# The Cheapest Way to Own a Copper Mine Is to Let Someone Else Build It Canonical Atlas analysis: https://atlas-extractions.minestarters.com/news/the-cheapest-way-to-own-a-copper-mine-is-to-let-someone-else-build-it--33f72a8c-aaf1-408e-856e-436c8e47585d Original source: https://money.tmx.com/en/quote/RGLD/news/5451823013663866/the-cheapest-way-to-own-a-copper-mine-is-to-let-someone-else-build-it Publisher: tmx Original announcement: 2026-09-09T13:06:00.000Z Analysis by Minestarters Atlas Atlas analysis published: Unknown date Atlas analysis updated: Unknown date - Company: Salazar Resources Limited - Ticker: SRLZF - Exchange: TSX - Region: Ecuador - Primary commodity: Copper - Secondary commodities: Gold, Silver, Lead, Zinc - Document categories: Resource update, Economic study - Extracted: 2026-09-18 18:22:37 UTC Narrative sentiment: 0.60 · Bullish ## Minestarters Atlas summary Salazar Resources Limited provided a construction and resource update for the Curipamba-El Domo polymetallic project in Ecuador. The project holds proven and probable reserves of 7.13 Mt at 2.55 g/t Au, 47.82 g/t Ag, 1.93% Cu, 0.26% Pb, and 2.63% Zn, with an estimated NPV of US$573 million and a 45% IRR. Reasoning: The document provides a detailed update on the Curipamba-El Domo project, including specific reserve grades, contained metal, and economic metrics \(NPV/IRR\) supporting a significant polymetallic asset. - Positive factor: Strong reserve economics with 45% IRR - Positive factor: Significant contained metal scale - Positive factor: Construction is fully funded via stream and operator - Positive factor: High margin between NSR and cut-off - Negative factor: Salazar is a minority holder \(25% carried interest\) and not the operator - Negative factor: Jurisdictional risk in Ecuador - Negative factor: Pre-revenue status until 2027 commissioning Facts used in scoring: 6 ## Classification and evidence **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 underpinning the project figures is an NI 43-101 report. Evidence · text > The NI 43-101 technical report underpinning the project figures is available on the Company's website **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: Specific Qualified Persons \(Ms. Yanfang Zhao and Mr. Falong Hu\) are named as responsible for the estimates. Evidence · text > Ms. Yanfang Zhao \(MAIG\) was responsible for the mineral resource estimate and Mr. Falong Hu \(FAusIMM\) was 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: The document explicitly states a US$55 per tonne cut-off. Evidence · text > against a US$55 per tonne cut-off ## Extracted facts Stored fact records: 5. Some facts used in scoring do not have a stored record. ## Resource Estimates (5) ### probable [Link to this fact](https://atlas-extractions.minestarters.com/news/the-cheapest-way-to-own-a-copper-mine-is-to-let-someone-else-build-it--33f72a8c-aaf1-408e-856e-436c8e47585d#fact-resource-facts-0) Curipamba-El Domo · gold #### Identity - Project: Curipamba-El Domo - Commodity: gold - Region: ecuador - Reported Region: Ecuador - Ticker: SRLZF #### Resource scope - Estimate type: reserve - Effective date: 2025-12-31T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Yanfang Zhao, Falong Hu - Resource group id: resource:e690d047e2fa3803e9cb - Deposit or zone: Curipamba-El Domo - Mining method: other - Material type: unknown #### Resource Data - Category: probable - Tonnes: 7130000 - Grade: 2.55 - Grade Unit: g/t - Contained Metal: 584 - Contained Unit: koz - Cutoff Grade: 55 - Cutoff Unit: US$/t #### Prior Estimate - Resource Date: 2025-12-31 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-09T00:00:00.000Z Reasoning: High grade gold reserve component. Evidence · text > 7.13 million tonnes grading 2.55 g/t gold, 47.82 g/t silver, 1.93% copper, 0.26% lead and 2.63% zinc #### 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 **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/the-cheapest-way-to-own-a-copper-mine-is-to-let-someone-else-build-it--33f72a8c-aaf1-408e-856e-436c8e47585d#fact-resource-facts-1) Curipamba-El Domo · silver #### Identity - Project: Curipamba-El Domo - Commodity: silver - Region: ecuador - Reported Region: Ecuador - Ticker: SRLZF #### Resource scope - Estimate type: reserve - Effective date: 2025-12-31T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Yanfang Zhao, Falong Hu - Resource group id: resource:e690d047e2fa3803e9cb - Deposit or zone: Curipamba-El Domo - Mining method: other - Material type: unknown #### Resource Data - Category: probable - Tonnes: 7130000 - Grade: 47.82 - Grade Unit: g/t - Contained Metal: 11 - Contained Unit: moz - Cutoff Grade: 55 - Cutoff Unit: US$/t #### Prior Estimate - Resource Date: 2025-12-31 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-09T00:00:00.000Z Reasoning: Significant silver component in reserves. Evidence · text > 7.13 million tonnes grading 2.55 g/t gold, 47.82 g/t silver, 1.93% copper, 0.26% lead and 2.63% zinc #### 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 **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/the-cheapest-way-to-own-a-copper-mine-is-to-let-someone-else-build-it--33f72a8c-aaf1-408e-856e-436c8e47585d#fact-resource-facts-2) Curipamba-El Domo · copper #### Identity - Project: Curipamba-El Domo - Commodity: copper - Region: ecuador - Reported Region: Ecuador - Ticker: SRLZF #### Resource scope - Estimate type: reserve - Effective date: 2025-12-31T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Yanfang Zhao, Falong Hu - Resource group id: resource:e690d047e2fa3803e9cb - Deposit or zone: Curipamba-El Domo - Mining method: other - Material type: unknown #### 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 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-09T00:00:00.000Z Reasoning: Strong copper grade in reserves. Evidence · text > 7.13 million tonnes grading 2.55 g/t gold, 47.82 g/t silver, 1.93% copper, 0.26% lead and 2.63% zinc #### 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 **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/the-cheapest-way-to-own-a-copper-mine-is-to-let-someone-else-build-it--33f72a8c-aaf1-408e-856e-436c8e47585d#fact-resource-facts-3) Curipamba-El Domo · lead #### Identity - Project: Curipamba-El Domo - Commodity: lead - Region: ecuador - Reported Region: Ecuador - Ticker: SRLZF #### Resource scope - Estimate type: reserve - Effective date: 2025-12-31T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Yanfang Zhao, Falong Hu - Resource group id: resource:e690d047e2fa3803e9cb - Deposit or zone: Curipamba-El Domo - Mining method: other - Material type: unknown #### 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 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-09T00:00:00.000Z Reasoning: Trace lead component. Evidence · text > 7.13 million tonnes grading 2.55 g/t gold, 47.82 g/t silver, 1.93% copper, 0.26% lead and 2.63% zinc #### 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 **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/the-cheapest-way-to-own-a-copper-mine-is-to-let-someone-else-build-it--33f72a8c-aaf1-408e-856e-436c8e47585d#fact-resource-facts-4) Curipamba-El Domo · zinc #### Identity - Project: Curipamba-El Domo - Commodity: zinc - Region: ecuador - Reported Region: Ecuador - Ticker: SRLZF #### Resource scope - Estimate type: reserve - Effective date: 2025-12-31T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Yanfang Zhao, Falong Hu - Resource group id: resource:e690d047e2fa3803e9cb - Deposit or zone: Curipamba-El Domo - Mining method: other - Material type: unknown #### 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 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-09T00:00:00.000Z Reasoning: Significant zinc component in reserves. Evidence · text > 7.13 million tonnes grading 2.55 g/t gold, 47.82 g/t silver, 1.93% copper, 0.26% lead and 2.63% zinc #### 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 **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.