Torex Gold Releases Results of Los Reyes Preliminary Economic Assessment
Original announcement by tmx on
- Company
- Torex Gold Resources Inc.
- Ticker
- TXG
- Exchange
- TSX
- Region
- Sinaloa, Mexico
- Primary commodity
- Gold
- Secondary commodities
- Silver
- Document categories
- Resource update, Economic study
- Extracted
- 2026-09-19 02:49:34 UTC
Analysis by Minestarters Atlas
Minestarters Atlas analysis
Summary
Torex Gold has released a Preliminary Economic Assessment (PEA) for its Los Reyes project in Sinaloa, Mexico, outlining robust economics with an after-tax NPV(5%) of $1.491 billion and an IRR of 37.3%. The study projects a 14.4-year mine life, competitive operating costs, and a quick payback period of 1.9 years. The PEA is based on an updated mineral resource estimate and assumes conventional processing methods for gold and silver.
Reasoning: The Los Reyes PEA presents compelling economics with a high IRR and NPV, rapid payback, and competitive costs, supported by strong metallurgical recoveries. However, its preliminary nature, reliance on Inferred resources, and the nominal basis for economic inputs introduce a degree of uncertainty.
Positive factors
- Strong after-tax IRR of 37.3% and NPV(5%) of $1.491 billion, indicating robust project economics.
- Rapid payback period of 1.9 years, suggesting quick capital recovery.
- Competitive cost profile with mine-site AISC of $1,617/oz AuEq and $738/oz Au (by-product basis).
- High metallurgical recoveries for both gold (94.8%) and silver (81.1%).
- Significant contained metal in the updated resource estimate, with 2.111 Moz AuEq in M&I categories.
Negative factors
- The study is a Preliminary Economic Assessment (PEA), which is conceptual in nature and includes Inferred Mineral Resources, leading to higher uncertainty.
- The IRR basis is stated as 'nominally based' in the notes, which is less conservative than real terms, potentially overstating the return.
- The PEA relies on a significant portion of Inferred Mineral Resources (20.9 Mt at 0.92 gpt Au and 36.6 gpt Ag) which are considered too speculative for economic viability.
Low confidence — this extraction should be reviewed alongside the original source.
Facts used in scoring: 22
Classification and evidence
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
Extracted facts
Stored fact records: 20. Some facts used in scoring do not have a stored record.
Resource Estimates (20)
indicatedLos Reyes · goldTonnes: 26448000Grade: 1.13Grade Unit: g/tContained Metal: 961Contained Unit: kozView all detailsHide details
Identity
- Project
- Los Reyes
- Commodity
- gold
- Region
- mexico
- Reported Region
- Sinaloa, Mexico
- Ticker
- TXG
Resource scope
- Estimate type
- resource
- Effective date
- 2026-04-25T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- John Sims
- Resource group id
- resource:1ad395785c80c7f1b879
- Deposit or zone
- Open Pit Mill
- Mining method
- combined
Resource Data
- Category
- indicated
- Tonnes
- 26448000
- Grade
- 1.13
- Grade Unit
- g/t
- Contained Metal
- 961
- Contained Unit
- koz
- Cutoff Grade
- 0.17
- Cutoff Unit
- gpt
Prior Estimate
- Resource Date
- 2026-04-25
Metal Equivalent
- Metal Eq. Grade
- 1.47
- Metal Eq. Unit
- g/t AuEq
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-07-07T00:00:00.000Z
Reasoning: This represents a substantial portion of the project's gold resource in a higher confidence category, supporting future studies.
Positive factors
- Significant indicated gold resource for the open pit mill component.
- Resource estimate prepared by a QP under NI 43-101 standards.
- Cut-off grade disclosed, allowing for transparency.
Evidence · table
“1.13”
Context: 26,448
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
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
PFS-Supportingneutral
Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.
Why it applies: the release names the study this estimate supports
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
indicatedLos Reyes · silverTonnes: 26448000Grade: 30.8Grade Unit: g/tContained Metal: 26192Contained Unit: kozView all detailsHide details
Identity
- Project
- Los Reyes
- Commodity
- silver
- Region
- mexico
- Reported Region
- Sinaloa, Mexico
- Ticker
- TXG
Resource scope
- Estimate type
- resource
- Effective date
- 2026-04-25T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- John Sims
- Resource group id
- resource:1ad395785c80c7f1b879
- Deposit or zone
- Open Pit Mill
- Mining method
- combined
Resource Data
- Category
- indicated
- Tonnes
- 26448000
- Grade
- 30.8
- Grade Unit
- g/t
- Contained Metal
- 26192
- Contained Unit
- koz
- Cutoff Grade
- 0.17
- Cutoff Unit
- gpt
Prior Estimate
- Resource Date
- 2026-04-25
Metal Equivalent
- Metal Eq. Grade
- 1.47
- Metal Eq. Unit
- g/t AuEq
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-07-07T00:00:00.000Z
Reasoning: This represents a substantial portion of the project's silver resource in a higher confidence category, supporting future studies.
Positive factors
- Significant indicated silver resource for the open pit mill component.
- Resource estimate prepared by a QP under NI 43-101 standards.
- Cut-off grade disclosed, allowing for transparency.
Evidence · table
“30.8”
Context: 26,448
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
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
PFS-Supportingneutral
Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.
Why it applies: the release names the study this estimate supports
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
inferredLos Reyes · goldTonnes: 8056000Grade: 0.93Grade Unit: g/tContained Metal: 240Contained Unit: kozView all detailsHide details
Identity
- Project
- Los Reyes
- Commodity
- gold
- Region
- mexico
- Reported Region
- Sinaloa, Mexico
- Ticker
- TXG
Resource scope
- Estimate type
- resource
- Effective date
- 2026-04-25T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- John Sims
- Resource group id
- resource:08d52fbf018d6c4cee1d
- Deposit or zone
- Open Pit Mill
- Mining method
- combined
Resource Data
- Category
- inferred
- Tonnes
- 8056000
- Grade
- 0.93
- Grade Unit
- g/t
- Contained Metal
- 240
- Contained Unit
- koz
- Cutoff Grade
- 0.17
- Cutoff Unit
- gpt
Prior Estimate
- Resource Date
- 2026-04-25
Metal Equivalent
- Metal Eq. Grade
- 1.31
- Metal Eq. Unit
- g/t AuEq
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-07-07T00:00:00.000Z
Reasoning: While adding to the resource base, the inferred nature and lower grade of this component introduce higher risk and uncertainty.
Positive factors
- Adds to the overall resource base, indicating potential for future conversion.
- Resource estimate prepared by a QP under NI 43-101 standards.
Negative factors
- Inferred category has lower geological confidence and cannot be used for reserves.
- Lower grade compared to the indicated resource.
Evidence · table
“0.93”
Context: 8,056
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
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
PFS-Supportingneutral
Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.
Why it applies: the release names the study this estimate supports
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
inferredLos Reyes · silverTonnes: 8056000Grade: 34.4Grade Unit: g/tContained Metal: 8917Contained Unit: kozView all detailsHide details
Identity
- Project
- Los Reyes
- Commodity
- silver
- Region
- mexico
- Reported Region
- Sinaloa, Mexico
- Ticker
- TXG
Resource scope
- Estimate type
- resource
- Effective date
- 2026-04-25T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- John Sims
- Resource group id
- resource:08d52fbf018d6c4cee1d
- Deposit or zone
- Open Pit Mill
- Mining method
- combined
Resource Data
- Category
- inferred
- Tonnes
- 8056000
- Grade
- 34.4
- Grade Unit
- g/t
- Contained Metal
- 8917
- Contained Unit
- koz
- Cutoff Grade
- 0.17
- Cutoff Unit
- gpt
Prior Estimate
- Resource Date
- 2026-04-25
Metal Equivalent
- Metal Eq. Grade
- 1.31
- Metal Eq. Unit
- g/t AuEq
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-07-07T00:00:00.000Z
Reasoning: While adding to the resource base, the inferred nature and lower grade of this component introduce higher risk and uncertainty.
Positive factors
- Adds to the overall resource base, indicating potential for future conversion.
- Resource estimate prepared by a QP under NI 43-101 standards.
Negative factors
- Inferred category has lower geological confidence and cannot be used for reserves.
- Lower grade compared to the indicated resource.
Evidence · table
“34.4”
Context: 8,056
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
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
PFS-Supportingneutral
Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.
Why it applies: the release names the study this estimate supports
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
indicatedLos Reyes · goldTonnes: 5361000Grade: 2.48Grade Unit: g/tContained Metal: 428Contained Unit: kozView all detailsHide details
Identity
- Project
- Los Reyes
- Commodity
- gold
- Region
- mexico
- Reported Region
- Sinaloa, Mexico
- Ticker
- TXG
Resource scope
- Estimate type
- resource
- Effective date
- 2026-04-25T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- John Sims
- Resource group id
- resource:3fb1e730a2731c189a60
- Deposit or zone
- Underground Mill
- Mining method
- combined
Resource Data
- Category
- indicated
- Tonnes
- 5361000
- Grade
- 2.48
- Grade Unit
- g/t
- Contained Metal
- 428
- Contained Unit
- koz
Prior Estimate
- Resource Date
- 2026-04-25
Metal Equivalent
- Metal Eq. Grade
- 3.91
- Metal Eq. Unit
- g/t AuEq
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-07-07T00:00:00.000Z
Reasoning: This high-grade indicated resource provides a strong foundation for the underground mining component, though the cut-off grade is not explicitly stated in the table.
Positive factors
- High-grade indicated gold resource for the underground mill component.
- Resource estimate prepared by a QP under NI 43-101 standards.
Negative factors
- Cut-off grade for underground mill not explicitly stated in the table.
Evidence · table
“2.48”
Context: 5,361
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 Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was 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
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
PFS-Supportingneutral
Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.
Why it applies: the release names the study this estimate supports
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
indicatedLos Reyes · silverTonnes: 5361000Grade: 129Grade Unit: g/tContained Metal: 22231Contained Unit: kozView all detailsHide details
Identity
- Project
- Los Reyes
- Commodity
- silver
- Region
- mexico
- Reported Region
- Sinaloa, Mexico
- Ticker
- TXG
Resource scope
- Estimate type
- resource
- Effective date
- 2026-04-25T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- John Sims
- Resource group id
- resource:3fb1e730a2731c189a60
- Deposit or zone
- Underground Mill
- Mining method
- combined
Resource Data
- Category
- indicated
- Tonnes
- 5361000
- Grade
- 129
- Grade Unit
- g/t
- Contained Metal
- 22231
- Contained Unit
- koz
Prior Estimate
- Resource Date
- 2026-04-25
Metal Equivalent
- Metal Eq. Grade
- 3.91
- Metal Eq. Unit
- g/t AuEq
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-07-07T00:00:00.000Z
Reasoning: This high-grade indicated resource provides a strong foundation for the underground mining component, though the cut-off grade is not explicitly stated in the table.
Positive factors
- High-grade indicated silver resource for the underground mill component.
- Resource estimate prepared by a QP under NI 43-101 standards.
Negative factors
- Cut-off grade for underground mill not explicitly stated in the table.
Evidence · table
“129.0”
Context: 5,361
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 Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was 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
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
PFS-Supportingneutral
Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.
Why it applies: the release names the study this estimate supports
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
inferredLos Reyes · goldTonnes: 5430000Grade: 1.84Grade Unit: g/tContained Metal: 322Contained Unit: kozView all detailsHide details
Identity
- Project
- Los Reyes
- Commodity
- gold
- Region
- mexico
- Reported Region
- Sinaloa, Mexico
- Ticker
- TXG
Resource scope
- Estimate type
- resource
- Effective date
- 2026-04-25T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- John Sims
- Resource group id
- resource:90bed696b5d8ae4dd4f0
- Deposit or zone
- Underground Mill
- Mining method
- combined
Resource Data
- Category
- inferred
- Tonnes
- 5430000
- Grade
- 1.84
- Grade Unit
- g/t
- Contained Metal
- 322
- Contained Unit
- koz
Prior Estimate
- Resource Date
- 2026-04-25
Metal Equivalent
- Metal Eq. Grade
- 2.65
- Metal Eq. Unit
- g/t AuEq
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-07-07T00:00:00.000Z
Reasoning: While adding to the resource base, the inferred nature of this component introduces higher risk and uncertainty, and the cut-off grade is not explicitly stated.
Positive factors
- Adds to the overall resource base, indicating potential for future conversion.
- Resource estimate prepared by a QP under NI 43-101 standards.
Negative factors
- Inferred category has lower geological confidence and cannot be used for reserves.
- Cut-off grade for underground mill not explicitly stated in the table.
Evidence · table
“1.84”
Context: 5,430
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 Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was 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
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
PFS-Supportingneutral
Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.
Why it applies: the release names the study this estimate supports
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
inferredLos Reyes · silverTonnes: 5430000Grade: 72.7Grade Unit: g/tContained Metal: 12685Contained Unit: kozView all detailsHide details
Identity
- Project
- Los Reyes
- Commodity
- silver
- Region
- mexico
- Reported Region
- Sinaloa, Mexico
- Ticker
- TXG
Resource scope
- Estimate type
- resource
- Effective date
- 2026-04-25T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- John Sims
- Resource group id
- resource:90bed696b5d8ae4dd4f0
- Deposit or zone
- Underground Mill
- Mining method
- combined
Resource Data
- Category
- inferred
- Tonnes
- 5430000
- Grade
- 72.7
- Grade Unit
- g/t
- Contained Metal
- 12685
- Contained Unit
- koz
Prior Estimate
- Resource Date
- 2026-04-25
Metal Equivalent
- Metal Eq. Grade
- 2.65
- Metal Eq. Unit
- g/t AuEq
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-07-07T00:00:00.000Z
Reasoning: While adding to the resource base, the inferred nature of this component introduces higher risk and uncertainty, and the cut-off grade is not explicitly stated.
Positive factors
- Adds to the overall resource base, indicating potential for future conversion.
- Resource estimate prepared by a QP under NI 43-101 standards.
Negative factors
- Inferred category has lower geological confidence and cannot be used for reserves.
- Cut-off grade for underground mill not explicitly stated in the table.
Evidence · table
“72.7”
Context: 5,430
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 Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was 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
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
PFS-Supportingneutral
Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.
Why it applies: the release names the study this estimate supports
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
indicatedLos Reyes · goldTonnes: 19441000Grade: 0.25Grade Unit: g/tContained Metal: 154Contained Unit: kozView all detailsHide details
Identity
- Project
- Los Reyes
- Commodity
- gold
- Region
- mexico
- Reported Region
- Sinaloa, Mexico
- Ticker
- TXG
Resource scope
- Estimate type
- resource
- Effective date
- 2026-04-25T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- John Sims
- Resource group id
- resource:46630e68e478ebcba422
- Deposit or zone
- Open Pit Heap Leach
- Mining method
- combined
Resource Data
- Category
- indicated
- Tonnes
- 19441000
- Grade
- 0.25
- Grade Unit
- g/t
- Contained Metal
- 154
- Contained Unit
- koz
Prior Estimate
- Resource Date
- 2026-04-25
Metal Equivalent
- Metal Eq. Grade
- 0.3
- Metal Eq. Unit
- g/t AuEq
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-07-07T00:00:00.000Z
Reasoning: This indicated resource provides a lower-grade option for heap leaching, expanding the project's processing flexibility, but the cut-off grade is not explicitly stated.
Positive factors
- Adds to the indicated resource base, providing material for heap leach operations.
- Resource estimate prepared by a QP under NI 43-101 standards.
Negative factors
- Lower grade compared to mill feed, typical for heap leach but less valuable per tonne.
- Cut-off grade for open pit heap leach not explicitly stated in the table.
Evidence · table
“0.25”
Context: 19,441
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 Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was 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
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
PFS-Supportingneutral
Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.
Why it applies: the release names the study this estimate supports
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
indicatedLos Reyes · silverTonnes: 19441000Grade: 11.9Grade Unit: g/tContained Metal: 7437Contained Unit: kozView all detailsHide details
Identity
- Project
- Los Reyes
- Commodity
- silver
- Region
- mexico
- Reported Region
- Sinaloa, Mexico
- Ticker
- TXG
Resource scope
- Estimate type
- resource
- Effective date
- 2026-04-25T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- John Sims
- Resource group id
- resource:46630e68e478ebcba422
- Deposit or zone
- Open Pit Heap Leach
- Mining method
- combined
Resource Data
- Category
- indicated
- Tonnes
- 19441000
- Grade
- 11.9
- Grade Unit
- g/t
- Contained Metal
- 7437
- Contained Unit
- koz
Prior Estimate
- Resource Date
- 2026-04-25
Metal Equivalent
- Metal Eq. Grade
- 0.3
- Metal Eq. Unit
- g/t AuEq
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-07-07T00:00:00.000Z
Reasoning: This indicated resource provides a lower-grade option for heap leaching, expanding the project's processing flexibility, but the cut-off grade is not explicitly stated.
Positive factors
- Adds to the indicated resource base, providing material for heap leach operations.
- Resource estimate prepared by a QP under NI 43-101 standards.
Negative factors
- Lower grade compared to mill feed, typical for heap leach but less valuable per tonne.
- Cut-off grade for open pit heap leach not explicitly stated in the table.
Evidence · table
“11.9”
Context: 19,441
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 Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was 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
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
PFS-Supportingneutral
Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.
Why it applies: the release names the study this estimate supports
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
inferredLos Reyes · goldTonnes: 7413000Grade: 0.24Grade Unit: g/tContained Metal: 57Contained Unit: kozView all detailsHide details
Identity
- Project
- Los Reyes
- Commodity
- gold
- Region
- mexico
- Reported Region
- Sinaloa, Mexico
- Ticker
- TXG
Resource scope
- Estimate type
- resource
- Effective date
- 2026-04-25T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- John Sims
- Resource group id
- resource:d364eed8f180566495fb
- Deposit or zone
- Open Pit Heap Leach
- Mining method
- combined
Resource Data
- Category
- inferred
- Tonnes
- 7413000
- Grade
- 0.24
- Grade Unit
- g/t
- Contained Metal
- 57
- Contained Unit
- koz
Prior Estimate
- Resource Date
- 2026-04-25
Metal Equivalent
- Metal Eq. Grade
- 0.3
- Metal Eq. Unit
- g/t AuEq
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-07-07T00:00:00.000Z
Reasoning: This inferred resource provides additional material for heap leaching but is very low grade and highly speculative due to its inferred classification and unstated cut-off.
Positive factors
- Adds to the overall resource base, indicating potential for future conversion.
- Resource estimate prepared by a QP under NI 43-101 standards.
Negative factors
- Inferred category has lower geological confidence and cannot be used for reserves.
- Very low grade, typical for heap leach but highly speculative in the inferred category.
- Cut-off grade for open pit heap leach not explicitly stated in the table.
Evidence · table
“0.24”
Context: 7,413
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 Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was 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
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
PFS-Supportingneutral
Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.
Why it applies: the release names the study this estimate supports
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
inferredLos Reyes · silverTonnes: 7413000Grade: 12.6Grade Unit: g/tContained Metal: 3013Contained Unit: kozView all detailsHide details
Identity
- Project
- Los Reyes
- Commodity
- silver
- Region
- mexico
- Reported Region
- Sinaloa, Mexico
- Ticker
- TXG
Resource scope
- Estimate type
- resource
- Effective date
- 2026-04-25T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- John Sims
- Resource group id
- resource:d364eed8f180566495fb
- Deposit or zone
- Open Pit Heap Leach
- Mining method
- combined
Resource Data
- Category
- inferred
- Tonnes
- 7413000
- Grade
- 12.6
- Grade Unit
- g/t
- Contained Metal
- 3013
- Contained Unit
- koz
Prior Estimate
- Resource Date
- 2026-04-25
Metal Equivalent
- Metal Eq. Grade
- 0.3
- Metal Eq. Unit
- g/t AuEq
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-07-07T00:00:00.000Z
Reasoning: This inferred resource provides additional material for heap leaching but is very low grade and highly speculative due to its inferred classification and unstated cut-off.
Positive factors
- Adds to the overall resource base, indicating potential for future conversion.
- Resource estimate prepared by a QP under NI 43-101 standards.
Negative factors
- Inferred category has lower geological confidence and cannot be used for reserves.
- Very low grade, typical for heap leach but highly speculative in the inferred category.
- Cut-off grade for open pit heap leach not explicitly stated in the table.
Evidence · table
“12.6”
Context: 7,413
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 Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was 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
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
PFS-Supportingneutral
Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.
Why it applies: the release names the study this estimate supports
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
indicatedLos Reyes · goldTonnes: 31809000Grade: 1.36Grade Unit: g/tContained Metal: 1388Contained Unit: kozView all detailsHide details
Identity
- Project
- Los Reyes
- Commodity
- gold
- Region
- mexico
- Reported Region
- Sinaloa, Mexico
- Ticker
- TXG
Resource scope
- Estimate type
- resource
- Effective date
- 2026-04-25T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- John Sims
- Resource group id
- resource:31edf1ce504f381bdc9b
- Deposit or zone
- Open Pit Mill
- Mining method
- combined
Resource Data
- Category
- indicated
- Tonnes
- 31809000
- Grade
- 1.36
- Grade Unit
- g/t
- Contained Metal
- 1388
- Contained Unit
- koz
- Cutoff Grade
- 0.17
- Cutoff Unit
- gpt
Prior Estimate
- Resource Date
- 2026-04-25
Metal Equivalent
- Metal Eq. Grade
- 1.88
- Metal Eq. Unit
- g/t AuEq
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-07-07T00:00:00.000Z
Reasoning: This represents a substantial portion of the project's gold resource in a higher confidence category, supporting future studies. (Expanded from multi-commodity resource table for completeness.)
Positive factors
- Significant indicated gold resource for the open pit mill component.
- Resource estimate prepared by a QP under NI 43-101 standards.
- Cut-off grade disclosed, allowing for transparency.
Evidence · table
“1.36”
Context: 31,809
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
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
PFS-Supportingneutral
Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.
Why it applies: the release names the study this estimate supports
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
indicatedLos Reyes · silverTonnes: 31809000Grade: 47.3Grade Unit: g/tContained Metal: 48423Contained Unit: kozView all detailsHide details
Identity
- Project
- Los Reyes
- Commodity
- silver
- Region
- mexico
- Reported Region
- Sinaloa, Mexico
- Ticker
- TXG
Resource scope
- Estimate type
- resource
- Effective date
- 2026-04-25T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- John Sims
- Resource group id
- resource:31edf1ce504f381bdc9b
- Deposit or zone
- Open Pit Mill
- Mining method
- combined
Resource Data
- Category
- indicated
- Tonnes
- 31809000
- Grade
- 47.3
- Grade Unit
- g/t
- Contained Metal
- 48423
- Contained Unit
- koz
- Cutoff Grade
- 0.17
- Cutoff Unit
- gpt
Prior Estimate
- Resource Date
- 2026-04-25
Metal Equivalent
- Metal Eq. Grade
- 1.88
- Metal Eq. Unit
- g/t AuEq
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-07-07T00:00:00.000Z
Reasoning: This represents a substantial portion of the project's gold resource in a higher confidence category, supporting future studies. (Expanded from multi-commodity resource table for completeness.)
Positive factors
- Significant indicated gold resource for the open pit mill component.
- Resource estimate prepared by a QP under NI 43-101 standards.
- Cut-off grade disclosed, allowing for transparency.
Evidence · table
“47.3”
Context: 31,809
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
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
PFS-Supportingneutral
Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.
Why it applies: the release names the study this estimate supports
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
inferredLos Reyes · goldTonnes: 13487000Grade: 1.3Grade Unit: g/tContained Metal: 562Contained Unit: kozView all detailsHide details
Identity
- Project
- Los Reyes
- Commodity
- gold
- Region
- mexico
- Reported Region
- Sinaloa, Mexico
- Ticker
- TXG
Resource scope
- Estimate type
- resource
- Effective date
- 2026-04-25T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- John Sims
- Resource group id
- resource:d9ca4322c600f8f0ed83
- Deposit or zone
- Open Pit Mill
- Mining method
- combined
Resource Data
- Category
- inferred
- Tonnes
- 13487000
- Grade
- 1.3
- Grade Unit
- g/t
- Contained Metal
- 562
- Contained Unit
- koz
- Cutoff Grade
- 0.17
- Cutoff Unit
- gpt
Prior Estimate
- Resource Date
- 2026-04-25
Metal Equivalent
- Metal Eq. Grade
- 1.85
- Metal Eq. Unit
- g/t AuEq
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-07-07T00:00:00.000Z
Reasoning: While adding to the resource base, the inferred nature and lower grade of this component introduce higher risk and uncertainty. (Expanded from multi-commodity resource table for completeness.)
Positive factors
- Adds to the overall resource base, indicating potential for future conversion.
- Resource estimate prepared by a QP under NI 43-101 standards.
Negative factors
- Inferred category has lower geological confidence and cannot be used for reserves.
- Lower grade compared to the indicated resource.
Evidence · table
“1.30”
Context: 13,487
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
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
PFS-Supportingneutral
Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.
Why it applies: the release names the study this estimate supports
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
inferredLos Reyes · silverTonnes: 13487000Grade: 49.8Grade Unit: g/tContained Metal: 21602Contained Unit: kozView all detailsHide details
Identity
- Project
- Los Reyes
- Commodity
- silver
- Region
- mexico
- Reported Region
- Sinaloa, Mexico
- Ticker
- TXG
Resource scope
- Estimate type
- resource
- Effective date
- 2026-04-25T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- John Sims
- Resource group id
- resource:d9ca4322c600f8f0ed83
- Deposit or zone
- Open Pit Mill
- Mining method
- combined
Resource Data
- Category
- inferred
- Tonnes
- 13487000
- Grade
- 49.8
- Grade Unit
- g/t
- Contained Metal
- 21602
- Contained Unit
- koz
- Cutoff Grade
- 0.17
- Cutoff Unit
- gpt
Prior Estimate
- Resource Date
- 2026-04-25
Metal Equivalent
- Metal Eq. Grade
- 1.85
- Metal Eq. Unit
- g/t AuEq
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-07-07T00:00:00.000Z
Reasoning: While adding to the resource base, the inferred nature and lower grade of this component introduce higher risk and uncertainty. (Expanded from multi-commodity resource table for completeness.)
Positive factors
- Adds to the overall resource base, indicating potential for future conversion.
- Resource estimate prepared by a QP under NI 43-101 standards.
Negative factors
- Inferred category has lower geological confidence and cannot be used for reserves.
- Lower grade compared to the indicated resource.
Evidence · table
“49.8”
Context: 13,487
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
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
PFS-Supportingneutral
Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.
Why it applies: the release names the study this estimate supports
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
indicatedLos Reyes · goldTonnes: 51250000Grade: 0.94Grade Unit: g/tContained Metal: 1542Contained Unit: kozView all detailsHide details
Identity
- Project
- Los Reyes
- Commodity
- gold
- Region
- mexico
- Reported Region
- Sinaloa, Mexico
- Ticker
- TXG
Resource scope
- Estimate type
- resource
- Effective date
- 2026-04-25T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- John Sims
- Resource group id
- resource:e0fb6e3d2d3d9a87f8d0
- Deposit or zone
- Open Pit Mill
- Mining method
- combined
Resource Data
- Category
- indicated
- Tonnes
- 51250000
- Grade
- 0.94
- Grade Unit
- g/t
- Contained Metal
- 1542
- Contained Unit
- koz
- Cutoff Grade
- 0.17
- Cutoff Unit
- gpt
Prior Estimate
- Resource Date
- 2026-04-25
Metal Equivalent
- Metal Eq. Grade
- 1.28
- Metal Eq. Unit
- g/t AuEq
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-07-07T00:00:00.000Z
Reasoning: This represents a substantial portion of the project's gold resource in a higher confidence category, supporting future studies. (Expanded from multi-commodity resource table for completeness.)
Positive factors
- Significant indicated gold resource for the open pit mill component.
- Resource estimate prepared by a QP under NI 43-101 standards.
- Cut-off grade disclosed, allowing for transparency.
Evidence · table
“0.94”
Context: 51,250
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
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
PFS-Supportingneutral
Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.
Why it applies: the release names the study this estimate supports
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
indicatedLos Reyes · silverTonnes: 51250000Grade: 33.9Grade Unit: g/tContained Metal: 55860Contained Unit: kozView all detailsHide details
Identity
- Project
- Los Reyes
- Commodity
- silver
- Region
- mexico
- Reported Region
- Sinaloa, Mexico
- Ticker
- TXG
Resource scope
- Estimate type
- resource
- Effective date
- 2026-04-25T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- John Sims
- Resource group id
- resource:e0fb6e3d2d3d9a87f8d0
- Deposit or zone
- Open Pit Mill
- Mining method
- combined
Resource Data
- Category
- indicated
- Tonnes
- 51250000
- Grade
- 33.9
- Grade Unit
- g/t
- Contained Metal
- 55860
- Contained Unit
- koz
- Cutoff Grade
- 0.17
- Cutoff Unit
- gpt
Prior Estimate
- Resource Date
- 2026-04-25
Metal Equivalent
- Metal Eq. Grade
- 1.28
- Metal Eq. Unit
- g/t AuEq
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-07-07T00:00:00.000Z
Reasoning: This represents a substantial portion of the project's gold resource in a higher confidence category, supporting future studies. (Expanded from multi-commodity resource table for completeness.)
Positive factors
- Significant indicated gold resource for the open pit mill component.
- Resource estimate prepared by a QP under NI 43-101 standards.
- Cut-off grade disclosed, allowing for transparency.
Evidence · table
“33.9”
Context: 51,250
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
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
PFS-Supportingneutral
Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.
Why it applies: the release names the study this estimate supports
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
inferredLos Reyes · goldTonnes: 20899000Grade: 0.92Grade Unit: g/tContained Metal: 620Contained Unit: kozView all detailsHide details
Identity
- Project
- Los Reyes
- Commodity
- gold
- Region
- mexico
- Reported Region
- Sinaloa, Mexico
- Ticker
- TXG
Resource scope
- Estimate type
- resource
- Effective date
- 2026-04-25T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- John Sims
- Resource group id
- resource:b265d7f8549456d03e81
- Deposit or zone
- Open Pit Mill
- Mining method
- combined
Resource Data
- Category
- inferred
- Tonnes
- 20899000
- Grade
- 0.92
- Grade Unit
- g/t
- Contained Metal
- 620
- Contained Unit
- koz
- Cutoff Grade
- 0.17
- Cutoff Unit
- gpt
Prior Estimate
- Resource Date
- 2026-04-25
Metal Equivalent
- Metal Eq. Grade
- 1.3
- Metal Eq. Unit
- g/t AuEq
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-07-07T00:00:00.000Z
Reasoning: While adding to the resource base, the inferred nature and lower grade of this component introduce higher risk and uncertainty. (Expanded from multi-commodity resource table for completeness.)
Positive factors
- Adds to the overall resource base, indicating potential for future conversion.
- Resource estimate prepared by a QP under NI 43-101 standards.
Negative factors
- Inferred category has lower geological confidence and cannot be used for reserves.
- Lower grade compared to the indicated resource.
Evidence · table
“0.92”
Context: 20,899
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
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
PFS-Supportingneutral
Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.
Why it applies: the release names the study this estimate supports
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
inferredLos Reyes · silverTonnes: 20899000Grade: 36.6Grade Unit: g/tContained Metal: 24615Contained Unit: kozView all detailsHide details
Identity
- Project
- Los Reyes
- Commodity
- silver
- Region
- mexico
- Reported Region
- Sinaloa, Mexico
- Ticker
- TXG
Resource scope
- Estimate type
- resource
- Effective date
- 2026-04-25T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- John Sims
- Resource group id
- resource:b265d7f8549456d03e81
- Deposit or zone
- Open Pit Mill
- Mining method
- combined
Resource Data
- Category
- inferred
- Tonnes
- 20899000
- Grade
- 36.6
- Grade Unit
- g/t
- Contained Metal
- 24615
- Contained Unit
- koz
- Cutoff Grade
- 0.17
- Cutoff Unit
- gpt
Prior Estimate
- Resource Date
- 2026-04-25
Metal Equivalent
- Metal Eq. Grade
- 1.3
- Metal Eq. Unit
- g/t AuEq
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-07-07T00:00:00.000Z
Reasoning: While adding to the resource base, the inferred nature and lower grade of this component introduce higher risk and uncertainty. (Expanded from multi-commodity resource table for completeness.)
Positive factors
- Adds to the overall resource base, indicating potential for future conversion.
- Resource estimate prepared by a QP under NI 43-101 standards.
Negative factors
- Inferred category has lower geological confidence and cannot be used for reserves.
- Lower grade compared to the indicated resource.
Evidence · table
“36.6”
Context: 20,899
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
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
PFS-Supportingneutral
Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.
Why it applies: the release names the study this estimate supports
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.