# 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

Canonical Atlas analysis: https://atlas-extractions.minestarters.com/news/salazar-resources-reports-el-domo-after-tax-npv-8-discount-rate-of-us-573-millio--17c2996c-6b0f-4089-881c-29ac776061ac

Original source: https://money.tmx.com/en/quote/SRL/news/6389360533106667/salazar-resources-reports-el-domo-after-tax-npv-8-discount-rate-of-us-573-millio

Publisher: tmx

Original announcement: 2026-07-15T10:45:00.000Z

Analysis by Minestarters Atlas

Atlas analysis published: Unknown date

Atlas analysis updated: Unknown date

- 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

Narrative sentiment: 0.80 · Bullish

## Minestarters Atlas 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 factor: Significant increase in after-tax NPV \(121%\) and IRR \(41%\) compared to the prior Feasibility Study, indicating improved project economics.

- Positive factor: Increase in Measured + Indicated Mineral Resources \(27%\) and contained metal across all commodities, enhancing geological confidence.

- Positive factor: Increase in Proven + Probable Mineral Reserves \(10%\) and contained metal, supporting a longer mine life.

- Positive factor: Project is fully funded through to commercial production, with Salazar's 25% interest fully carried, de-risking financing for shareholders.

- Positive factor: Construction is on track with first production expected in mid-2027, indicating project advancement.

- Negative factor: 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.

- Negative factor: Significant increase in sustaining capital cost \(150%\) compared to the prior study.

- Negative factor: 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 Bankable**

Polarity: positive

Definition: 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 IRR**

Polarity: positive

Definition: 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 Payback**

Polarity: positive

Definition: 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 Funded**

Polarity: positive

Definition: 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 Pricing**

Polarity: negative

Definition: 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 Growth**

Polarity: positive

Definition: 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 Decline**

Polarity: negative

Definition: 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 Growth**

Polarity: positive

Definition: 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 Upgrade**

Polarity: positive

Definition: 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 Growth**

Polarity: negative

Definition: 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 Lowered**

Polarity: negative

Definition: 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 Compliant**

Polarity: positive

Definition: 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 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: 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 Disclosed**

Polarity: positive

Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: A current resource fact retains the disclosed cut-off grade

**Resource Update**

Polarity: neutral

Definition: Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: The source explicitly discloses a revised resource estimate

Evidence · text

> Updated Mineral Resource Estimate

## Extracted facts

Stored fact records: 15. Some facts used in scoring do not have a stored record.

## Resource Estimates (15)

### indicated

[Link to this fact](https://atlas-extractions.minestarters.com/news/salazar-resources-reports-el-domo-after-tax-npv-8-discount-rate-of-us-573-millio--17c2996c-6b0f-4089-881c-29ac776061ac#fact-resource-facts-0)

Curipamba-El Domo · copper

#### 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 factor: Measured + Indicated tonnage increased by 27% \(from 9.0 Mt to 11.4 Mt\).

- Positive factor: Contained copper increased by 12% \(from 189.4 kt to 211.6 kt\).

- Positive factor: Estimate is NI 43-101 compliant and signed by a Qualified Person.

- Negative factor: Copper grade decreased by 12% \(from 2.11% to 1.85%\).

- Negative factor: 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 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

**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

**Tonnage Growth**

Polarity: positive

Definition: Tonnage increase reaching the strong tier vs prior estimate, with grade maintained or improved.

Why it applies: 11400000 against 9000000 previously

**Grade Decline**

Polarity: negative

Definition: 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 Growth**

Polarity: positive

Definition: 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 Update**

Polarity: neutral

Definition: Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

**DFS-Supporting**

Polarity: neutral

Definition: 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

### indicated

[Link to this fact](https://atlas-extractions.minestarters.com/news/salazar-resources-reports-el-domo-after-tax-npv-8-discount-rate-of-us-573-millio--17c2996c-6b0f-4089-881c-29ac776061ac#fact-resource-facts-1)

Curipamba-El Domo · gold

#### 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 factor: Measured + Indicated tonnage increased by 27% \(from 9.0 Mt to 11.4 Mt\).

- Positive factor: Contained gold increased by 14% \(from 680 koz to 775 koz\).

- Positive factor: Estimate is NI 43-101 compliant and signed by a Qualified Person.

- Negative factor: Gold grade decreased by 11% \(from 2.36 g/t to 2.11 g/t\).

- Negative factor: 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 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

**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

**Tonnage Growth**

Polarity: positive

Definition: Tonnage increase reaching the strong tier vs prior estimate, with grade maintained or improved.

Why it applies: 11400000 against 9000000 previously

**Grade Decline**

Polarity: negative

Definition: 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 Growth**

Polarity: positive

Definition: 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 Update**

Polarity: neutral

Definition: Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

**DFS-Supporting**

Polarity: neutral

Definition: 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

### indicated

[Link to this fact](https://atlas-extractions.minestarters.com/news/salazar-resources-reports-el-domo-after-tax-npv-8-discount-rate-of-us-573-millio--17c2996c-6b0f-4089-881c-29ac776061ac#fact-resource-facts-2)

Curipamba-El Domo · zinc

#### 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 factor: Measured + Indicated tonnage increased by 27% \(from 9.0 Mt to 11.4 Mt\).

- Positive factor: Contained zinc increased by 19% \(from 231.7 kt to 275.9 kt\).

- Positive factor: Estimate is NI 43-101 compliant and signed by a Qualified Person.

- Negative factor: Zinc grade decreased by 7% \(from 2.59% to 2.42%\).

- Negative factor: 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 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

**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

**Tonnage Growth**

Polarity: positive

Definition: Tonnage increase reaching the strong tier vs prior estimate, with grade maintained or improved.

Why it applies: 11400000 against 9000000 previously

**Grade Decline**

Polarity: negative

Definition: 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 Growth**

Polarity: positive

Definition: 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 Update**

Polarity: neutral

Definition: Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

**DFS-Supporting**

Polarity: neutral

Definition: 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

### indicated

[Link to this fact](https://atlas-extractions.minestarters.com/news/salazar-resources-reports-el-domo-after-tax-npv-8-discount-rate-of-us-573-millio--17c2996c-6b0f-4089-881c-29ac776061ac#fact-resource-facts-3)

Curipamba-El Domo · lead

#### 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 factor: Measured + Indicated tonnage increased by 27% \(from 9.0 Mt to 11.4 Mt\).

- Positive factor: Contained lead increased by 17% \(from 21.6 kt to 25.2 kt\).

- Positive factor: Estimate is NI 43-101 compliant and signed by a Qualified Person.

- Negative factor: Lead grade decreased by 8% \(from 0.24% to 0.22%\).

- Negative factor: 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 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

**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

**Tonnage Growth**

Polarity: positive

Definition: Tonnage increase reaching the strong tier vs prior estimate, with grade maintained or improved.

Why it applies: 11400000 against 9000000 previously

**Grade Decline**

Polarity: negative

Definition: 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 Growth**

Polarity: positive

Definition: 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 Update**

Polarity: neutral

Definition: Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

**DFS-Supporting**

Polarity: neutral

Definition: 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

### indicated

[Link to this fact](https://atlas-extractions.minestarters.com/news/salazar-resources-reports-el-domo-after-tax-npv-8-discount-rate-of-us-573-millio--17c2996c-6b0f-4089-881c-29ac776061ac#fact-resource-facts-4)

Curipamba-El Domo · silver

#### 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 factor: Measured + Indicated tonnage increased by 27% \(from 9.0 Mt to 11.4 Mt\).

- Positive factor: Contained silver increased by 18% \(from 12,969 koz to 15,299 koz\).

- Positive factor: Estimate is NI 43-101 compliant and signed by a Qualified Person.

- Negative factor: Silver grade decreased by 7% \(from 45.00 g/t to 41.69 g/t\).

- Negative factor: 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 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

**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

**Tonnage Growth**

Polarity: positive

Definition: Tonnage increase reaching the strong tier vs prior estimate, with grade maintained or improved.

Why it applies: 11400000 against 9000000 previously

**Grade Decline**

Polarity: negative

Definition: 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 Growth**

Polarity: positive

Definition: 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 Update**

Polarity: neutral

Definition: Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

**DFS-Supporting**

Polarity: neutral

Definition: 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

### inferred

[Link to this fact](https://atlas-extractions.minestarters.com/news/salazar-resources-reports-el-domo-after-tax-npv-8-discount-rate-of-us-573-millio--17c2996c-6b0f-4089-881c-29ac776061ac#fact-resource-facts-5)

Curipamba-El Domo · copper

#### 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 factor: Inferred tonnage increased significantly by 245% \(from 1.1 Mt to 3.8 Mt\).

- Positive factor: Estimate is NI 43-101 compliant and signed by a Qualified Person.

- Negative factor: Copper grade decreased substantially by 73% \(from 1.72% to 0.46%\).

- Negative factor: Contained copper decreased by 5% \(from 18.5 kt to 17.6 kt\) despite tonnage growth, indicating significant grade dilution.

- Negative factor: 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 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 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

**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

**Tonnage Growth**

Polarity: positive

Definition: Tonnage increase reaching the strong tier vs prior estimate, with grade maintained or improved.

Why it applies: 3800000 against 1100000 previously

**Grade Decline**

Polarity: negative

Definition: 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 Decline**

Polarity: negative

Definition: Contained metal decreased vs prior despite tonnage growth — grade dilution exceeds volume gain.

Why it applies: 17.6 against 18.5 previously

**Dilutive Growth**

Polarity: negative

Definition: 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 Update**

Polarity: neutral

Definition: Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

**DFS-Supporting**

Polarity: neutral

Definition: 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

### inferred

[Link to this fact](https://atlas-extractions.minestarters.com/news/salazar-resources-reports-el-domo-after-tax-npv-8-discount-rate-of-us-573-millio--17c2996c-6b0f-4089-881c-29ac776061ac#fact-resource-facts-6)

Curipamba-El Domo · gold

#### 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 factor: Inferred tonnage increased significantly by 245% \(from 1.1 Mt to 3.8 Mt\).

- Positive factor: Contained gold increased by 72% \(from 57 koz to 98 koz\).

- Positive factor: Estimate is NI 43-101 compliant and signed by a Qualified Person.

- Negative factor: Gold grade decreased substantially by 51% \(from 1.62 g/t to 0.80 g/t\).

- Negative factor: 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 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 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

**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

**Tonnage Growth**

Polarity: positive

Definition: Tonnage increase reaching the strong tier vs prior estimate, with grade maintained or improved.

Why it applies: 3800000 against 1100000 previously

**Grade Decline**

Polarity: negative

Definition: 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 Growth**

Polarity: positive

Definition: 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 Update**

Polarity: neutral

Definition: Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

**DFS-Supporting**

Polarity: neutral

Definition: 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

### inferred

[Link to this fact](https://atlas-extractions.minestarters.com/news/salazar-resources-reports-el-domo-after-tax-npv-8-discount-rate-of-us-573-millio--17c2996c-6b0f-4089-881c-29ac776061ac#fact-resource-facts-7)

Curipamba-El Domo · zinc

#### 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 factor: Inferred tonnage increased significantly by 245% \(from 1.1 Mt to 3.8 Mt\).

- Positive factor: Contained zinc increased by 57% \(from 23.6 kt to 37.1 kt\).

- Positive factor: Estimate is NI 43-101 compliant and signed by a Qualified Person.

- Negative factor: Zinc grade decreased substantially by 56% \(from 2.18% to 0.97%\).

- Negative factor: 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 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 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

**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

**Tonnage Growth**

Polarity: positive

Definition: Tonnage increase reaching the strong tier vs prior estimate, with grade maintained or improved.

Why it applies: 3800000 against 1100000 previously

**Grade Decline**

Polarity: negative

Definition: 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 Growth**

Polarity: positive

Definition: 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 Update**

Polarity: neutral

Definition: Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

**DFS-Supporting**

Polarity: neutral

Definition: 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

### inferred

[Link to this fact](https://atlas-extractions.minestarters.com/news/salazar-resources-reports-el-domo-after-tax-npv-8-discount-rate-of-us-573-millio--17c2996c-6b0f-4089-881c-29ac776061ac#fact-resource-facts-8)

Curipamba-El Domo · lead

#### 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 factor: Inferred tonnage increased significantly by 245% \(from 1.1 Mt to 3.8 Mt\).

- Positive factor: Contained lead increased substantially by 233% \(from 1.5 kt to 5.0 kt\).

- Positive factor: Estimate is NI 43-101 compliant and signed by a Qualified Person.

- Negative factor: Lead grade decreased by 7% \(from 0.14% to 0.13%\).

- Negative factor: 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 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 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

**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

**Tonnage Growth**

Polarity: positive

Definition: Tonnage increase reaching the strong tier vs prior estimate, with grade maintained or improved.

Why it applies: 3800000 against 1100000 previously

**Grade Decline**

Polarity: negative

Definition: 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 Growth**

Polarity: positive

Definition: 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 Update**

Polarity: neutral

Definition: Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

**DFS-Supporting**

Polarity: neutral

Definition: 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

### inferred

[Link to this fact](https://atlas-extractions.minestarters.com/news/salazar-resources-reports-el-domo-after-tax-npv-8-discount-rate-of-us-573-millio--17c2996c-6b0f-4089-881c-29ac776061ac#fact-resource-facts-9)

Curipamba-El Domo · silver

#### 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 factor: Inferred tonnage increased significantly by 245% \(from 1.1 Mt to 3.8 Mt\).

- Positive factor: Contained silver increased substantially by 215% \(from 1,118 koz to 3,524 koz\).

- Positive factor: Estimate is NI 43-101 compliant and signed by a Qualified Person.

- Negative factor: Silver grade decreased by 11% \(from 32 g/t to 28.49 g/t\).

- Negative factor: 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 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 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

**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

**Tonnage Growth**

Polarity: positive

Definition: Tonnage increase reaching the strong tier vs prior estimate, with grade maintained or improved.

Why it applies: 3800000 against 1100000 previously

**Grade Decline**

Polarity: negative

Definition: 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 Growth**

Polarity: positive

Definition: 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 Update**

Polarity: neutral

Definition: Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

**DFS-Supporting**

Polarity: neutral

Definition: 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

### probable

[Link to this fact](https://atlas-extractions.minestarters.com/news/salazar-resources-reports-el-domo-after-tax-npv-8-discount-rate-of-us-573-millio--17c2996c-6b0f-4089-881c-29ac776061ac#fact-resource-facts-10)

Curipamba-El Domo · copper

#### 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 factor: Proven + Probable tonnage increased by 10% \(from 6.48 Mt to 7.13 Mt\).

- Positive factor: Copper grade remained stable \(1.93%\).

- Positive factor: Contained copper increased by 10% \(from 124.9 kt to 137.7 kt\).

- Positive factor: Estimate is NI 43-101 compliant and signed by a Qualified Person.

Evidence · table

> 1.93

Context: Cu Grade \(%\)

#### 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

**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

**Contained Metal Growth**

Polarity: positive

Definition: 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 Update**

Polarity: neutral

Definition: Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

**DFS-Supporting**

Polarity: neutral

Definition: 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

### probable

[Link to this fact](https://atlas-extractions.minestarters.com/news/salazar-resources-reports-el-domo-after-tax-npv-8-discount-rate-of-us-573-millio--17c2996c-6b0f-4089-881c-29ac776061ac#fact-resource-facts-11)

Curipamba-El Domo · gold

#### 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 factor: Proven + Probable tonnage increased by 10% \(from 6.48 Mt to 7.13 Mt\).

- Positive factor: Gold grade increased by 1% \(from 2.52 g/t to 2.55 g/t\).

- Positive factor: Contained gold increased by 11% \(from 524.6 koz to 584 koz\).

- Positive factor: 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 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

**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

**Contained Metal Growth**

Polarity: positive

Definition: 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 Update**

Polarity: neutral

Definition: Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

**DFS-Supporting**

Polarity: neutral

Definition: 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

### probable

[Link to this fact](https://atlas-extractions.minestarters.com/news/salazar-resources-reports-el-domo-after-tax-npv-8-discount-rate-of-us-573-millio--17c2996c-6b0f-4089-881c-29ac776061ac#fact-resource-facts-12)

Curipamba-El Domo · zinc

#### 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 factor: Proven + Probable tonnage increased by 10% \(from 6.48 Mt to 7.13 Mt\).

- Positive factor: Zinc grade increased by 6% \(from 2.49% to 2.63%\).

- Positive factor: Contained zinc increased by 16% \(from 161.4 kt to 187.7 kt\).

- Positive factor: Estimate is NI 43-101 compliant and signed by a Qualified Person.

Evidence · table

> 2.63

Context: Zn Grade \(%\)

#### 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

**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

**Grade Improvement**

Polarity: positive

Definition: Average resource grade improved vs prior estimate — better deposit economics.

Why it applies: 2.63 against 2.49 previously

**Contained Metal Growth**

Polarity: positive

Definition: 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 Update**

Polarity: neutral

Definition: Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

**DFS-Supporting**

Polarity: neutral

Definition: 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

### probable

[Link to this fact](https://atlas-extractions.minestarters.com/news/salazar-resources-reports-el-domo-after-tax-npv-8-discount-rate-of-us-573-millio--17c2996c-6b0f-4089-881c-29ac776061ac#fact-resource-facts-13)

Curipamba-El Domo · lead

#### 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 factor: Proven + Probable tonnage increased by 10% \(from 6.48 Mt to 7.13 Mt\).

- Positive factor: Lead grade increased by 4% \(from 0.25% to 0.26%\).

- Positive factor: Contained lead increased by 14% \(from 16.2 kt to 18.4 kt\).

- Positive factor: Estimate is NI 43-101 compliant and signed by a Qualified Person.

Evidence · table

> 0.26

Context: Pb Grade \(%\)

#### 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

**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

**Contained Metal Growth**

Polarity: positive

Definition: 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 Update**

Polarity: neutral

Definition: Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

**DFS-Supporting**

Polarity: neutral

Definition: 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

### probable

[Link to this fact](https://atlas-extractions.minestarters.com/news/salazar-resources-reports-el-domo-after-tax-npv-8-discount-rate-of-us-573-millio--17c2996c-6b0f-4089-881c-29ac776061ac#fact-resource-facts-14)

Curipamba-El Domo · silver

#### 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 factor: Proven + Probable tonnage increased by 10% \(from 6.48 Mt to 7.13 Mt\).

- Positive factor: Silver grade increased by 5% \(from 45.7 g/t to 47.82 g/t\).

- Positive factor: Contained silver increased by 15% \(from 9,516.7 koz to 10,960 koz\).

- Positive factor: 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 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

**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

**Contained Metal Growth**

Polarity: positive

Definition: 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 Update**

Polarity: neutral

Definition: Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

**DFS-Supporting**

Polarity: neutral

Definition: 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.