Torex Gold Reports Q1 2026 Results
Original announcement by tmx on
- Company
- Torex Gold Resources Inc.
- Ticker
- TXG
- Exchange
- TSX
- Region
- Mexico
- Primary commodity
- Gold
- Secondary commodities
- Silver, Copper
- Document categories
- Resource update, Production, Other
- Extracted
- 2026-09-19 03:18:26 UTC
Analysis by Minestarters Atlas
Minestarters Atlas analysis
Summary
Torex Gold reported strong Q1 2026 results, with record revenue of $539.3 million and adjusted EBITDA of $358.6 million, driven by robust gold, silver, and copper prices. The company generated $157.3 million in free cash flow, which was used to repay debt, pay dividends, and repurchase shares. Production is tracking to plan, and the Media Luna underground mine achieved design throughput ahead of schedule, though all-in sustaining costs were above guidance.
Reasoning: Torex Gold reported strong Q1 2026 financial and operational results, including record revenue and EBITDA, and significant free cash flow. Production is on track, and the Media Luna underground mine achieved design throughput ahead of schedule. The company also provided an update on its 2025 mineral reserves and resources, showing growth and new discoveries. However, AISC were above guidance due to higher metal prices and currency effects.
Positive factors
- Strong financial performance with record revenue, adjusted EBITDA, and all-in sustaining costs margin.
- Significant free cash flow generation used to repay debt, pay dividends, and repurchase shares.
- Production tracking to plan with Media Luna underground mine achieving design throughput ahead of schedule.
- Year-end 2025 Mineral Reserves and Resources update shows overall robust figures, including an inaugural Inferred Resource at Media Luna West and significant additions from Los Reyes acquisition.
- Company is fully undrawn on its credit facility, indicating strong liquidity.
Negative factors
- All-in sustaining costs were higher than guidance, influenced by higher metal prices impacting royalties and profit-sharing payments, and Mexican peso strength.
Low confidence — this extraction should be reviewed alongside the original source.
Facts used in scoring: 72
Classification and evidence
Production Tracking to Planpositive · Story-specific tag
No canonical definition is currently available.
Why it applies: The company states that '2026 is off to a solid start with production tracking to plan'.
Evidence · text
“2026 is off to a solid start with production tracking to plan”
Strong Free Cash Flowpositive · Story-specific tag
No canonical definition is currently available.
Why it applies: The company generated $157 million in free cash flow in Q1 2026.
Evidence · text
“The Company generated $157 million in free cash flow”
Media Luna Ahead of Schedulepositive · Story-specific tag
No canonical definition is currently available.
Why it applies: The Media Luna underground mine achieved a quarterly average design throughput of 7,500 tonnes per day nine months ahead of the schedule set out in the technical report and three months ahead of the most recent forecast.
Evidence · text
“The Media Luna underground mine achieved a quarterly average design throughput of 7,500 tonnes per day ("tpd") nine months ahead of the schedule set out in the technical report and three months ahead of the most recent forecast.”
AISC Above Guidancenegative · Story-specific tag
No canonical definition is currently available.
Why it applies: Quarterly all-in sustaining costs of $1,917 per oz AuEq sold, relative to guidance of $1,750 to $1,850 per oz AuEq sold.
Evidence · text
“Quarterly all-in sustaining costs of $1,917 per oz AuEq sold 2 , relative to guidance of $1,750 to $1,850 per oz AuEq sold”
Maiden Resourceneutral
First formal MRE for the project — establishes baseline but typically exploration-stage with high Inferred component. No prior estimate exists, so every change band is not applicable.
Why it applies: At Media Luna West, an inaugural Inferred Resource of 506 koz AuEq was delineated.
Evidence · text
“At Media Luna West, an inaugural Inferred Resource of 506 koz AuEq was delineated”
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: In March, the Company released its 2025 mineral reserves and resources update.
Evidence · text
“In March, the Company released its 2025 mineral reserves and resources update.”
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: The scientific and technical information contained in this press release pertaining to mineral resources has been reviewed and approved by Rochelle Collins, P.Geo., Principal, Mineral Resources of Torex Gold Resources Inc. and a Qualified Person under NI 43-101.
Evidence · text
“Qualified Person under National Instrument 43-101 Standards of Disclosure for Mineral Projects ("NI 43-101")”
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: The scientific and technical information contained in this press release pertaining to mineral resources has been reviewed and approved by Rochelle Collins, P.Geo., Principal, Mineral Resources of Torex Gold Resources Inc. and a Qualified Person under NI 43-101.
Evidence · text
“Rochelle Collins, P.Geo., Principal, Mineral Resources of Torex Gold Resources Inc. and a Qualified Person under NI 43-101”
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: 66. Some facts used in scoring do not have a stored record.
Resource Estimates (66)
provenMorelos · goldTonnes: 7396000Grade: 2.93Grade Unit: g/tContained Metal: 696Contained Unit: kozView all detailsHide details
Identity
- Project
- Morelos
- Commodity
- gold
- Ticker
- TXG
Resource scope
- Estimate type
- reserve
- Effective date
- 2025-12-31T00:00:00.000Z
- Reporting standards
- other
- QP Signed
- Yes
- Qualified person names
- Johannes (Gertjan) Bekkers
- Resource group id
- resource:86bdf291777d94a26088
- Deposit or zone
- Media Luna Underground
- Mining method
- underground
Resource Data
- Category
- proven
- Tonnes
- 7396000
- Grade
- 2.93
- Grade Unit
- g/t
- Contained Metal
- 696
- Contained Unit
- koz
- Cutoff Grade
- 2.4
- Cutoff Unit
- gpt AuEq
Prior Estimate
- Resource Date
- 2025-12-31
Metal Equivalent
- Metal Eq. Grade
- 4.6
- Metal Eq. Unit
- g/t AuEq
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-05-06T00:00:00.000Z
Reasoning: Proven reserves at Media Luna Underground show a solid gold grade and contained metal, contributing to the project's overall value.
Positive factors
- Proven reserve category indicates high confidence in the estimate.
- Good gold grade for an underground operation.
Evidence · table
“2.93”
Context: 7,396
Tags used in scoring
Proven Reservepositive
Measured Resource with demonstrated economic viability after applying modifying factors.
Why it applies: category is "proven"
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
provenMorelos · silverTonnes: 7396000Grade: 25.7Grade Unit: g/tContained Metal: 6106Contained Unit: kozView all detailsHide details
Identity
- Project
- Morelos
- Commodity
- silver
- Ticker
- TXG
Resource scope
- Estimate type
- reserve
- Effective date
- 2025-12-31T00:00:00.000Z
- Reporting standards
- other
- QP Signed
- Yes
- Qualified person names
- Johannes (Gertjan) Bekkers
- Resource group id
- resource:86bdf291777d94a26088
- Deposit or zone
- Media Luna Underground
- Mining method
- underground
Resource Data
- Category
- proven
- Tonnes
- 7396000
- Grade
- 25.7
- Grade Unit
- g/t
- Contained Metal
- 6106
- Contained Unit
- koz
- Cutoff Grade
- 2.4
- Cutoff Unit
- gpt AuEq
Prior Estimate
- Resource Date
- 2025-12-31
Metal Equivalent
- Metal Eq. Grade
- 4.6
- Metal Eq. Unit
- g/t AuEq
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-05-06T00:00:00.000Z
Reasoning: Proven reserves at Media Luna Underground include a substantial amount of silver, adding to the project's economic value.
Positive factors
- Proven reserve category indicates high confidence in the estimate.
- Significant contained silver as a byproduct.
Evidence · table
“25.7”
Context: 7,396
Tags used in scoring
Proven Reservepositive
Measured Resource with demonstrated economic viability after applying modifying factors.
Why it applies: category is "proven"
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
provenMorelos · copperTonnes: 7396000Grade: 0.82Grade Unit: %Contained Metal: 134Contained Unit: mlbView all detailsHide details
Identity
- Project
- Morelos
- Commodity
- copper
- Ticker
- TXG
Resource scope
- Estimate type
- reserve
- Effective date
- 2025-12-31T00:00:00.000Z
- Reporting standards
- other
- QP Signed
- Yes
- Qualified person names
- Johannes (Gertjan) Bekkers
- Resource group id
- resource:86bdf291777d94a26088
- Deposit or zone
- Media Luna Underground
- Mining method
- underground
Resource Data
- Category
- proven
- Tonnes
- 7396000
- Grade
- 0.82
- Grade Unit
- %
- Contained Metal
- 134
- Contained Unit
- mlb
- Cutoff Grade
- 2.4
- Cutoff Unit
- gpt AuEq
Prior Estimate
- Resource Date
- 2025-12-31
Metal Equivalent
- Metal Eq. Grade
- 4.6
- Metal Eq. Unit
- g/t AuEq
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-05-06T00:00:00.000Z
Reasoning: Proven reserves at Media Luna Underground include a strong copper grade, enhancing the project's polymetallic nature and economic potential.
Positive factors
- Proven reserve category indicates high confidence in the estimate.
- Good copper grade for an underground operation, contributing to polymetallic value.
Evidence · table
“0.82”
Context: 7,396
Tags used in scoring
Proven Reservepositive
Measured Resource with demonstrated economic viability after applying modifying factors.
Why it applies: category is "proven"
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
probableMorelos · goldTonnes: 15210000Grade: 2.41Grade Unit: g/tContained Metal: 1178Contained Unit: kozView all detailsHide details
Identity
- Project
- Morelos
- Commodity
- gold
- Ticker
- TXG
Resource scope
- Estimate type
- reserve
- Effective date
- 2025-12-31T00:00:00.000Z
- Reporting standards
- other
- QP Signed
- Yes
- Qualified person names
- Johannes (Gertjan) Bekkers
- Resource group id
- resource:ce466d7e55e9bbf52bdf
- Deposit or zone
- Media Luna Underground
- Mining method
- underground
Resource Data
- Category
- probable
- Tonnes
- 15210000
- Grade
- 2.41
- Grade Unit
- g/t
- Contained Metal
- 1178
- Contained Unit
- koz
- Cutoff Grade
- 2.4
- Cutoff Unit
- gpt AuEq
Prior Estimate
- Resource Date
- 2025-12-31
Metal Equivalent
- Metal Eq. Grade
- 4.02
- Metal Eq. Unit
- g/t AuEq
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-05-06T00:00:00.000Z
Reasoning: Probable reserves at Media Luna Underground contribute significantly to the project's gold inventory.
Positive factors
- Probable reserve category indicates good confidence in the estimate.
- Substantial contained gold ounces.
Evidence · table
“2.41”
Context: 15,210
Tags used in scoring
Probable Reservepositive
Indicated Resource with demonstrated economic viability after applying modifying factors.
Why it applies: category is "probable"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
probableMorelos · silverTonnes: 15210000Grade: 21.9Grade Unit: g/tContained Metal: 10719Contained Unit: kozView all detailsHide details
Identity
- Project
- Morelos
- Commodity
- silver
- Ticker
- TXG
Resource scope
- Estimate type
- reserve
- Effective date
- 2025-12-31T00:00:00.000Z
- Reporting standards
- other
- QP Signed
- Yes
- Qualified person names
- Johannes (Gertjan) Bekkers
- Resource group id
- resource:ce466d7e55e9bbf52bdf
- Deposit or zone
- Media Luna Underground
- Mining method
- underground
Resource Data
- Category
- probable
- Tonnes
- 15210000
- Grade
- 21.9
- Grade Unit
- g/t
- Contained Metal
- 10719
- Contained Unit
- koz
- Cutoff Grade
- 2.4
- Cutoff Unit
- gpt AuEq
Prior Estimate
- Resource Date
- 2025-12-31
Metal Equivalent
- Metal Eq. Grade
- 4.02
- Metal Eq. Unit
- g/t AuEq
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-05-06T00:00:00.000Z
Reasoning: Probable reserves at Media Luna Underground include a large amount of silver, enhancing the project's overall value.
Positive factors
- Probable reserve category indicates good confidence in the estimate.
- Significant contained silver as a byproduct.
Evidence · table
“21.9”
Context: 15,210
Tags used in scoring
Probable Reservepositive
Indicated Resource with demonstrated economic viability after applying modifying factors.
Why it applies: category is "probable"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
probableMorelos · copperTonnes: 15210000Grade: 0.82Grade Unit: %Contained Metal: 273Contained Unit: mlbView all detailsHide details
Identity
- Project
- Morelos
- Commodity
- copper
- Ticker
- TXG
Resource scope
- Estimate type
- reserve
- Effective date
- 2025-12-31T00:00:00.000Z
- Reporting standards
- other
- QP Signed
- Yes
- Qualified person names
- Johannes (Gertjan) Bekkers
- Resource group id
- resource:ce466d7e55e9bbf52bdf
- Deposit or zone
- Media Luna Underground
- Mining method
- underground
Resource Data
- Category
- probable
- Tonnes
- 15210000
- Grade
- 0.82
- Grade Unit
- %
- Contained Metal
- 273
- Contained Unit
- mlb
- Cutoff Grade
- 2.4
- Cutoff Unit
- gpt AuEq
Prior Estimate
- Resource Date
- 2025-12-31
Metal Equivalent
- Metal Eq. Grade
- 4.02
- Metal Eq. Unit
- g/t AuEq
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-05-06T00:00:00.000Z
Reasoning: Probable reserves at Media Luna Underground include a good copper grade, adding to the project's economic potential.
Positive factors
- Probable reserve category indicates good confidence in the estimate.
- Strong copper grade contributing to polymetallic value.
Evidence · table
“0.82”
Context: 15,210
Tags used in scoring
Probable Reservepositive
Indicated Resource with demonstrated economic viability after applying modifying factors.
Why it applies: category is "probable"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
probableMorelos · goldTonnes: 5546000Grade: 1.89Grade Unit: g/tContained Metal: 337Contained Unit: kozView all detailsHide details
Identity
- Project
- Morelos
- Commodity
- gold
- Ticker
- TXG
Resource scope
- Estimate type
- reserve
- Effective date
- 2025-12-31T00:00:00.000Z
- Reporting standards
- other
- QP Signed
- Yes
- Qualified person names
- Johannes (Gertjan) Bekkers
- Resource group id
- resource:e94b77396d4ecb23dd7b
- Deposit or zone
- Media Luna North Underground
- Mining method
- underground
Resource Data
- Category
- probable
- Tonnes
- 5546000
- Grade
- 1.89
- Grade Unit
- g/t
- Contained Metal
- 337
- Contained Unit
- koz
- Cutoff Grade
- 2.5
- Cutoff Unit
- gpt AuEq
Prior Estimate
- Resource Date
- 2025-12-31
Metal Equivalent
- Metal Eq. Grade
- 4.03
- Metal Eq. Unit
- g/t AuEq
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-05-06T00:00:00.000Z
Reasoning: Probable reserves at Media Luna North Underground contribute to the overall reserve base with a moderate gold grade.
Positive factors
- Probable reserve category indicates good confidence in the estimate.
Evidence · table
“1.89”
Context: 5,546
Tags used in scoring
Probable Reservepositive
Indicated Resource with demonstrated economic viability after applying modifying factors.
Why it applies: category is "probable"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
probableMorelos · silverTonnes: 5546000Grade: 25.6Grade Unit: g/tContained Metal: 4556Contained Unit: kozView all detailsHide details
Identity
- Project
- Morelos
- Commodity
- silver
- Ticker
- TXG
Resource scope
- Estimate type
- reserve
- Effective date
- 2025-12-31T00:00:00.000Z
- Reporting standards
- other
- QP Signed
- Yes
- Qualified person names
- Johannes (Gertjan) Bekkers
- Resource group id
- resource:e94b77396d4ecb23dd7b
- Deposit or zone
- Media Luna North Underground
- Mining method
- underground
Resource Data
- Category
- probable
- Tonnes
- 5546000
- Grade
- 25.6
- Grade Unit
- g/t
- Contained Metal
- 4556
- Contained Unit
- koz
- Cutoff Grade
- 2.5
- Cutoff Unit
- gpt AuEq
Prior Estimate
- Resource Date
- 2025-12-31
Metal Equivalent
- Metal Eq. Grade
- 4.03
- Metal Eq. Unit
- g/t AuEq
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-05-06T00:00:00.000Z
Reasoning: Probable reserves at Media Luna North Underground include a notable amount of silver, adding to the project's value.
Positive factors
- Probable reserve category indicates good confidence in the estimate.
- Significant contained silver as a byproduct.
Evidence · table
“25.6”
Context: 5,546
Tags used in scoring
Probable Reservepositive
Indicated Resource with demonstrated economic viability after applying modifying factors.
Why it applies: category is "probable"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
probableMorelos · copperTonnes: 5546000Grade: 1.1Grade Unit: %Contained Metal: 135Contained Unit: mlbView all detailsHide details
Identity
- Project
- Morelos
- Commodity
- copper
- Ticker
- TXG
Resource scope
- Estimate type
- reserve
- Effective date
- 2025-12-31T00:00:00.000Z
- Reporting standards
- other
- QP Signed
- Yes
- Qualified person names
- Johannes (Gertjan) Bekkers
- Resource group id
- resource:e94b77396d4ecb23dd7b
- Deposit or zone
- Media Luna North Underground
- Mining method
- underground
Resource Data
- Category
- probable
- Tonnes
- 5546000
- Grade
- 1.1
- Grade Unit
- %
- Contained Metal
- 135
- Contained Unit
- mlb
- Cutoff Grade
- 2.5
- Cutoff Unit
- gpt AuEq
Prior Estimate
- Resource Date
- 2025-12-31
Metal Equivalent
- Metal Eq. Grade
- 4.03
- Metal Eq. Unit
- g/t AuEq
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-05-06T00:00:00.000Z
Reasoning: Probable reserves at Media Luna North Underground feature a high copper grade, significantly contributing to the polymetallic value.
Positive factors
- Probable reserve category indicates good confidence in the estimate.
- Strong copper grade for an underground operation.
Evidence · table
“1.10”
Context: 5,546
Tags used in scoring
Probable Reservepositive
Indicated Resource with demonstrated economic viability after applying modifying factors.
Why it applies: category is "probable"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
provenMorelos · goldTonnes: 1412000Grade: 4.36Grade Unit: g/tContained Metal: 198Contained Unit: kozView all detailsHide details
Identity
- Project
- Morelos
- Commodity
- gold
- Ticker
- TXG
Resource scope
- Estimate type
- reserve
- Effective date
- 2025-12-31T00:00:00.000Z
- Reporting standards
- other
- QP Signed
- Yes
- Qualified person names
- Johannes (Gertjan) Bekkers
- Resource group id
- resource:4145192ae3a8fe882367
- Deposit or zone
- ELG Underground
- Mining method
- underground
Resource Data
- Category
- proven
- Tonnes
- 1412000
- Grade
- 4.36
- Grade Unit
- g/t
- Contained Metal
- 198
- Contained Unit
- koz
- Cutoff Grade
- 2.8
- Cutoff Unit
- gpt AuEq
Prior Estimate
- Resource Date
- 2025-12-31
Metal Equivalent
- Metal Eq. Grade
- 4.96
- Metal Eq. Unit
- g/t AuEq
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-05-06T00:00:00.000Z
Reasoning: Proven reserves at ELG Underground show a high gold grade, contributing to the project's overall value.
Positive factors
- Proven reserve category indicates high confidence in the estimate.
- High gold grade for an underground operation.
Evidence · table
“4.36”
Context: 1,412
Tags used in scoring
Proven Reservepositive
Measured Resource with demonstrated economic viability after applying modifying factors.
Why it applies: category is "proven"
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
provenMorelos · silverTonnes: 1412000Grade: 7.2Grade Unit: g/tContained Metal: 328Contained Unit: kozView all detailsHide details
Identity
- Project
- Morelos
- Commodity
- silver
- Ticker
- TXG
Resource scope
- Estimate type
- reserve
- Effective date
- 2025-12-31T00:00:00.000Z
- Reporting standards
- other
- QP Signed
- Yes
- Qualified person names
- Johannes (Gertjan) Bekkers
- Resource group id
- resource:4145192ae3a8fe882367
- Deposit or zone
- ELG Underground
- Mining method
- underground
Resource Data
- Category
- proven
- Tonnes
- 1412000
- Grade
- 7.2
- Grade Unit
- g/t
- Contained Metal
- 328
- Contained Unit
- koz
- Cutoff Grade
- 2.8
- Cutoff Unit
- gpt AuEq
Prior Estimate
- Resource Date
- 2025-12-31
Metal Equivalent
- Metal Eq. Grade
- 4.96
- Metal Eq. Unit
- g/t AuEq
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-05-06T00:00:00.000Z
Reasoning: Proven reserves at ELG Underground include a moderate amount of silver as a byproduct.
Positive factors
- Proven reserve category indicates high confidence in the estimate.
Evidence · table
“7.2”
Context: 1,412
Tags used in scoring
Proven Reservepositive
Measured Resource with demonstrated economic viability after applying modifying factors.
Why it applies: category is "proven"
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
provenMorelos · copperTonnes: 1412000Grade: 0.31Grade Unit: %Contained Metal: 10Contained Unit: mlbView all detailsHide details
Identity
- Project
- Morelos
- Commodity
- copper
- Ticker
- TXG
Resource scope
- Estimate type
- reserve
- Effective date
- 2025-12-31T00:00:00.000Z
- Reporting standards
- other
- QP Signed
- Yes
- Qualified person names
- Johannes (Gertjan) Bekkers
- Resource group id
- resource:4145192ae3a8fe882367
- Deposit or zone
- ELG Underground
- Mining method
- underground
Resource Data
- Category
- proven
- Tonnes
- 1412000
- Grade
- 0.31
- Grade Unit
- %
- Contained Metal
- 10
- Contained Unit
- mlb
- Cutoff Grade
- 2.8
- Cutoff Unit
- gpt AuEq
Prior Estimate
- Resource Date
- 2025-12-31
Metal Equivalent
- Metal Eq. Grade
- 4.96
- Metal Eq. Unit
- g/t AuEq
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-05-06T00:00:00.000Z
Reasoning: Proven reserves at ELG Underground include a minor amount of copper, contributing to the polymetallic nature.
Positive factors
- Proven reserve category indicates high confidence in the estimate.
Evidence · table
“0.31”
Context: 1,412
Tags used in scoring
Proven Reservepositive
Measured Resource with demonstrated economic viability after applying modifying factors.
Why it applies: category is "proven"
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
probableMorelos · goldTonnes: 3598000Grade: 4.17Grade Unit: g/tContained Metal: 482Contained Unit: kozView all detailsHide details
Identity
- Project
- Morelos
- Commodity
- gold
- Ticker
- TXG
Resource scope
- Estimate type
- reserve
- Effective date
- 2025-12-31T00:00:00.000Z
- Reporting standards
- other
- QP Signed
- Yes
- Qualified person names
- Johannes (Gertjan) Bekkers
- Resource group id
- resource:ab2b703b85b66abce855
- Deposit or zone
- ELG Underground
- Mining method
- underground
Resource Data
- Category
- probable
- Tonnes
- 3598000
- Grade
- 4.17
- Grade Unit
- g/t
- Contained Metal
- 482
- Contained Unit
- koz
- Cutoff Grade
- 2.8
- Cutoff Unit
- gpt AuEq
Prior Estimate
- Resource Date
- 2025-12-31
Metal Equivalent
- Metal Eq. Grade
- 4.74
- Metal Eq. Unit
- g/t AuEq
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-05-06T00:00:00.000Z
Reasoning: Probable reserves at ELG Underground show a high gold grade, contributing significantly to the project's gold inventory.
Positive factors
- Probable reserve category indicates good confidence in the estimate.
- High gold grade for an underground operation.
Evidence · table
“4.17”
Context: 3,598
Tags used in scoring
Probable Reservepositive
Indicated Resource with demonstrated economic viability after applying modifying factors.
Why it applies: category is "probable"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
probableMorelos · silverTonnes: 3598000Grade: 7.2Grade Unit: g/tContained Metal: 828Contained Unit: kozView all detailsHide details
Identity
- Project
- Morelos
- Commodity
- silver
- Ticker
- TXG
Resource scope
- Estimate type
- reserve
- Effective date
- 2025-12-31T00:00:00.000Z
- Reporting standards
- other
- QP Signed
- Yes
- Qualified person names
- Johannes (Gertjan) Bekkers
- Resource group id
- resource:ab2b703b85b66abce855
- Deposit or zone
- ELG Underground
- Mining method
- underground
Resource Data
- Category
- probable
- Tonnes
- 3598000
- Grade
- 7.2
- Grade Unit
- g/t
- Contained Metal
- 828
- Contained Unit
- koz
- Cutoff Grade
- 2.8
- Cutoff Unit
- gpt AuEq
Prior Estimate
- Resource Date
- 2025-12-31
Metal Equivalent
- Metal Eq. Grade
- 4.74
- Metal Eq. Unit
- g/t AuEq
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-05-06T00:00:00.000Z
Reasoning: Probable reserves at ELG Underground include a moderate amount of silver as a byproduct.
Positive factors
- Probable reserve category indicates good confidence in the estimate.
Evidence · table
“7.2”
Context: 3,598
Tags used in scoring
Probable Reservepositive
Indicated Resource with demonstrated economic viability after applying modifying factors.
Why it applies: category is "probable"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
probableMorelos · copperTonnes: 3598000Grade: 0.29Grade Unit: %Contained Metal: 23Contained Unit: mlbView all detailsHide details
Identity
- Project
- Morelos
- Commodity
- copper
- Ticker
- TXG
Resource scope
- Estimate type
- reserve
- Effective date
- 2025-12-31T00:00:00.000Z
- Reporting standards
- other
- QP Signed
- Yes
- Qualified person names
- Johannes (Gertjan) Bekkers
- Resource group id
- resource:ab2b703b85b66abce855
- Deposit or zone
- ELG Underground
- Mining method
- underground
Resource Data
- Category
- probable
- Tonnes
- 3598000
- Grade
- 0.29
- Grade Unit
- %
- Contained Metal
- 23
- Contained Unit
- mlb
- Cutoff Grade
- 2.8
- Cutoff Unit
- gpt AuEq
Prior Estimate
- Resource Date
- 2025-12-31
Metal Equivalent
- Metal Eq. Grade
- 4.74
- Metal Eq. Unit
- g/t AuEq
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-05-06T00:00:00.000Z
Reasoning: Probable reserves at ELG Underground include a minor amount of copper, contributing to the polymetallic nature.
Positive factors
- Probable reserve category indicates good confidence in the estimate.
Evidence · table
“0.29”
Context: 3,598
Tags used in scoring
Probable Reservepositive
Indicated Resource with demonstrated economic viability after applying modifying factors.
Why it applies: category is "probable"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
probableMorelos · goldTonnes: 614000Grade: 2.43Grade Unit: g/tContained Metal: 48Contained Unit: kozView all detailsHide details
Identity
- Project
- Morelos
- Commodity
- gold
- Ticker
- TXG
Resource scope
- Estimate type
- reserve
- Effective date
- 2025-12-31T00:00:00.000Z
- Reporting standards
- other
- QP Signed
- Yes
- Qualified person names
- Johannes (Gertjan) Bekkers
- Resource group id
- resource:870fb01ed89fea0ba9b6
- Deposit or zone
- ELG Open Pit
- Mining method
- open_pit
Resource Data
- Category
- probable
- Tonnes
- 614000
- Grade
- 2.43
- Grade Unit
- g/t
- Contained Metal
- 48
- Contained Unit
- koz
- Cutoff Grade
- 1.2
- Cutoff Unit
- gpt Au
Prior Estimate
- Resource Date
- 2025-12-31
Metal Equivalent
- Metal Eq. Grade
- 2.62
- Metal Eq. Unit
- g/t AuEq
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-05-06T00:00:00.000Z
Reasoning: Probable reserves at ELG Open Pit contribute to the overall reserve base with a moderate gold grade.
Positive factors
- Probable reserve category indicates good confidence in the estimate.
Evidence · table
“2.43”
Context: 614
Tags used in scoring
Probable Reservepositive
Indicated Resource with demonstrated economic viability after applying modifying factors.
Why it applies: category is "probable"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
probableMorelos · silverTonnes: 614000Grade: 15.8Grade Unit: g/tContained Metal: 312Contained Unit: kozView all detailsHide details
Identity
- Project
- Morelos
- Commodity
- silver
- Ticker
- TXG
Resource scope
- Estimate type
- reserve
- Effective date
- 2025-12-31T00:00:00.000Z
- Reporting standards
- other
- QP Signed
- Yes
- Qualified person names
- Johannes (Gertjan) Bekkers
- Resource group id
- resource:870fb01ed89fea0ba9b6
- Deposit or zone
- ELG Open Pit
- Mining method
- open_pit
Resource Data
- Category
- probable
- Tonnes
- 614000
- Grade
- 15.8
- Grade Unit
- g/t
- Contained Metal
- 312
- Contained Unit
- koz
- Cutoff Grade
- 1.2
- Cutoff Unit
- gpt Au
Prior Estimate
- Resource Date
- 2025-12-31
Metal Equivalent
- Metal Eq. Grade
- 2.62
- Metal Eq. Unit
- g/t AuEq
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-05-06T00:00:00.000Z
Reasoning: Probable reserves at ELG Open Pit include a moderate amount of silver as a byproduct.
Positive factors
- Probable reserve category indicates good confidence in the estimate.
Evidence · table
“15.8”
Context: 614
Tags used in scoring
Probable Reservepositive
Indicated Resource with demonstrated economic viability after applying modifying factors.
Why it applies: category is "probable"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
probableMorelos · copperTonnes: 614000Grade: 0.46Grade Unit: %Contained Metal: 6Contained Unit: mlbView all detailsHide details
Identity
- Project
- Morelos
- Commodity
- copper
- Ticker
- TXG
Resource scope
- Estimate type
- reserve
- Effective date
- 2025-12-31T00:00:00.000Z
- Reporting standards
- other
- QP Signed
- Yes
- Qualified person names
- Johannes (Gertjan) Bekkers
- Resource group id
- resource:870fb01ed89fea0ba9b6
- Deposit or zone
- ELG Open Pit
- Mining method
- open_pit
Resource Data
- Category
- probable
- Tonnes
- 614000
- Grade
- 0.46
- Grade Unit
- %
- Contained Metal
- 6
- Contained Unit
- mlb
- Cutoff Grade
- 1.2
- Cutoff Unit
- gpt Au
Prior Estimate
- Resource Date
- 2025-12-31
Metal Equivalent
- Metal Eq. Grade
- 2.62
- Metal Eq. Unit
- g/t AuEq
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-05-06T00:00:00.000Z
Reasoning: Probable reserves at ELG Open Pit include a minor amount of copper, contributing to the polymetallic nature.
Positive factors
- Probable reserve category indicates good confidence in the estimate.
Evidence · table
“0.46”
Context: 614
Tags used in scoring
Probable Reservepositive
Indicated Resource with demonstrated economic viability after applying modifying factors.
Why it applies: category is "probable"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
provenMorelos · goldTonnes: 5876000Grade: 1.15Grade Unit: g/tContained Metal: 218Contained Unit: kozView all detailsHide details
Identity
- Project
- Morelos
- Commodity
- gold
- Ticker
- TXG
Resource scope
- Estimate type
- reserve
- Effective date
- 2025-12-31T00:00:00.000Z
- Reporting standards
- other
- QP Signed
- Yes
- Qualified person names
- Johannes (Gertjan) Bekkers
- Resource group id
- resource:6ecfe00d577d1ec20219
- Deposit or zone
- Stockpiles
Resource Data
- Category
- proven
- Tonnes
- 5876000
- Grade
- 1.15
- Grade Unit
- g/t
- Contained Metal
- 218
- Contained Unit
- koz
Prior Estimate
- Resource Date
- 2025-12-31
Metal Equivalent
- Metal Eq. Grade
- 1.23
- Metal Eq. Unit
- g/t AuEq
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-05-06T00:00:00.000Z
Reasoning: Proven reserves in stockpiles provide a consistent source of material with a moderate gold grade.
Positive factors
- Proven reserve category indicates high confidence in the estimate.
- Stockpiles represent readily available material for processing.
Evidence · table
“1.15”
Context: 5,876
Tags used in scoring
Proven Reservepositive
Measured Resource with demonstrated economic viability after applying modifying factors.
Why it applies: category is "proven"
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
provenMorelos · silverTonnes: 5876000Grade: 3.5Grade Unit: g/tContained Metal: 669Contained Unit: kozView all detailsHide details
Identity
- Project
- Morelos
- Commodity
- silver
- Ticker
- TXG
Resource scope
- Estimate type
- reserve
- Effective date
- 2025-12-31T00:00:00.000Z
- Reporting standards
- other
- QP Signed
- Yes
- Qualified person names
- Johannes (Gertjan) Bekkers
- Resource group id
- resource:6ecfe00d577d1ec20219
- Deposit or zone
- Stockpiles
Resource Data
- Category
- proven
- Tonnes
- 5876000
- Grade
- 3.5
- Grade Unit
- g/t
- Contained Metal
- 669
- Contained Unit
- koz
Prior Estimate
- Resource Date
- 2025-12-31
Metal Equivalent
- Metal Eq. Grade
- 1.23
- Metal Eq. Unit
- g/t AuEq
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-05-06T00:00:00.000Z
Reasoning: Proven reserves in stockpiles include a minor amount of silver as a byproduct.
Positive factors
- Proven reserve category indicates high confidence in the estimate.
Evidence · table
“3.5”
Context: 5,876
Tags used in scoring
Proven Reservepositive
Measured Resource with demonstrated economic viability after applying modifying factors.
Why it applies: category is "proven"
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
provenMorelos · copperTonnes: 5876000Grade: 0.1Grade Unit: %Contained Metal: 13Contained Unit: mlbView all detailsHide details
Identity
- Project
- Morelos
- Commodity
- copper
- Ticker
- TXG
Resource scope
- Estimate type
- reserve
- Effective date
- 2025-12-31T00:00:00.000Z
- Reporting standards
- other
- QP Signed
- Yes
- Qualified person names
- Johannes (Gertjan) Bekkers
- Resource group id
- resource:6ecfe00d577d1ec20219
- Deposit or zone
- Stockpiles
Resource Data
- Category
- proven
- Tonnes
- 5876000
- Grade
- 0.1
- Grade Unit
- %
- Contained Metal
- 13
- Contained Unit
- mlb
Prior Estimate
- Resource Date
- 2025-12-31
Metal Equivalent
- Metal Eq. Grade
- 1.23
- Metal Eq. Unit
- g/t AuEq
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-05-06T00:00:00.000Z
Reasoning: Proven reserves in stockpiles include a minor amount of copper as a byproduct.
Positive factors
- Proven reserve category indicates high confidence in the estimate.
Evidence · table
“0.10”
Context: 5,876
Tags used in scoring
Proven Reservepositive
Measured Resource with demonstrated economic viability after applying modifying factors.
Why it applies: category is "proven"
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
measuredMorelos · goldTonnes: 9618000Grade: 3.03Grade Unit: g/tContained Metal: 936Contained Unit: kozView all detailsHide details
Identity
- Project
- Morelos
- Commodity
- gold
- Ticker
- TXG
Resource scope
- Estimate type
- resource
- Effective date
- 2025-12-31T00:00:00.000Z
- Reporting standards
- other
- QP Signed
- Yes
- Qualified person names
- Rochelle Collins
- Resource group id
- resource:60854a3eba1a46397627
- Deposit or zone
- Media Luna Underground
- Mining method
- underground
Resource Data
- Category
- measured
- Tonnes
- 9618000
- Grade
- 3.03
- Grade Unit
- g/t
- Contained Metal
- 936
- Contained Unit
- koz
- Cutoff Grade
- 2
- Cutoff Unit
- gpt AuEq
Prior Estimate
- Resource Date
- 2025-12-31
Metal Equivalent
- Metal Eq. Grade
- 4.88
- Metal Eq. Unit
- g/t AuEq
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-05-06T00:00:00.000Z
Reasoning: Measured resources at Media Luna Underground demonstrate high confidence and a strong gold grade, supporting future mine planning.
Positive factors
- Measured resource category indicates high geological confidence.
- High gold grade for an underground operation.
Evidence · table
“3.03”
Context: 9,618
Tags used in scoring
Measured Resourcepositive
Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves.
Why it applies: category is "measured"
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
measuredMorelos · silverTonnes: 9618000Grade: 28.2Grade Unit: g/tContained Metal: 8728Contained Unit: kozView all detailsHide details
Identity
- Project
- Morelos
- Commodity
- silver
- Ticker
- TXG
Resource scope
- Estimate type
- resource
- Effective date
- 2025-12-31T00:00:00.000Z
- Reporting standards
- other
- QP Signed
- Yes
- Qualified person names
- Rochelle Collins
- Resource group id
- resource:60854a3eba1a46397627
- Deposit or zone
- Media Luna Underground
- Mining method
- underground
Resource Data
- Category
- measured
- Tonnes
- 9618000
- Grade
- 28.2
- Grade Unit
- g/t
- Contained Metal
- 8728
- Contained Unit
- koz
- Cutoff Grade
- 2
- Cutoff Unit
- gpt AuEq
Prior Estimate
- Resource Date
- 2025-12-31
Metal Equivalent
- Metal Eq. Grade
- 4.88
- Metal Eq. Unit
- g/t AuEq
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-05-06T00:00:00.000Z
Reasoning: Measured resources at Media Luna Underground include a substantial amount of silver, adding to the project's economic value.
Positive factors
- Measured resource category indicates high geological confidence.
- Significant contained silver as a byproduct.
Evidence · table
“28.2”
Context: 9,618
Tags used in scoring
Measured Resourcepositive
Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves.
Why it applies: category is "measured"
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
measuredMorelos · copperTonnes: 9618000Grade: 0.92Grade Unit: %Contained Metal: 196Contained Unit: mlbView all detailsHide details
Identity
- Project
- Morelos
- Commodity
- copper
- Ticker
- TXG
Resource scope
- Estimate type
- resource
- Effective date
- 2025-12-31T00:00:00.000Z
- Reporting standards
- other
- QP Signed
- Yes
- Qualified person names
- Rochelle Collins
- Resource group id
- resource:60854a3eba1a46397627
- Deposit or zone
- Media Luna Underground
- Mining method
- underground
Resource Data
- Category
- measured
- Tonnes
- 9618000
- Grade
- 0.92
- Grade Unit
- %
- Contained Metal
- 196
- Contained Unit
- mlb
- Cutoff Grade
- 2
- Cutoff Unit
- gpt AuEq
Prior Estimate
- Resource Date
- 2025-12-31
Metal Equivalent
- Metal Eq. Grade
- 4.88
- Metal Eq. Unit
- g/t AuEq
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-05-06T00:00:00.000Z
Reasoning: Measured resources at Media Luna Underground include a strong copper grade, enhancing the project's polymetallic nature and economic potential.
Positive factors
- Measured resource category indicates high geological confidence.
- Strong copper grade for an underground operation.
Evidence · table
“0.92”
Context: 9,618
Tags used in scoring
Measured Resourcepositive
Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves.
Why it applies: category is "measured"
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
indicatedMorelos · goldTonnes: 24070000Grade: 2.33Grade Unit: g/tContained Metal: 1800Contained Unit: kozView all detailsHide details
Identity
- Project
- Morelos
- Commodity
- gold
- Ticker
- TXG
Resource scope
- Estimate type
- resource
- Effective date
- 2025-12-31T00:00:00.000Z
- Reporting standards
- other
- QP Signed
- Yes
- Qualified person names
- Rochelle Collins
- Resource group id
- resource:7bb94d3036debdf7cf41
- Deposit or zone
- Media Luna Underground
- Mining method
- underground
Resource Data
- Category
- indicated
- Tonnes
- 24070000
- Grade
- 2.33
- Grade Unit
- g/t
- Contained Metal
- 1800
- Contained Unit
- koz
- Cutoff Grade
- 2
- Cutoff Unit
- gpt AuEq
Prior Estimate
- Resource Date
- 2025-12-31
Metal Equivalent
- Metal Eq. Grade
- 4.03
- Metal Eq. Unit
- g/t AuEq
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-05-06T00:00:00.000Z
Reasoning: Indicated resources at Media Luna Underground contribute significantly to the project's gold inventory with good confidence.
Positive factors
- Indicated resource category indicates good geological confidence.
- Substantial contained gold ounces.
Evidence · table
“2.33”
Context: 24,070
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
indicatedMorelos · silverTonnes: 24070000Grade: 23.5Grade Unit: g/tContained Metal: 18165Contained Unit: kozView all detailsHide details
Identity
- Project
- Morelos
- Commodity
- silver
- Ticker
- TXG
Resource scope
- Estimate type
- resource
- Effective date
- 2025-12-31T00:00:00.000Z
- Reporting standards
- other
- QP Signed
- Yes
- Qualified person names
- Rochelle Collins
- Resource group id
- resource:7bb94d3036debdf7cf41
- Deposit or zone
- Media Luna Underground
- Mining method
- underground
Resource Data
- Category
- indicated
- Tonnes
- 24070000
- Grade
- 23.5
- Grade Unit
- g/t
- Contained Metal
- 18165
- Contained Unit
- koz
- Cutoff Grade
- 2
- Cutoff Unit
- gpt AuEq
Prior Estimate
- Resource Date
- 2025-12-31
Metal Equivalent
- Metal Eq. Grade
- 4.03
- Metal Eq. Unit
- g/t AuEq
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-05-06T00:00:00.000Z
Reasoning: Indicated resources at Media Luna Underground include a large amount of silver, enhancing the project's overall value.
Positive factors
- Indicated resource category indicates good geological confidence.
- Significant contained silver as a byproduct.
Evidence · table
“23.5”
Context: 24,070
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
indicatedMorelos · copperTonnes: 24070000Grade: 0.87Grade Unit: %Contained Metal: 461Contained Unit: mlbView all detailsHide details
Identity
- Project
- Morelos
- Commodity
- copper
- Ticker
- TXG
Resource scope
- Estimate type
- resource
- Effective date
- 2025-12-31T00:00:00.000Z
- Reporting standards
- other
- QP Signed
- Yes
- Qualified person names
- Rochelle Collins
- Resource group id
- resource:7bb94d3036debdf7cf41
- Deposit or zone
- Media Luna Underground
- Mining method
- underground
Resource Data
- Category
- indicated
- Tonnes
- 24070000
- Grade
- 0.87
- Grade Unit
- %
- Contained Metal
- 461
- Contained Unit
- mlb
- Cutoff Grade
- 2
- Cutoff Unit
- gpt AuEq
Prior Estimate
- Resource Date
- 2025-12-31
Metal Equivalent
- Metal Eq. Grade
- 4.03
- Metal Eq. Unit
- g/t AuEq
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-05-06T00:00:00.000Z
Reasoning: Indicated resources at Media Luna Underground include a strong copper grade, adding to the project's economic potential.
Positive factors
- Indicated resource category indicates good geological confidence.
- Strong copper grade contributing to polymetallic value.
Evidence · table
“0.87”
Context: 24,070
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
inferredMorelos · goldTonnes: 8211000Grade: 2.26Grade Unit: g/tContained Metal: 596Contained Unit: kozView all detailsHide details
Identity
- Project
- Morelos
- Commodity
- gold
- Ticker
- TXG
Resource scope
- Estimate type
- resource
- Effective date
- 2025-12-31T00:00:00.000Z
- Reporting standards
- other
- QP Signed
- Yes
- Qualified person names
- Rochelle Collins
- Resource group id
- resource:5d80c63f6f7562dfd269
- Deposit or zone
- Media Luna Underground
- Mining method
- underground
Resource Data
- Category
- inferred
- Tonnes
- 8211000
- Grade
- 2.26
- Grade Unit
- g/t
- Contained Metal
- 596
- Contained Unit
- koz
- Cutoff Grade
- 2
- Cutoff Unit
- gpt AuEq
Prior Estimate
- Resource Date
- 2025-12-31
Metal Equivalent
- Metal Eq. Grade
- 3.86
- Metal Eq. Unit
- g/t AuEq
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-05-06T00:00:00.000Z
Reasoning: Inferred resources at Media Luna Underground provide upside potential, though with lower geological confidence.
Positive factors
- Inferred resources represent potential for future conversion to higher confidence categories.
Negative factors
- Inferred category has lower geological confidence.
Evidence · table
“2.26”
Context: 8,211
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
inferredMorelos · silverTonnes: 8211000Grade: 19.3Grade Unit: g/tContained Metal: 5087Contained Unit: kozView all detailsHide details
Identity
- Project
- Morelos
- Commodity
- silver
- Ticker
- TXG
Resource scope
- Estimate type
- resource
- Effective date
- 2025-12-31T00:00:00.000Z
- Reporting standards
- other
- QP Signed
- Yes
- Qualified person names
- Rochelle Collins
- Resource group id
- resource:5d80c63f6f7562dfd269
- Deposit or zone
- Media Luna Underground
- Mining method
- underground
Resource Data
- Category
- inferred
- Tonnes
- 8211000
- Grade
- 19.3
- Grade Unit
- g/t
- Contained Metal
- 5087
- Contained Unit
- koz
- Cutoff Grade
- 2
- Cutoff Unit
- gpt AuEq
Prior Estimate
- Resource Date
- 2025-12-31
Metal Equivalent
- Metal Eq. Grade
- 3.86
- Metal Eq. Unit
- g/t AuEq
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-05-06T00:00:00.000Z
Reasoning: Inferred resources at Media Luna Underground include silver, adding to the potential polymetallic value.
Positive factors
- Inferred resources represent potential for future conversion to higher confidence categories.
Negative factors
- Inferred category has lower geological confidence.
Evidence · table
“19.3”
Context: 8,211
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
inferredMorelos · copperTonnes: 8211000Grade: 0.84Grade Unit: %Contained Metal: 152Contained Unit: mlbView all detailsHide details
Identity
- Project
- Morelos
- Commodity
- copper
- Ticker
- TXG
Resource scope
- Estimate type
- resource
- Effective date
- 2025-12-31T00:00:00.000Z
- Reporting standards
- other
- QP Signed
- Yes
- Qualified person names
- Rochelle Collins
- Resource group id
- resource:5d80c63f6f7562dfd269
- Deposit or zone
- Media Luna Underground
- Mining method
- underground
Resource Data
- Category
- inferred
- Tonnes
- 8211000
- Grade
- 0.84
- Grade Unit
- %
- Contained Metal
- 152
- Contained Unit
- mlb
- Cutoff Grade
- 2
- Cutoff Unit
- gpt AuEq
Prior Estimate
- Resource Date
- 2025-12-31
Metal Equivalent
- Metal Eq. Grade
- 3.86
- Metal Eq. Unit
- g/t AuEq
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-05-06T00:00:00.000Z
Reasoning: Inferred resources at Media Luna Underground include copper, adding to the potential polymetallic value.
Positive factors
- Inferred resources represent potential for future conversion to higher confidence categories.
Negative factors
- Inferred category has lower geological confidence.
Evidence · table
“0.84”
Context: 8,211
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
indicatedMorelos · goldTonnes: 7598000Grade: 2.13Grade Unit: g/tContained Metal: 520Contained Unit: kozView all detailsHide details
Identity
- Project
- Morelos
- Commodity
- gold
- Ticker
- TXG
Resource scope
- Estimate type
- resource
- Effective date
- 2025-12-31T00:00:00.000Z
- Reporting standards
- other
- QP Signed
- Yes
- Qualified person names
- Rochelle Collins
- Resource group id
- resource:a364551097cf78e42948
- Deposit or zone
- Media Luna North Underground
- Mining method
- underground
Resource Data
- Category
- indicated
- Tonnes
- 7598000
- Grade
- 2.13
- Grade Unit
- g/t
- Contained Metal
- 520
- Contained Unit
- koz
- Cutoff Grade
- 2
- Cutoff Unit
- gpt AuEq
Prior Estimate
- Resource Date
- 2025-12-31
Metal Equivalent
- Metal Eq. Grade
- 4.28
- Metal Eq. Unit
- g/t AuEq
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-05-06T00:00:00.000Z
Reasoning: Indicated resources at Media Luna North Underground contribute significantly to the project's gold inventory with good confidence.
Positive factors
- Indicated resource category indicates good geological confidence.
- Substantial contained gold ounces.
Evidence · table
“2.13”
Context: 7,598
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
indicatedMorelos · silverTonnes: 7598000Grade: 26.8Grade Unit: g/tContained Metal: 6537Contained Unit: kozView all detailsHide details
Identity
- Project
- Morelos
- Commodity
- silver
- Ticker
- TXG
Resource scope
- Estimate type
- resource
- Effective date
- 2025-12-31T00:00:00.000Z
- Reporting standards
- other
- QP Signed
- Yes
- Qualified person names
- Rochelle Collins
- Resource group id
- resource:a364551097cf78e42948
- Deposit or zone
- Media Luna North Underground
- Mining method
- underground
Resource Data
- Category
- indicated
- Tonnes
- 7598000
- Grade
- 26.8
- Grade Unit
- g/t
- Contained Metal
- 6537
- Contained Unit
- koz
- Cutoff Grade
- 2
- Cutoff Unit
- gpt AuEq
Prior Estimate
- Resource Date
- 2025-12-31
Metal Equivalent
- Metal Eq. Grade
- 4.28
- Metal Eq. Unit
- g/t AuEq
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-05-06T00:00:00.000Z
Reasoning: Indicated resources at Media Luna North Underground include a large amount of silver, enhancing the project's overall value.
Positive factors
- Indicated resource category indicates good geological confidence.
- Significant contained silver as a byproduct.
Evidence · table
“26.8”
Context: 7,598
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
indicatedMorelos · copperTonnes: 7598000Grade: 1.11Grade Unit: %Contained Metal: 187Contained Unit: mlbView all detailsHide details
Identity
- Project
- Morelos
- Commodity
- copper
- Ticker
- TXG
Resource scope
- Estimate type
- resource
- Effective date
- 2025-12-31T00:00:00.000Z
- Reporting standards
- other
- QP Signed
- Yes
- Qualified person names
- Rochelle Collins
- Resource group id
- resource:a364551097cf78e42948
- Deposit or zone
- Media Luna North Underground
- Mining method
- underground
Resource Data
- Category
- indicated
- Tonnes
- 7598000
- Grade
- 1.11
- Grade Unit
- %
- Contained Metal
- 187
- Contained Unit
- mlb
- Cutoff Grade
- 2
- Cutoff Unit
- gpt AuEq
Prior Estimate
- Resource Date
- 2025-12-31
Metal Equivalent
- Metal Eq. Grade
- 4.28
- Metal Eq. Unit
- g/t AuEq
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-05-06T00:00:00.000Z
Reasoning: Indicated resources at Media Luna North Underground include a strong copper grade, adding to the project's economic potential.
Positive factors
- Indicated resource category indicates good geological confidence.
- Strong copper grade contributing to polymetallic value.
Evidence · table
“1.11”
Context: 7,598
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
inferredMorelos · goldTonnes: 9687000Grade: 1.78Grade Unit: g/tContained Metal: 554Contained Unit: kozView all detailsHide details
Identity
- Project
- Morelos
- Commodity
- gold
- Ticker
- TXG
Resource scope
- Estimate type
- resource
- Effective date
- 2025-12-31T00:00:00.000Z
- Reporting standards
- other
- QP Signed
- Yes
- Qualified person names
- Rochelle Collins
- Resource group id
- resource:cf36d8bd8ed5f51b8a6b
- Deposit or zone
- Media Luna North Underground
- Mining method
- underground
Resource Data
- Category
- inferred
- Tonnes
- 9687000
- Grade
- 1.78
- Grade Unit
- g/t
- Contained Metal
- 554
- Contained Unit
- koz
- Cutoff Grade
- 2
- Cutoff Unit
- gpt AuEq
Prior Estimate
- Resource Date
- 2025-12-31
Metal Equivalent
- Metal Eq. Grade
- 3.94
- Metal Eq. Unit
- g/t AuEq
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-05-06T00:00:00.000Z
Reasoning: Inferred resources at Media Luna North Underground provide upside potential, though with lower geological confidence.
Positive factors
- Inferred resources represent potential for future conversion to higher confidence categories.
Negative factors
- Inferred category has lower geological confidence.
Evidence · table
“1.78”
Context: 9,687
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
inferredMorelos · silverTonnes: 9687000Grade: 31.9Grade Unit: g/tContained Metal: 9936Contained Unit: kozView all detailsHide details
Identity
- Project
- Morelos
- Commodity
- silver
- Ticker
- TXG
Resource scope
- Estimate type
- resource
- Effective date
- 2025-12-31T00:00:00.000Z
- Reporting standards
- other
- QP Signed
- Yes
- Qualified person names
- Rochelle Collins
- Resource group id
- resource:cf36d8bd8ed5f51b8a6b
- Deposit or zone
- Media Luna North Underground
- Mining method
- underground
Resource Data
- Category
- inferred
- Tonnes
- 9687000
- Grade
- 31.9
- Grade Unit
- g/t
- Contained Metal
- 9936
- Contained Unit
- koz
- Cutoff Grade
- 2
- Cutoff Unit
- gpt AuEq
Prior Estimate
- Resource Date
- 2025-12-31
Metal Equivalent
- Metal Eq. Grade
- 3.94
- Metal Eq. Unit
- g/t AuEq
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-05-06T00:00:00.000Z
Reasoning: Inferred resources at Media Luna North Underground include silver, adding to the potential polymetallic value.
Positive factors
- Inferred resources represent potential for future conversion to higher confidence categories.
Negative factors
- Inferred category has lower geological confidence.
Evidence · table
“31.9”
Context: 9,687
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
inferredMorelos · copperTonnes: 9687000Grade: 1.08Grade Unit: %Contained Metal: 230Contained Unit: mlbView all detailsHide details
Identity
- Project
- Morelos
- Commodity
- copper
- Ticker
- TXG
Resource scope
- Estimate type
- resource
- Effective date
- 2025-12-31T00:00:00.000Z
- Reporting standards
- other
- QP Signed
- Yes
- Qualified person names
- Rochelle Collins
- Resource group id
- resource:cf36d8bd8ed5f51b8a6b
- Deposit or zone
- Media Luna North Underground
- Mining method
- underground
Resource Data
- Category
- inferred
- Tonnes
- 9687000
- Grade
- 1.08
- Grade Unit
- %
- Contained Metal
- 230
- Contained Unit
- mlb
- Cutoff Grade
- 2
- Cutoff Unit
- gpt AuEq
Prior Estimate
- Resource Date
- 2025-12-31
Metal Equivalent
- Metal Eq. Grade
- 3.94
- Metal Eq. Unit
- g/t AuEq
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-05-06T00:00:00.000Z
Reasoning: Inferred resources at Media Luna North Underground include copper, adding to the potential polymetallic value.
Positive factors
- Inferred resources represent potential for future conversion to higher confidence categories.
Negative factors
- Inferred category has lower geological confidence.
Evidence · table
“1.08”
Context: 9,687
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
inferredMorelos · goldTonnes: 3079000Grade: 4.49Grade Unit: g/tContained Metal: 445Contained Unit: kozView all detailsHide details
Identity
- Project
- Morelos
- Commodity
- gold
- Ticker
- TXG
Resource scope
- Estimate type
- resource
- Effective date
- 2025-12-31T00:00:00.000Z
- Reporting standards
- other
- QP Signed
- Yes
- Qualified person names
- Rochelle Collins
- Resource group id
- resource:6a0cc99469fc7a94e3cd
- Deposit or zone
- Media Luna West Underground
- Mining method
- underground
Resource Data
- Category
- inferred
- Tonnes
- 3079000
- Grade
- 4.49
- Grade Unit
- g/t
- Contained Metal
- 445
- Contained Unit
- koz
- Cutoff Grade
- 2.1
- Cutoff Unit
- gpt AuEq
Prior Estimate
- Resource Date
- 2025-12-31
Metal Equivalent
- Metal Eq. Grade
- 5.11
- Metal Eq. Unit
- g/t AuEq
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-05-06T00:00:00.000Z
Reasoning: The inaugural Inferred Resource at Media Luna West Underground shows a high gold grade, representing new discovery potential for the project.
Positive factors
- Inaugural Inferred Resource indicates new discovery potential.
- High gold grade for an underground operation.
Negative factors
- Inferred category has lower geological confidence.
Evidence · table
“4.49”
Context: 3,079
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
inferredMorelos · silverTonnes: 3079000Grade: 8.6Grade Unit: g/tContained Metal: 848Contained Unit: kozView all detailsHide details
Identity
- Project
- Morelos
- Commodity
- silver
- Ticker
- TXG
Resource scope
- Estimate type
- resource
- Effective date
- 2025-12-31T00:00:00.000Z
- Reporting standards
- other
- QP Signed
- Yes
- Qualified person names
- Rochelle Collins
- Resource group id
- resource:6a0cc99469fc7a94e3cd
- Deposit or zone
- Media Luna West Underground
- Mining method
- underground
Resource Data
- Category
- inferred
- Tonnes
- 3079000
- Grade
- 8.6
- Grade Unit
- g/t
- Contained Metal
- 848
- Contained Unit
- koz
- Cutoff Grade
- 2.1
- Cutoff Unit
- gpt AuEq
Prior Estimate
- Resource Date
- 2025-12-31
Metal Equivalent
- Metal Eq. Grade
- 5.11
- Metal Eq. Unit
- g/t AuEq
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-05-06T00:00:00.000Z
Reasoning: The inaugural Inferred Resource at Media Luna West Underground includes silver, adding to the potential polymetallic value.
Positive factors
- Inaugural Inferred Resource indicates new discovery potential.
Negative factors
- Inferred category has lower geological confidence.
Evidence · table
“8.6”
Context: 3,079
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
inferredMorelos · copperTonnes: 3079000Grade: 0.35Grade Unit: %Contained Metal: 23Contained Unit: mlbView all detailsHide details
Identity
- Project
- Morelos
- Commodity
- copper
- Ticker
- TXG
Resource scope
- Estimate type
- resource
- Effective date
- 2025-12-31T00:00:00.000Z
- Reporting standards
- other
- QP Signed
- Yes
- Qualified person names
- Rochelle Collins
- Resource group id
- resource:6a0cc99469fc7a94e3cd
- Deposit or zone
- Media Luna West Underground
- Mining method
- underground
Resource Data
- Category
- inferred
- Tonnes
- 3079000
- Grade
- 0.35
- Grade Unit
- %
- Contained Metal
- 23
- Contained Unit
- mlb
- Cutoff Grade
- 2.1
- Cutoff Unit
- gpt AuEq
Prior Estimate
- Resource Date
- 2025-12-31
Metal Equivalent
- Metal Eq. Grade
- 5.11
- Metal Eq. Unit
- g/t AuEq
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-05-06T00:00:00.000Z
Reasoning: The inaugural Inferred Resource at Media Luna West Underground includes copper, adding to the potential polymetallic value.
Positive factors
- Inaugural Inferred Resource indicates new discovery potential.
Negative factors
- Inferred category has lower geological confidence.
Evidence · table
“0.35”
Context: 3,079
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
measuredMorelos · goldTonnes: 3974000Grade: 4.01Grade Unit: g/tContained Metal: 512Contained Unit: kozView all detailsHide details
Identity
- Project
- Morelos
- Commodity
- gold
- Ticker
- TXG
Resource scope
- Estimate type
- resource
- Effective date
- 2025-12-31T00:00:00.000Z
- Reporting standards
- other
- QP Signed
- Yes
- Qualified person names
- Rochelle Collins
- Resource group id
- resource:22aa1d3b2702f9da286c
- Deposit or zone
- ELG Underground
- Mining method
- underground
Resource Data
- Category
- measured
- Tonnes
- 3974000
- Grade
- 4.01
- Grade Unit
- g/t
- Contained Metal
- 512
- Contained Unit
- koz
- Cutoff Grade
- 2.2
- Cutoff Unit
- gpt AuEq
Prior Estimate
- Resource Date
- 2025-12-31
Metal Equivalent
- Metal Eq. Grade
- 4.5
- Metal Eq. Unit
- g/t AuEq
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-05-06T00:00:00.000Z
Reasoning: Measured resources at ELG Underground demonstrate high confidence and a strong gold grade, supporting future mine planning.
Positive factors
- Measured resource category indicates high geological confidence.
- High gold grade for an underground operation.
Evidence · table
“4.01”
Context: 3,974
Tags used in scoring
Measured Resourcepositive
Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves.
Why it applies: category is "measured"
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
measuredMorelos · silverTonnes: 3974000Grade: 6.1Grade Unit: g/tContained Metal: 775Contained Unit: kozView all detailsHide details
Identity
- Project
- Morelos
- Commodity
- silver
- Ticker
- TXG
Resource scope
- Estimate type
- resource
- Effective date
- 2025-12-31T00:00:00.000Z
- Reporting standards
- other
- QP Signed
- Yes
- Qualified person names
- Rochelle Collins
- Resource group id
- resource:22aa1d3b2702f9da286c
- Deposit or zone
- ELG Underground
- Mining method
- underground
Resource Data
- Category
- measured
- Tonnes
- 3974000
- Grade
- 6.1
- Grade Unit
- g/t
- Contained Metal
- 775
- Contained Unit
- koz
- Cutoff Grade
- 2.2
- Cutoff Unit
- gpt AuEq
Prior Estimate
- Resource Date
- 2025-12-31
Metal Equivalent
- Metal Eq. Grade
- 4.5
- Metal Eq. Unit
- g/t AuEq
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-05-06T00:00:00.000Z
Reasoning: Measured resources at ELG Underground include a minor amount of silver as a byproduct.
Positive factors
- Measured resource category indicates high geological confidence.
Evidence · table
“6.1”
Context: 3,974
Tags used in scoring
Measured Resourcepositive
Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves.
Why it applies: category is "measured"
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
measuredMorelos · copperTonnes: 3974000Grade: 0.26Grade Unit: %Contained Metal: 22Contained Unit: mlbView all detailsHide details
Identity
- Project
- Morelos
- Commodity
- copper
- Ticker
- TXG
Resource scope
- Estimate type
- resource
- Effective date
- 2025-12-31T00:00:00.000Z
- Reporting standards
- other
- QP Signed
- Yes
- Qualified person names
- Rochelle Collins
- Resource group id
- resource:22aa1d3b2702f9da286c
- Deposit or zone
- ELG Underground
- Mining method
- underground
Resource Data
- Category
- measured
- Tonnes
- 3974000
- Grade
- 0.26
- Grade Unit
- %
- Contained Metal
- 22
- Contained Unit
- mlb
- Cutoff Grade
- 2.2
- Cutoff Unit
- gpt AuEq
Prior Estimate
- Resource Date
- 2025-12-31
Metal Equivalent
- Metal Eq. Grade
- 4.5
- Metal Eq. Unit
- g/t AuEq
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-05-06T00:00:00.000Z
Reasoning: Measured resources at ELG Underground include a minor amount of copper, contributing to the polymetallic nature.
Positive factors
- Measured resource category indicates high geological confidence.
Evidence · table
“0.26”
Context: 3,974
Tags used in scoring
Measured Resourcepositive
Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves.
Why it applies: category is "measured"
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
indicatedMorelos · goldTonnes: 7364000Grade: 3.57Grade Unit: g/tContained Metal: 845Contained Unit: kozView all detailsHide details
Identity
- Project
- Morelos
- Commodity
- gold
- Ticker
- TXG
Resource scope
- Estimate type
- resource
- Effective date
- 2025-12-31T00:00:00.000Z
- Reporting standards
- other
- QP Signed
- Yes
- Qualified person names
- Rochelle Collins
- Resource group id
- resource:9d84090ceee5d1ea67b8
- Deposit or zone
- ELG Underground
- Mining method
- underground
Resource Data
- Category
- indicated
- Tonnes
- 7364000
- Grade
- 3.57
- Grade Unit
- g/t
- Contained Metal
- 845
- Contained Unit
- koz
- Cutoff Grade
- 2.2
- Cutoff Unit
- gpt AuEq
Prior Estimate
- Resource Date
- 2025-12-31
Metal Equivalent
- Metal Eq. Grade
- 4.03
- Metal Eq. Unit
- g/t AuEq
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-05-06T00:00:00.000Z
Reasoning: Indicated resources at ELG Underground contribute significantly to the project's gold inventory with good confidence.
Positive factors
- Indicated resource category indicates good geological confidence.
- Strong gold grade for an underground operation.
Evidence · table
“3.57”
Context: 7,364
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
indicatedMorelos · silverTonnes: 7364000Grade: 6Grade Unit: g/tContained Metal: 1427Contained Unit: kozView all detailsHide details
Identity
- Project
- Morelos
- Commodity
- silver
- Ticker
- TXG
Resource scope
- Estimate type
- resource
- Effective date
- 2025-12-31T00:00:00.000Z
- Reporting standards
- other
- QP Signed
- Yes
- Qualified person names
- Rochelle Collins
- Resource group id
- resource:9d84090ceee5d1ea67b8
- Deposit or zone
- ELG Underground
- Mining method
- underground
Resource Data
- Category
- indicated
- Tonnes
- 7364000
- Grade
- 6
- Grade Unit
- g/t
- Contained Metal
- 1427
- Contained Unit
- koz
- Cutoff Grade
- 2.2
- Cutoff Unit
- gpt AuEq
Prior Estimate
- Resource Date
- 2025-12-31
Metal Equivalent
- Metal Eq. Grade
- 4.03
- Metal Eq. Unit
- g/t AuEq
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-05-06T00:00:00.000Z
Reasoning: Indicated resources at ELG Underground include a minor amount of silver as a byproduct.
Positive factors
- Indicated resource category indicates good geological confidence.
Evidence · table
“6.0”
Context: 7,364
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
indicatedMorelos · copperTonnes: 7364000Grade: 0.24Grade Unit: %Contained Metal: 39Contained Unit: mlbView all detailsHide details
Identity
- Project
- Morelos
- Commodity
- copper
- Ticker
- TXG
Resource scope
- Estimate type
- resource
- Effective date
- 2025-12-31T00:00:00.000Z
- Reporting standards
- other
- QP Signed
- Yes
- Qualified person names
- Rochelle Collins
- Resource group id
- resource:9d84090ceee5d1ea67b8
- Deposit or zone
- ELG Underground
- Mining method
- underground
Resource Data
- Category
- indicated
- Tonnes
- 7364000
- Grade
- 0.24
- Grade Unit
- %
- Contained Metal
- 39
- Contained Unit
- mlb
- Cutoff Grade
- 2.2
- Cutoff Unit
- gpt AuEq
Prior Estimate
- Resource Date
- 2025-12-31
Metal Equivalent
- Metal Eq. Grade
- 4.03
- Metal Eq. Unit
- g/t AuEq
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-05-06T00:00:00.000Z
Reasoning: Indicated resources at ELG Underground include a minor amount of copper, contributing to the polymetallic nature.
Positive factors
- Indicated resource category indicates good geological confidence.
Evidence · table
“0.24”
Context: 7,364
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
inferredMorelos · goldTonnes: 1074000Grade: 3.92Grade Unit: g/tContained Metal: 135Contained Unit: kozView all detailsHide details
Identity
- Project
- Morelos
- Commodity
- gold
- Ticker
- TXG
Resource scope
- Estimate type
- resource
- Effective date
- 2025-12-31T00:00:00.000Z
- Reporting standards
- other
- QP Signed
- Yes
- Qualified person names
- Rochelle Collins
- Resource group id
- resource:bb2c5cfe5aa20fbe4a25
- Deposit or zone
- ELG Underground
- Mining method
- underground
Resource Data
- Category
- inferred
- Tonnes
- 1074000
- Grade
- 3.92
- Grade Unit
- g/t
- Contained Metal
- 135
- Contained Unit
- koz
- Cutoff Grade
- 2.2
- Cutoff Unit
- gpt AuEq
Prior Estimate
- Resource Date
- 2025-12-31
Metal Equivalent
- Metal Eq. Grade
- 4.46
- Metal Eq. Unit
- g/t AuEq
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-05-06T00:00:00.000Z
Reasoning: Inferred resources at ELG Underground provide upside potential with a high gold grade, though with lower geological confidence.
Positive factors
- Inferred resources represent potential for future conversion to higher confidence categories.
- High gold grade for an underground operation.
Negative factors
- Inferred category has lower geological confidence.
Evidence · table
“3.92”
Context: 1,074
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
inferredMorelos · silverTonnes: 1074000Grade: 6.4Grade Unit: g/tContained Metal: 220Contained Unit: kozView all detailsHide details
Identity
- Project
- Morelos
- Commodity
- silver
- Ticker
- TXG
Resource scope
- Estimate type
- resource
- Effective date
- 2025-12-31T00:00:00.000Z
- Reporting standards
- other
- QP Signed
- Yes
- Qualified person names
- Rochelle Collins
- Resource group id
- resource:bb2c5cfe5aa20fbe4a25
- Deposit or zone
- ELG Underground
- Mining method
- underground
Resource Data
- Category
- inferred
- Tonnes
- 1074000
- Grade
- 6.4
- Grade Unit
- g/t
- Contained Metal
- 220
- Contained Unit
- koz
- Cutoff Grade
- 2.2
- Cutoff Unit
- gpt AuEq
Prior Estimate
- Resource Date
- 2025-12-31
Metal Equivalent
- Metal Eq. Grade
- 4.46
- Metal Eq. Unit
- g/t AuEq
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-05-06T00:00:00.000Z
Reasoning: Inferred resources at ELG Underground include silver, adding to the potential polymetallic value.
Positive factors
- Inferred resources represent potential for future conversion to higher confidence categories.
Negative factors
- Inferred category has lower geological confidence.
Evidence · table
“6.4”
Context: 1,074
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
inferredMorelos · copperTonnes: 1074000Grade: 0.29Grade Unit: %Contained Metal: 7Contained Unit: mlbView all detailsHide details
Identity
- Project
- Morelos
- Commodity
- copper
- Ticker
- TXG
Resource scope
- Estimate type
- resource
- Effective date
- 2025-12-31T00:00:00.000Z
- Reporting standards
- other
- QP Signed
- Yes
- Qualified person names
- Rochelle Collins
- Resource group id
- resource:bb2c5cfe5aa20fbe4a25
- Deposit or zone
- ELG Underground
- Mining method
- underground
Resource Data
- Category
- inferred
- Tonnes
- 1074000
- Grade
- 0.29
- Grade Unit
- %
- Contained Metal
- 7
- Contained Unit
- mlb
- Cutoff Grade
- 2.2
- Cutoff Unit
- gpt AuEq
Prior Estimate
- Resource Date
- 2025-12-31
Metal Equivalent
- Metal Eq. Grade
- 4.46
- Metal Eq. Unit
- g/t AuEq
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-05-06T00:00:00.000Z
Reasoning: Inferred resources at ELG Underground include copper, adding to the potential polymetallic value.
Positive factors
- Inferred resources represent potential for future conversion to higher confidence categories.
Negative factors
- Inferred category has lower geological confidence.
Evidence · table
“0.29”
Context: 1,074
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
indicatedMorelos · goldTonnes: 523000Grade: 3.54Grade Unit: g/tContained Metal: 59Contained Unit: kozView all detailsHide details
Identity
- Project
- Morelos
- Commodity
- gold
- Ticker
- TXG
Resource scope
- Estimate type
- resource
- Effective date
- 2025-12-31T00:00:00.000Z
- Reporting standards
- other
- QP Signed
- Yes
- Qualified person names
- Rochelle Collins
- Resource group id
- resource:630dbaa2352f00b7b71d
- Deposit or zone
- Open Pit
- Mining method
- open_pit
Resource Data
- Category
- indicated
- Tonnes
- 523000
- Grade
- 3.54
- Grade Unit
- g/t
- Contained Metal
- 59
- Contained Unit
- koz
- Cutoff Grade
- 0.78
- Cutoff Unit
- gpt Au
Prior Estimate
- Resource Date
- 2025-12-31
Metal Equivalent
- Metal Eq. Grade
- 3.72
- Metal Eq. Unit
- g/t AuEq
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-05-06T00:00:00.000Z
Reasoning: Indicated resources at ELG Open Pit contribute to the overall resource base with a high gold grade and good confidence.
Positive factors
- Indicated resource category indicates good geological confidence.
- High gold grade for an open pit operation.
Evidence · table
“3.54”
Context: 523
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
indicatedMorelos · silverTonnes: 523000Grade: 14.4Grade Unit: g/tContained Metal: 241Contained Unit: kozView all detailsHide details
Identity
- Project
- Morelos
- Commodity
- silver
- Ticker
- TXG
Resource scope
- Estimate type
- resource
- Effective date
- 2025-12-31T00:00:00.000Z
- Reporting standards
- other
- QP Signed
- Yes
- Qualified person names
- Rochelle Collins
- Resource group id
- resource:630dbaa2352f00b7b71d
- Deposit or zone
- Open Pit
- Mining method
- open_pit
Resource Data
- Category
- indicated
- Tonnes
- 523000
- Grade
- 14.4
- Grade Unit
- g/t
- Contained Metal
- 241
- Contained Unit
- koz
- Cutoff Grade
- 0.78
- Cutoff Unit
- gpt Au
Prior Estimate
- Resource Date
- 2025-12-31
Metal Equivalent
- Metal Eq. Grade
- 3.72
- Metal Eq. Unit
- g/t AuEq
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-05-06T00:00:00.000Z
Reasoning: Indicated resources at ELG Open Pit include a moderate amount of silver as a byproduct.
Positive factors
- Indicated resource category indicates good geological confidence.
Evidence · table
“14.4”
Context: 523
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
indicatedMorelos · copperTonnes: 523000Grade: 0.45Grade Unit: %Contained Metal: 5Contained Unit: mlbView all detailsHide details
Identity
- Project
- Morelos
- Commodity
- copper
- Ticker
- TXG
Resource scope
- Estimate type
- resource
- Effective date
- 2025-12-31T00:00:00.000Z
- Reporting standards
- other
- QP Signed
- Yes
- Qualified person names
- Rochelle Collins
- Resource group id
- resource:630dbaa2352f00b7b71d
- Deposit or zone
- Open Pit
- Mining method
- open_pit
Resource Data
- Category
- indicated
- Tonnes
- 523000
- Grade
- 0.45
- Grade Unit
- %
- Contained Metal
- 5
- Contained Unit
- mlb
- Cutoff Grade
- 0.78
- Cutoff Unit
- gpt Au
Prior Estimate
- Resource Date
- 2025-12-31
Metal Equivalent
- Metal Eq. Grade
- 3.72
- Metal Eq. Unit
- g/t AuEq
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-05-06T00:00:00.000Z
Reasoning: Indicated resources at ELG Open Pit include a minor amount of copper, contributing to the polymetallic nature.
Positive factors
- Indicated resource category indicates good geological confidence.
Evidence · table
“0.45”
Context: 523
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
inferredMorelos · goldTonnes: 6000Grade: 3.56Grade Unit: g/tContained Metal: 1Contained Unit: kozView all detailsHide details
Identity
- Project
- Morelos
- Commodity
- gold
- Ticker
- TXG
Resource scope
- Estimate type
- resource
- Effective date
- 2025-12-31T00:00:00.000Z
- Reporting standards
- other
- QP Signed
- Yes
- Qualified person names
- Rochelle Collins
- Resource group id
- resource:f015370f42624e2c30fe
- Deposit or zone
- Open Pit
- Mining method
- open_pit
Resource Data
- Category
- inferred
- Tonnes
- 6000
- Grade
- 3.56
- Grade Unit
- g/t
- Contained Metal
- 1
- Contained Unit
- koz
- Cutoff Grade
- 0.78
- Cutoff Unit
- gpt Au
Prior Estimate
- Resource Date
- 2025-12-31
Metal Equivalent
- Metal Eq. Grade
- 3.7
- Metal Eq. Unit
- g/t AuEq
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-05-06T00:00:00.000Z
Reasoning: Inferred resources at ELG Open Pit provide minor upside potential, though with lower geological confidence.
Positive factors
- Inferred resources represent potential for future conversion to higher confidence categories.
Negative factors
- Inferred category has lower geological confidence.
Evidence · table
“3.56”
Context: 6
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
inferredMorelos · silverTonnes: 6000Grade: 5.9Grade Unit: g/tContained Metal: 1Contained Unit: kozView all detailsHide details
Identity
- Project
- Morelos
- Commodity
- silver
- Ticker
- TXG
Resource scope
- Estimate type
- resource
- Effective date
- 2025-12-31T00:00:00.000Z
- Reporting standards
- other
- QP Signed
- Yes
- Qualified person names
- Rochelle Collins
- Resource group id
- resource:f015370f42624e2c30fe
- Deposit or zone
- Open Pit
- Mining method
- open_pit
Resource Data
- Category
- inferred
- Tonnes
- 6000
- Grade
- 5.9
- Grade Unit
- g/t
- Contained Metal
- 1
- Contained Unit
- koz
- Cutoff Grade
- 0.78
- Cutoff Unit
- gpt Au
Prior Estimate
- Resource Date
- 2025-12-31
Metal Equivalent
- Metal Eq. Grade
- 3.7
- Metal Eq. Unit
- g/t AuEq
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-05-06T00:00:00.000Z
Reasoning: Inferred resources at ELG Open Pit include minor silver, adding to the potential polymetallic value.
Positive factors
- Inferred resources represent potential for future conversion to higher confidence categories.
Negative factors
- Inferred category has lower geological confidence.
Evidence · table
“5.9”
Context: 6
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
inferredMorelos · copperTonnes: 6000Grade: 0.45Grade Unit: %Contained Metal: 0Contained Unit: mlbView all detailsHide details
Identity
- Project
- Morelos
- Commodity
- copper
- Ticker
- TXG
Resource scope
- Estimate type
- resource
- Effective date
- 2025-12-31T00:00:00.000Z
- Reporting standards
- other
- QP Signed
- Yes
- Qualified person names
- Rochelle Collins
- Resource group id
- resource:f015370f42624e2c30fe
- Deposit or zone
- Open Pit
- Mining method
- open_pit
Resource Data
- Category
- inferred
- Tonnes
- 6000
- Grade
- 0.45
- Grade Unit
- %
- Contained Metal
- 0
- Contained Unit
- mlb
- Cutoff Grade
- 0.78
- Cutoff Unit
- gpt Au
Prior Estimate
- Resource Date
- 2025-12-31
Metal Equivalent
- Metal Eq. Grade
- 3.7
- Metal Eq. Unit
- g/t AuEq
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-05-06T00:00:00.000Z
Reasoning: Inferred resources at ELG Open Pit include minor copper, adding to the potential polymetallic value.
Positive factors
- Inferred resources represent potential for future conversion to higher confidence categories.
Negative factors
- Inferred category has lower geological confidence.
Evidence · table
“0.45”
Context: 6
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
indicatedLos Reyes · goldTonnes: 24657000Grade: 1.13Grade Unit: g/tContained Metal: 899Contained Unit: kozView all detailsHide details
Identity
- Project
- Los Reyes
- Commodity
- gold
- Ticker
- TXG
Resource scope
- Estimate type
- resource
- Effective date
- 2024-10-15T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- John Sims
- Resource group id
- resource:f906b149a5792e7754fb
- Deposit or zone
- Open Pit Mill
- Mining method
- open_pit
Resource Data
- Category
- indicated
- Tonnes
- 24657000
- Grade
- 1.13
- Grade Unit
- g/t
- Contained Metal
- 899
- Contained Unit
- koz
- Cutoff Grade
- 0.17
- Cutoff Unit
- gpt gold
Prior Estimate
- Resource Date
- 2024-10-15
Metal Equivalent
- Metal Eq. Grade
- 1.52
- Metal Eq. Unit
- g/t AuEq
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-05-06T00:00:00.000Z
Reasoning: Indicated resources at Los Reyes Open Pit Mill contribute substantially to the company's overall resource inventory with good confidence.
Positive factors
- Indicated resource category indicates good geological confidence.
- Significant contained gold ounces from the acquisition.
Evidence · table
“1.13”
Context: 24,657
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
indicatedLos Reyes · silverTonnes: 24657000Grade: 35.7Grade Unit: g/tContained Metal: 28261Contained Unit: kozView all detailsHide details
Identity
- Project
- Los Reyes
- Commodity
- silver
- Ticker
- TXG
Resource scope
- Estimate type
- resource
- Effective date
- 2024-10-15T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- John Sims
- Resource group id
- resource:f906b149a5792e7754fb
- Deposit or zone
- Open Pit Mill
- Mining method
- open_pit
Resource Data
- Category
- indicated
- Tonnes
- 24657000
- Grade
- 35.7
- Grade Unit
- g/t
- Contained Metal
- 28261
- Contained Unit
- koz
- Cutoff Grade
- 0.17
- Cutoff Unit
- gpt gold
Prior Estimate
- Resource Date
- 2024-10-15
Metal Equivalent
- Metal Eq. Grade
- 1.52
- Metal Eq. Unit
- g/t AuEq
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-05-06T00:00:00.000Z
Reasoning: Indicated resources at Los Reyes Open Pit Mill include a large amount of silver, enhancing the project's overall value.
Positive factors
- Indicated resource category indicates good geological confidence.
- Significant contained silver as a byproduct from the acquisition.
Evidence · table
“35.7”
Context: 24,657
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
inferredLos Reyes · goldTonnes: 7211000Grade: 0.89Grade Unit: g/tContained Metal: 207Contained Unit: kozView all detailsHide details
Identity
- Project
- Los Reyes
- Commodity
- gold
- Ticker
- TXG
Resource scope
- Estimate type
- resource
- Effective date
- 2024-10-15T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- John Sims
- Resource group id
- resource:027ab6b184f68b6af990
- Deposit or zone
- Open Pit Mill
- Mining method
- open_pit
Resource Data
- Category
- inferred
- Tonnes
- 7211000
- Grade
- 0.89
- Grade Unit
- g/t
- Contained Metal
- 207
- Contained Unit
- koz
- Cutoff Grade
- 0.17
- Cutoff Unit
- gpt gold
Prior Estimate
- Resource Date
- 2024-10-15
Metal Equivalent
- Metal Eq. Grade
- 1.36
- Metal Eq. Unit
- g/t AuEq
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-05-06T00:00:00.000Z
Reasoning: Inferred resources at Los Reyes Open Pit Mill provide upside potential from the acquisition, though with lower geological confidence.
Positive factors
- Inferred resources represent potential for future conversion to higher confidence categories.
Negative factors
- Inferred category has lower geological confidence.
Evidence · table
“0.89”
Context: 7,211
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
inferredLos Reyes · silverTonnes: 7211000Grade: 42.8Grade Unit: g/tContained Metal: 9916Contained Unit: kozView all detailsHide details
Identity
- Project
- Los Reyes
- Commodity
- silver
- Ticker
- TXG
Resource scope
- Estimate type
- resource
- Effective date
- 2024-10-15T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- John Sims
- Resource group id
- resource:027ab6b184f68b6af990
- Deposit or zone
- Open Pit Mill
- Mining method
- open_pit
Resource Data
- Category
- inferred
- Tonnes
- 7211000
- Grade
- 42.8
- Grade Unit
- g/t
- Contained Metal
- 9916
- Contained Unit
- koz
- Cutoff Grade
- 0.17
- Cutoff Unit
- gpt gold
Prior Estimate
- Resource Date
- 2024-10-15
Metal Equivalent
- Metal Eq. Grade
- 1.36
- Metal Eq. Unit
- g/t AuEq
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-05-06T00:00:00.000Z
Reasoning: Inferred resources at Los Reyes Open Pit Mill include silver, adding to the potential polymetallic value from the acquisition.
Positive factors
- Inferred resources represent potential for future conversion to higher confidence categories.
Negative factors
- Inferred category has lower geological confidence.
Evidence · table
“42.8”
Context: 7,211
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
indicatedLos Reyes · goldTonnes: 4132000Grade: 3.02Grade Unit: g/tContained Metal: 402Contained Unit: kozView all detailsHide details
Identity
- Project
- Los Reyes
- Commodity
- gold
- Ticker
- TXG
Resource scope
- Estimate type
- resource
- Effective date
- 2024-10-15T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- John Sims
- Resource group id
- resource:41d9ab3f1f66b4c19901
- Deposit or zone
- Underground Mill
- Mining method
- underground
Resource Data
- Category
- indicated
- Tonnes
- 4132000
- Grade
- 3.02
- Grade Unit
- g/t
- Contained Metal
- 402
- Contained Unit
- koz
Prior Estimate
- Resource Date
- 2024-10-15
Metal Equivalent
- Metal Eq. Grade
- 4.7
- Metal Eq. Unit
- g/t AuEq
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-05-06T00:00:00.000Z
Reasoning: Indicated resources at Los Reyes Underground Mill contribute significantly to the company's overall resource inventory with good confidence and high gold grade.
Positive factors
- Indicated resource category indicates good geological confidence.
- High gold grade for an underground operation.
Evidence · table
“3.02”
Context: 4,132
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
indicatedLos Reyes · silverTonnes: 4132000Grade: 152.4Grade Unit: g/tContained Metal: 20243Contained Unit: kozView all detailsHide details
Identity
- Project
- Los Reyes
- Commodity
- silver
- Ticker
- TXG
Resource scope
- Estimate type
- resource
- Effective date
- 2024-10-15T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- John Sims
- Resource group id
- resource:41d9ab3f1f66b4c19901
- Deposit or zone
- Underground Mill
- Mining method
- underground
Resource Data
- Category
- indicated
- Tonnes
- 4132000
- Grade
- 152.4
- Grade Unit
- g/t
- Contained Metal
- 20243
- Contained Unit
- koz
Prior Estimate
- Resource Date
- 2024-10-15
Metal Equivalent
- Metal Eq. Grade
- 4.7
- Metal Eq. Unit
- g/t AuEq
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-05-06T00:00:00.000Z
Reasoning: Indicated resources at Los Reyes Underground Mill include a very high silver grade, making it a significant contributor to the project's value.
Positive factors
- Indicated resource category indicates good geological confidence.
- Very high silver grade, significantly enhancing project value.
Evidence · table
“152.4”
Context: 4,132
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
inferredLos Reyes · goldTonnes: 4055000Grade: 2.1Grade Unit: g/tContained Metal: 273Contained Unit: kozView all detailsHide details
Identity
- Project
- Los Reyes
- Commodity
- gold
- Ticker
- TXG
Resource scope
- Estimate type
- resource
- Effective date
- 2024-10-15T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- John Sims
- Resource group id
- resource:1c7f4c6160f76248fe84
- Deposit or zone
- Underground Mill
- Mining method
- underground
Resource Data
- Category
- inferred
- Tonnes
- 4055000
- Grade
- 2.1
- Grade Unit
- g/t
- Contained Metal
- 273
- Contained Unit
- koz
Prior Estimate
- Resource Date
- 2024-10-15
Metal Equivalent
- Metal Eq. Grade
- 2.96
- Metal Eq. Unit
- g/t AuEq
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-05-06T00:00:00.000Z
Reasoning: Inferred resources at Los Reyes Underground Mill provide upside potential from the acquisition, though with lower geological confidence.
Positive factors
- Inferred resources represent potential for future conversion to higher confidence categories.
Negative factors
- Inferred category has lower geological confidence.
Evidence · table
“2.10”
Context: 4,055
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
inferredLos Reyes · silverTonnes: 4055000Grade: 78.6Grade Unit: g/tContained Metal: 10247Contained Unit: kozView all detailsHide details
Identity
- Project
- Los Reyes
- Commodity
- silver
- Ticker
- TXG
Resource scope
- Estimate type
- resource
- Effective date
- 2024-10-15T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- John Sims
- Resource group id
- resource:1c7f4c6160f76248fe84
- Deposit or zone
- Underground Mill
- Mining method
- underground
Resource Data
- Category
- inferred
- Tonnes
- 4055000
- Grade
- 78.6
- Grade Unit
- g/t
- Contained Metal
- 10247
- Contained Unit
- koz
Prior Estimate
- Resource Date
- 2024-10-15
Metal Equivalent
- Metal Eq. Grade
- 2.96
- Metal Eq. Unit
- g/t AuEq
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-05-06T00:00:00.000Z
Reasoning: Inferred resources at Los Reyes Underground Mill include silver, adding to the potential polymetallic value from the acquisition.
Positive factors
- Inferred resources represent potential for future conversion to higher confidence categories.
Negative factors
- Inferred category has lower geological confidence.
Evidence · table
“78.6”
Context: 4,055
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
indicatedLos Reyes · goldTonnes: 20254000Grade: 0.29Grade Unit: g/tContained Metal: 190Contained Unit: kozView all detailsHide details
Identity
- Project
- Los Reyes
- Commodity
- gold
- Ticker
- TXG
Resource scope
- Estimate type
- resource
- Effective date
- 2024-10-15T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- John Sims
- Resource group id
- resource:cb55623e5c723b09f3f1
- Deposit or zone
- Open Pit Heap Leach
- Mining method
- open_pit
Resource Data
- Category
- indicated
- Tonnes
- 20254000
- Grade
- 0.29
- Grade Unit
- g/t
- Contained Metal
- 190
- Contained Unit
- koz
- Cutoff Grade
- 0.17
- Cutoff Unit
- gpt gold
Prior Estimate
- Resource Date
- 2024-10-15
Metal Equivalent
- Metal Eq. Grade
- 0.33
- Metal Eq. Unit
- g/t AuEq
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-05-06T00:00:00.000Z
Reasoning: Indicated resources at Los Reyes Open Pit Heap Leach provide a large tonnage of lower-grade material suitable for heap leaching, contributing to the overall resource base.
Positive factors
- Indicated resource category indicates good geological confidence.
- Large tonnage amenable to heap leach processing.
Evidence · table
“0.29”
Context: 20,254
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
indicatedLos Reyes · silverTonnes: 20254000Grade: 8.4Grade Unit: g/tContained Metal: 5492Contained Unit: kozView all detailsHide details
Identity
- Project
- Los Reyes
- Commodity
- silver
- Ticker
- TXG
Resource scope
- Estimate type
- resource
- Effective date
- 2024-10-15T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- John Sims
- Resource group id
- resource:cb55623e5c723b09f3f1
- Deposit or zone
- Open Pit Heap Leach
- Mining method
- open_pit
Resource Data
- Category
- indicated
- Tonnes
- 20254000
- Grade
- 8.4
- Grade Unit
- g/t
- Contained Metal
- 5492
- Contained Unit
- koz
- Cutoff Grade
- 0.17
- Cutoff Unit
- gpt gold
Prior Estimate
- Resource Date
- 2024-10-15
Metal Equivalent
- Metal Eq. Grade
- 0.33
- Metal Eq. Unit
- g/t AuEq
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-05-06T00:00:00.000Z
Reasoning: Indicated resources at Los Reyes Open Pit Heap Leach include a notable amount of silver, enhancing the project's overall value.
Positive factors
- Indicated resource category indicates good geological confidence.
- Significant contained silver as a byproduct from the acquisition.
Evidence · table
“8.4”
Context: 20,254
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
inferredLos Reyes · goldTonnes: 5944000Grade: 0.3Grade Unit: g/tContained Metal: 58Contained Unit: kozView all detailsHide details
Identity
- Project
- Los Reyes
- Commodity
- gold
- Ticker
- TXG
Resource scope
- Estimate type
- resource
- Effective date
- 2024-10-15T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- John Sims
- Resource group id
- resource:2f92fab3336927af306f
- Deposit or zone
- Open Pit Heap Leach
- Mining method
- open_pit
Resource Data
- Category
- inferred
- Tonnes
- 5944000
- Grade
- 0.3
- Grade Unit
- g/t
- Contained Metal
- 58
- Contained Unit
- koz
- Cutoff Grade
- 0.17
- Cutoff Unit
- gpt gold
Prior Estimate
- Resource Date
- 2024-10-15
Metal Equivalent
- Metal Eq. Grade
- 0.33
- Metal Eq. Unit
- g/t AuEq
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-05-06T00:00:00.000Z
Reasoning: Inferred resources at Los Reyes Open Pit Heap Leach provide upside potential from the acquisition, though with lower geological confidence.
Positive factors
- Inferred resources represent potential for future conversion to higher confidence categories.
Negative factors
- Inferred category has lower geological confidence.
Evidence · table
“0.30”
Context: 5,944
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
inferredLos Reyes · silverTonnes: 5944000Grade: 7.3Grade Unit: g/tContained Metal: 1398Contained Unit: kozView all detailsHide details
Identity
- Project
- Los Reyes
- Commodity
- silver
- Ticker
- TXG
Resource scope
- Estimate type
- resource
- Effective date
- 2024-10-15T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- John Sims
- Resource group id
- resource:2f92fab3336927af306f
- Deposit or zone
- Open Pit Heap Leach
- Mining method
- open_pit
Resource Data
- Category
- inferred
- Tonnes
- 5944000
- Grade
- 7.3
- Grade Unit
- g/t
- Contained Metal
- 1398
- Contained Unit
- koz
- Cutoff Grade
- 0.17
- Cutoff Unit
- gpt gold
Prior Estimate
- Resource Date
- 2024-10-15
Metal Equivalent
- Metal Eq. Grade
- 0.33
- Metal Eq. Unit
- g/t AuEq
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-05-06T00:00:00.000Z
Reasoning: Inferred resources at Los Reyes Open Pit Heap Leach include silver, adding to the potential polymetallic value from the acquisition.
Positive factors
- Inferred resources represent potential for future conversion to higher confidence categories.
Negative factors
- Inferred category has lower geological confidence.
Evidence · table
“7.3”
Context: 5,944
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
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.