high-grading in early drilling.
Why it applies: 2.42 against 2.59 previously
Contained Metal Growthpositive
True scale improvement — contained metal ounces/tonnes increased vs prior, accounting for both tonnage and grade changes.
Why it applies: 275.9 against 231.7 previously
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
indicatedCuripamba-El Domo · leadTonnes: 11400000Grade: 0.22Grade Unit: %Contained Metal: 25.2Contained Unit: ktView all detailsHide details
Identity
- Project
- Curipamba-El Domo
- Commodity
- lead
- Region
- ecuador
- Reported Region
- Ecuador
- Ticker
- SRL
Resource scope
- Estimate type
- resource
- Effective date
- 2025-12-31T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Yanfang Zhao (MAIG)
- Resource group id
- resource:f3960810a2612b3db219
- Mining method
- combined
- Ownership percent
- 100 %
Resource Data
- Category
- indicated
- Tonnes
- 11400000
- Grade
- 0.22
- Grade Unit
- %
- Contained Metal
- 25.2
- Contained Unit
- kt
- Cutoff Grade
- 38
- Cutoff Unit
- US$/t
Prior Estimate
- Resource Date
- 2025-12-31
- Prior Tonnes
- 9000000
- Prior Grade
- 0.24
- Prior Contained Metal
- 21.6
- Prior Cutoff Grade
- 29
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-07-15T00:00:00.000Z
Reasoning: The Measured + Indicated resource for lead shows a significant increase in tonnage and contained metal, which is positive for project scale. However, the grade has decreased, partly due to higher metal price assumptions allowing for the inclusion of lower-grade material, which could impact overall resource quality.
Positive factors
- Measured + Indicated tonnage increased by 27% (from 9.0 Mt to 11.4 Mt).
- Contained lead increased by 17% (from 21.6 kt to 25.2 kt).
- Estimate is NI 43-101 compliant and signed by a Qualified Person.
Negative factors
- Lead grade decreased by 8% (from 0.24% to 0.22%).
- Higher metal price assumptions contributed to bringing lower-grade material into the resource envelope.
Evidence · table
“0.22”
Context: Pb Grade (%)
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 Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Tonnage Growthpositive
Tonnage increase reaching the strong tier vs prior estimate, with grade maintained or improved.
Why it applies: 11400000 against 9000000 previously
Grade Declinenegative
Average grade fell below the red-flag bound vs prior estimate — deposit economics worsening. May indicate high-grading in early drilling.
Why it applies: 0.22 against 0.24 previously
Contained Metal Growthpositive
True scale improvement — contained metal ounces/tonnes increased vs prior, accounting for both tonnage and grade changes.
Why it applies: 25.2 against 21.6 previously
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
indicatedCuripamba-El Domo · silverTonnes: 11400000Grade: 41.69Grade Unit: g/tContained Metal: 15299Contained Unit: kozView all detailsHide details
Identity
- Project
- Curipamba-El Domo
- Commodity
- silver
- Region
- ecuador
- Reported Region
- Ecuador
- Ticker
- SRL
Resource scope
- Estimate type
- resource
- Effective date
- 2025-12-31T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Yanfang Zhao (MAIG)
- Resource group id
- resource:f3960810a2612b3db219
- Mining method
- combined
- Ownership percent
- 100 %
Resource Data
- Category
- indicated
- Tonnes
- 11400000
- Grade
- 41.69
- Grade Unit
- g/t
- Contained Metal
- 15299
- Contained Unit
- koz
- Cutoff Grade
- 38
- Cutoff Unit
- US$/t
Prior Estimate
- Resource Date
- 2025-12-31
- Prior Tonnes
- 9000000
- Prior Grade
- 45
- Prior Contained Metal
- 12969
- Prior Cutoff Grade
- 29
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-07-15T00:00:00.000Z
Reasoning: The Measured + Indicated resource for silver shows a significant increase in tonnage and contained metal, which is positive for project scale. However, the grade has decreased, partly due to higher metal price assumptions allowing for the inclusion of lower-grade material, which could impact overall resource quality.
Positive factors
- Measured + Indicated tonnage increased by 27% (from 9.0 Mt to 11.4 Mt).
- Contained silver increased by 18% (from 12,969 koz to 15,299 koz).
- Estimate is NI 43-101 compliant and signed by a Qualified Person.
Negative factors
- Silver grade decreased by 7% (from 45.00 g/t to 41.69 g/t).
- Higher metal price assumptions contributed to bringing lower-grade material into the resource envelope.
Evidence · table
“41.69”
Context: Ag Grade (g/t)
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 Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Tonnage Growthpositive
Tonnage increase reaching the strong tier vs prior estimate, with grade maintained or improved.
Why it applies: 11400000 against 9000000 previously
Grade Declinenegative
Average grade fell below the red-flag bound vs prior estimate — deposit economics worsening. May indicate high-grading in early drilling.
Why it applies: 41.69 against 45 previously
Contained Metal Growthpositive
True scale improvement — contained metal ounces/tonnes increased vs prior, accounting for both tonnage and grade changes.
Why it applies: 15299 against 12969 previously
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
inferredCuripamba-El Domo · copperTonnes: 3800000Grade: 0.46Grade Unit: %Contained Metal: 17.6Contained Unit: ktView all detailsHide details
Identity
- Project
- Curipamba-El Domo
- Commodity
- copper
- Region
- ecuador
- Reported Region
- Ecuador
- Ticker
- SRL
Resource scope
- Estimate type
- resource
- Effective date
- 2025-12-31T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Yanfang Zhao (MAIG)
- Resource group id
- resource:17d2339c8cea1939dca9
- Mining method
- combined
- Ownership percent
- 100 %
Resource Data
- Category
- inferred
- Tonnes
- 3800000
- Grade
- 0.46
- Grade Unit
- %
- Contained Metal
- 17.6
- Contained Unit
- kt
- Cutoff Grade
- 38
- Cutoff Unit
- US$/t
Prior Estimate
- Resource Date
- 2025-12-31
- Prior Tonnes
- 1100000
- Prior Grade
- 1.72
- Prior Contained Metal
- 18.5
- Prior Cutoff Grade
- 29
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-07-15T00:00:00.000Z
Reasoning: While Inferred tonnage for copper increased substantially, the grade dropped significantly, leading to a slight decrease in contained metal. This indicates a dilutive growth, where more lower-grade material is included, which is a negative for resource quality, especially for an Inferred category.
Positive factors
- Inferred tonnage increased significantly by 245% (from 1.1 Mt to 3.8 Mt).
- Estimate is NI 43-101 compliant and signed by a Qualified Person.
Negative factors
- Copper grade decreased substantially by 73% (from 1.72% to 0.46%).
- Contained copper decreased by 5% (from 18.5 kt to 17.6 kt) despite tonnage growth, indicating significant grade dilution.
- Higher metal price assumptions contributed to bringing lower-grade material into the resource envelope.
Evidence · table
“0.46”
Context: Cu Grade (%)
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 Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Tonnage Growthpositive
Tonnage increase reaching the strong tier vs prior estimate, with grade maintained or improved.
Why it applies: 3800000 against 1100000 previously
Grade Declinenegative
Average grade fell below the red-flag bound vs prior estimate — deposit economics worsening. May indicate high-grading in early drilling.
Why it applies: 0.46 against 1.72 previously
Contained Metal Declinenegative
Contained metal decreased vs prior despite tonnage growth — grade dilution exceeds volume gain.
Why it applies: 17.6 against 18.5 previously
Dilutive Growthnegative
Tonnage increased but contained metal flat or down — likely from lower cut-off grade, not geological expansion.
Why it applies: tonnage rose while contained metal went 17.6 from 18.5
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
inferredCuripamba-El Domo · goldTonnes: 3800000Grade: 0.8Grade Unit: g/tContained Metal: 98Contained Unit: kozView all detailsHide details
Identity
- Project
- Curipamba-El Domo
- Commodity
- gold
- Region
- ecuador
- Reported Region
- Ecuador
- Ticker
- SRL
Resource scope
- Estimate type
- resource
- Effective date
- 2025-12-31T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Yanfang Zhao (MAIG)
- Resource group id
- resource:17d2339c8cea1939dca9
- Mining method
- combined
- Ownership percent
- 100 %
Resource Data
- Category
- inferred
- Tonnes
- 3800000
- Grade
- 0.8
- Grade Unit
- g/t
- Contained Metal
- 98
- Contained Unit
- koz
- Cutoff Grade
- 38
- Cutoff Unit
- US$/t
Prior Estimate
- Resource Date
- 2025-12-31
- Prior Tonnes
- 1100000
- Prior Grade
- 1.62
- Prior Contained Metal
- 57
- Prior Cutoff Grade
- 29
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-07-15T00:00:00.000Z
Reasoning: While Inferred tonnage for gold increased substantially, the grade dropped significantly. However, the contained gold still increased, indicating a net positive for the overall scale of the Inferred resource, albeit with lower quality material.
Positive factors
- Inferred tonnage increased significantly by 245% (from 1.1 Mt to 3.8 Mt).
- Contained gold increased by 72% (from 57 koz to 98 koz).
- Estimate is NI 43-101 compliant and signed by a Qualified Person.
Negative factors
- Gold grade decreased substantially by 51% (from 1.62 g/t to 0.80 g/t).
- Higher metal price assumptions contributed to bringing lower-grade material into the resource envelope.
Evidence · table
“0.80”
Context: Au Grade (g/t)
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 Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Tonnage Growthpositive
Tonnage increase reaching the strong tier vs prior estimate, with grade maintained or improved.
Why it applies: 3800000 against 1100000 previously
Grade Declinenegative
Average grade fell below the red-flag bound vs prior estimate — deposit economics worsening. May indicate high-grading in early drilling.
Why it applies: 0.8 against 1.62 previously
Contained Metal Growthpositive
True scale improvement — contained metal ounces/tonnes increased vs prior, accounting for both tonnage and grade changes.
Why it applies: 98 against 57 previously
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
inferredCuripamba-El Domo · zincTonnes: 3800000Grade: 0.97Grade Unit: %Contained Metal: 37.1Contained Unit: ktView all detailsHide details
Identity
- Project
- Curipamba-El Domo
- Commodity
- zinc
- Region
- ecuador
- Reported Region
- Ecuador
- Ticker
- SRL
Resource scope
- Estimate type
- resource
- Effective date
- 2025-12-31T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Yanfang Zhao (MAIG)
- Resource group id
- resource:17d2339c8cea1939dca9
- Mining method
- combined
- Ownership percent
- 100 %
Resource Data
- Category
- inferred
- Tonnes
- 3800000
- Grade
- 0.97
- Grade Unit
- %
- Contained Metal
- 37.1
- Contained Unit
- kt
- Cutoff Grade
- 38
- Cutoff Unit
- US$/t
Prior Estimate
- Resource Date
- 2025-12-31
- Prior Tonnes
- 1100000
- Prior Grade
- 2.18
- Prior Contained Metal
- 23.6
- Prior Cutoff Grade
- 29
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-07-15T00:00:00.000Z
Reasoning: While Inferred tonnage for zinc increased substantially, the grade dropped significantly. However, the contained zinc still increased, indicating a net positive for the overall scale of the Inferred resource, albeit with lower quality material.
Positive factors
- Inferred tonnage increased significantly by 245% (from 1.1 Mt to 3.8 Mt).
- Contained zinc increased by 57% (from 23.6 kt to 37.1 kt).
- Estimate is NI 43-101 compliant and signed by a Qualified Person.
Negative factors
- Zinc grade decreased substantially by 56% (from 2.18% to 0.97%).
- Higher metal price assumptions contributed to bringing lower-grade material into the resource envelope.
Evidence · table
“0.97”
Context: Zn Grade (%)
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 Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Tonnage Growthpositive
Tonnage increase reaching the strong tier vs prior estimate, with grade maintained or improved.
Why it applies: 3800000 against 1100000 previously
Grade Declinenegative
Average grade fell below the red-flag bound vs prior estimate — deposit economics worsening. May indicate high-grading in early drilling.
Why it applies: 0.97 against 2.18 previously
Contained Metal Growthpositive
True scale improvement — contained metal ounces/tonnes increased vs prior, accounting for both tonnage and grade changes.
Why it applies: 37.1 against 23.6 previously
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
inferredCuripamba-El Domo · leadTonnes: 3800000Grade: 0.13Grade Unit: %Contained Metal: 5Contained Unit: ktView all detailsHide details
Identity
- Project
- Curipamba-El Domo
- Commodity
- lead
- Region
- ecuador
- Reported Region
- Ecuador
- Ticker
- SRL
Resource scope
- Estimate type
- resource
- Effective date
- 2025-12-31T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Yanfang Zhao (MAIG)
- Resource group id
- resource:17d2339c8cea1939dca9
- Mining method
- combined
- Ownership percent
- 100 %
Resource Data
- Category
- inferred
- Tonnes
- 3800000
- Grade
- 0.13
- Grade Unit
- %
- Contained Metal
- 5
- Contained Unit
- kt
- Cutoff Grade
- 38
- Cutoff Unit
- US$/t
Prior Estimate
- Resource Date
- 2025-12-31
- Prior Tonnes
- 1100000
- Prior Grade
- 0.14
- Prior Contained Metal
- 1.5
- Prior Cutoff Grade
- 29
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-07-15T00:00:00.000Z
Reasoning: The Inferred resource for lead shows a significant increase in tonnage and contained metal, which is a strong positive for the overall scale of the Inferred resource, despite a slight decrease in grade.
Positive factors
- Inferred tonnage increased significantly by 245% (from 1.1 Mt to 3.8 Mt).
- Contained lead increased substantially by 233% (from 1.5 kt to 5.0 kt).
- Estimate is NI 43-101 compliant and signed by a Qualified Person.
Negative factors
- Lead grade decreased by 7% (from 0.14% to 0.13%).
- Higher metal price assumptions contributed to bringing lower-grade material into the resource envelope.
Evidence · table
“0.13”
Context: Pb Grade (%)
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 Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Tonnage Growthpositive
Tonnage increase reaching the strong tier vs prior estimate, with grade maintained or improved.
Why it applies: 3800000 against 1100000 previously
Grade Declinenegative
Average grade fell below the red-flag bound vs prior estimate — deposit economics worsening. May indicate high-grading in early drilling.
Why it applies: 0.13 against 0.14 previously
Contained Metal Growthpositive
True scale improvement — contained metal ounces/tonnes increased vs prior, accounting for both tonnage and grade changes.
Why it applies: 5 against 1.5 previously
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
inferredCuripamba-El Domo · silverTonnes: 3800000Grade: 28.49Grade Unit: g/tContained Metal: 3524Contained Unit: kozView all detailsHide details
Identity
- Project
- Curipamba-El Domo
- Commodity
- silver
- Region
- ecuador
- Reported Region
- Ecuador
- Ticker
- SRL
Resource scope
- Estimate type
- resource
- Effective date
- 2025-12-31T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Yanfang Zhao (MAIG)
- Resource group id
- resource:17d2339c8cea1939dca9
- Mining method
- combined
- Ownership percent
- 100 %
Resource Data
- Category
- inferred
- Tonnes
- 3800000
- Grade
- 28.49
- Grade Unit
- g/t
- Contained Metal
- 3524
- Contained Unit
- koz
- Cutoff Grade
- 38
- Cutoff Unit
- US$/t
Prior Estimate
- Resource Date
- 2025-12-31
- Prior Tonnes
- 1100000
- Prior Grade
- 32
- Prior Contained Metal
- 1118
- Prior Cutoff Grade
- 29
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-07-15T00:00:00.000Z
Reasoning: The Inferred resource for silver shows a significant increase in tonnage and contained metal, which is a strong positive for the overall scale of the Inferred resource, despite a decrease in grade.
Positive factors
- Inferred tonnage increased significantly by 245% (from 1.1 Mt to 3.8 Mt).
- Contained silver increased substantially by 215% (from 1,118 koz to 3,524 koz).
- Estimate is NI 43-101 compliant and signed by a Qualified Person.
Negative factors
- Silver grade decreased by 11% (from 32 g/t to 28.49 g/t).
- Higher metal price assumptions contributed to bringing lower-grade material into the resource envelope.
Evidence · table
“28.49”
Context: Ag Grade (g/t)
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 Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Tonnage Growthpositive
Tonnage increase reaching the strong tier vs prior estimate, with grade maintained or improved.
Why it applies: 3800000 against 1100000 previously
Grade Declinenegative
Average grade fell below the red-flag bound vs prior estimate — deposit economics worsening. May indicate high-grading in early drilling.
Why it applies: 28.49 against 32 previously
Contained Metal Growthpositive
True scale improvement — contained metal ounces/tonnes increased vs prior, accounting for both tonnage and grade changes.
Why it applies: 3524 against 1118 previously
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
probableCuripamba-El Domo · copperTonnes: 7130000Grade: 1.93Grade Unit: %Contained Metal: 137.7Contained Unit: ktView all detailsHide details
Identity
- Project
- Curipamba-El Domo
- Commodity
- copper
- Region
- ecuador
- Reported Region
- Ecuador
- Ticker
- SRL
Resource scope
- Estimate type
- reserve
- Effective date
- 2025-12-31T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Falong Hu (FAusIMM)
- Resource group id
- resource:d0e460393d5829c704fb
- Mining method
- combined
- Ownership percent
- 100 %
Resource Data
- Category
- probable
- Tonnes
- 7130000
- Grade
- 1.93
- Grade Unit
- %
- Contained Metal
- 137.7
- Contained Unit
- kt
- Cutoff Grade
- 55
- Cutoff Unit
- US$/t
Prior Estimate
- Resource Date
- 2025-12-31
- Prior Tonnes
- 6480000
- Prior Grade
- 1.93
- Prior Contained Metal
- 124.9
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-07-15T00:00:00.000Z
Reasoning: The Proven + Probable reserve for copper shows a solid increase in both tonnage and contained metal with stable grades, indicating a positive and de-risking update for the project.
Positive factors
- Proven + Probable tonnage increased by 10% (from 6.48 Mt to 7.13 Mt).
- Copper grade remained stable (1.93%).
- Contained copper increased by 10% (from 124.9 kt to 137.7 kt).
- Estimate is NI 43-101 compliant and signed by a Qualified Person.
Evidence · table
“1.93”
Context: Cu Grade (%)
Tags used in scoring
Probable Reservepositive
Indicated Resource with demonstrated economic viability after applying modifying factors.
Why it applies: category is "probable"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Contained Metal Growthpositive
True scale improvement — contained metal ounces/tonnes increased vs prior, accounting for both tonnage and grade changes.
Why it applies: 137.7 against 124.9 previously
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
probableCuripamba-El Domo · goldTonnes: 7130000Grade: 2.55Grade Unit: g/tContained Metal: 584Contained Unit: kozView all detailsHide details
Identity
- Project
- Curipamba-El Domo
- Commodity
- gold
- Region
- ecuador
- Reported Region
- Ecuador
- Ticker
- SRL
Resource scope
- Estimate type
- reserve
- Effective date
- 2025-12-31T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Falong Hu (FAusIMM)
- Resource group id
- resource:d0e460393d5829c704fb
- Mining method
- combined
- Ownership percent
- 100 %
Resource Data
- Category
- probable
- Tonnes
- 7130000
- Grade
- 2.55
- Grade Unit
- g/t
- Contained Metal
- 584
- Contained Unit
- koz
- Cutoff Grade
- 55
- Cutoff Unit
- US$/t
Prior Estimate
- Resource Date
- 2025-12-31
- Prior Tonnes
- 6480000
- Prior Grade
- 2.52
- Prior Contained Metal
- 524.6
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-07-15T00:00:00.000Z
Reasoning: The Proven + Probable reserve for gold shows a solid increase in tonnage, grade, and contained metal, indicating a positive and de-risking update for the project.
Positive factors
- Proven + Probable tonnage increased by 10% (from 6.48 Mt to 7.13 Mt).
- Gold grade increased by 1% (from 2.52 g/t to 2.55 g/t).
- Contained gold increased by 11% (from 524.6 koz to 584 koz).
- Estimate is NI 43-101 compliant and signed by a Qualified Person.
Evidence · table
“2.55”
Context: Au Grade (g/t)
Tags used in scoring
Probable Reservepositive
Indicated Resource with demonstrated economic viability after applying modifying factors.
Why it applies: category is "probable"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Contained Metal Growthpositive
True scale improvement — contained metal ounces/tonnes increased vs prior, accounting for both tonnage and grade changes.
Why it applies: 584 against 524.6 previously
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
probableCuripamba-El Domo · zincTonnes: 7130000Grade: 2.63Grade Unit: %Contained Metal: 187.7Contained Unit: ktView all detailsHide details
Identity
- Project
- Curipamba-El Domo
- Commodity
- zinc
- Region
- ecuador
- Reported Region
- Ecuador
- Ticker
- SRL
Resource scope
- Estimate type
- reserve
- Effective date
- 2025-12-31T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Falong Hu (FAusIMM)
- Resource group id
- resource:d0e460393d5829c704fb
- Mining method
- combined
- Ownership percent
- 100 %
Resource Data
- Category
- probable
- Tonnes
- 7130000
- Grade
- 2.63
- Grade Unit
- %
- Contained Metal
- 187.7
- Contained Unit
- kt
- Cutoff Grade
- 55
- Cutoff Unit
- US$/t
Prior Estimate
- Resource Date
- 2025-12-31
- Prior Tonnes
- 6480000
- Prior Grade
- 2.49
- Prior Contained Metal
- 161.4
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-07-15T00:00:00.000Z
Reasoning: The Proven + Probable reserve for zinc shows a solid increase in tonnage, grade, and contained metal, indicating a positive and de-risking update for the project.
Positive factors
- Proven + Probable tonnage increased by 10% (from 6.48 Mt to 7.13 Mt).
- Zinc grade increased by 6% (from 2.49% to 2.63%).
- Contained zinc increased by 16% (from 161.4 kt to 187.7 kt).
- Estimate is NI 43-101 compliant and signed by a Qualified Person.
Evidence · table
“2.63”
Context: Zn Grade (%)
Tags used in scoring
Probable Reservepositive
Indicated Resource with demonstrated economic viability after applying modifying factors.
Why it applies: category is "probable"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Grade Improvementpositive
Average resource grade improved vs prior estimate — better deposit economics.
Why it applies: 2.63 against 2.49 previously
Contained Metal Growthpositive
True scale improvement — contained metal ounces/tonnes increased vs prior, accounting for both tonnage and grade changes.
Why it applies: 187.7 against 161.4 previously
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
probableCuripamba-El Domo · leadTonnes: 7130000Grade: 0.26Grade Unit: %Contained Metal: 18.4Contained Unit: ktView all detailsHide details
Identity
- Project
- Curipamba-El Domo
- Commodity
- lead
- Region
- ecuador
- Reported Region
- Ecuador
- Ticker
- SRL
Resource scope
- Estimate type
- reserve
- Effective date
- 2025-12-31T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Falong Hu (FAusIMM)
- Resource group id
- resource:d0e460393d5829c704fb
- Mining method
- combined
- Ownership percent
- 100 %
Resource Data
- Category
- probable
- Tonnes
- 7130000
- Grade
- 0.26
- Grade Unit
- %
- Contained Metal
- 18.4
- Contained Unit
- kt
- Cutoff Grade
- 55
- Cutoff Unit
- US$/t
Prior Estimate
- Resource Date
- 2025-12-31
- Prior Tonnes
- 6480000
- Prior Grade
- 0.25
- Prior Contained Metal
- 16.2
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-07-15T00:00:00.000Z
Reasoning: The Proven + Probable reserve for lead shows a solid increase in tonnage, grade, and contained metal, indicating a positive and de-risking update for the project.
Positive factors
- Proven + Probable tonnage increased by 10% (from 6.48 Mt to 7.13 Mt).
- Lead grade increased by 4% (from 0.25% to 0.26%).
- Contained lead increased by 14% (from 16.2 kt to 18.4 kt).
- Estimate is NI 43-101 compliant and signed by a Qualified Person.
Evidence · table
“0.26”
Context: Pb Grade (%)
Tags used in scoring
Probable Reservepositive
Indicated Resource with demonstrated economic viability after applying modifying factors.
Why it applies: category is "probable"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Contained Metal Growthpositive
True scale improvement — contained metal ounces/tonnes increased vs prior, accounting for both tonnage and grade changes.
Why it applies: 18.4 against 16.2 previously
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
probableCuripamba-El Domo · silverTonnes: 7130000Grade: 47.82Grade Unit: g/tContained Metal: 10960Contained Unit: kozView all detailsHide details
Identity
- Project
- Curipamba-El Domo
- Commodity
- silver
- Region
- ecuador
- Reported Region
- Ecuador
- Ticker
- SRL
Resource scope
- Estimate type
- reserve
- Effective date
- 2025-12-31T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Falong Hu (FAusIMM)
- Resource group id
- resource:d0e460393d5829c704fb
- Mining method
- combined
- Ownership percent
- 100 %
Resource Data
- Category
- probable
- Tonnes
- 7130000
- Grade
- 47.82
- Grade Unit
- g/t
- Contained Metal
- 10960
- Contained Unit
- koz
- Cutoff Grade
- 55
- Cutoff Unit
- US$/t
Prior Estimate
- Resource Date
- 2025-12-31
- Prior Tonnes
- 6480000
- Prior Grade
- 45.7
- Prior Contained Metal
- 9516.7
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-07-15T00:00:00.000Z
Reasoning: The Proven + Probable reserve for silver shows a solid increase in tonnage, grade, and contained metal, indicating a positive and de-risking update for the project.
Positive factors
- Proven + Probable tonnage increased by 10% (from 6.48 Mt to 7.13 Mt).
- Silver grade increased by 5% (from 45.7 g/t to 47.82 g/t).
- Contained silver increased by 15% (from 9,516.7 koz to 10,960 koz).
- Estimate is NI 43-101 compliant and signed by a Qualified Person.
Evidence · table
“47.82”
Context: Ag Grade (g/t)
Tags used in scoring
Probable Reservepositive
Indicated Resource with demonstrated economic viability after applying modifying factors.
Why it applies: category is "probable"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Contained Metal Growthpositive
True scale improvement — contained metal ounces/tonnes increased vs prior, accounting for both tonnage and grade changes.
Why it applies: 10960 against 9516.7 previously
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
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.