Torex Gold Reports Year-End 2025 Reserves & Resources
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
- Extracted
- 2026-09-19 03:41:09 UTC
Analysis by Minestarters Atlas
Minestarters Atlas analysis
Summary
Torex Gold announced its year-end 2025 mineral reserves and resources, highlighting a 64% increase in overall Inferred Resources and the addition of the Los Reyes project to its resource base. While Proven & Probable Reserves and Measured & Indicated Resources at Morelos saw slight declines net of depletion, successful drilling at ELG Underground and an inaugural Inferred Resource at Media Luna West contributed to overall growth. The company also updated its metal price assumptions for Morelos, reflecting a more positive outlook.
Reasoning: Torex Gold reports a mixed but generally positive resource and reserve update. While Morelos reserves and M&I resources saw slight declines net of depletion and grade dilution due to RPEEE adjustments, significant growth in Inferred resources and the acquisition of Los Reyes add substantial new ounces and diversification. Exploration success at Media Luna West and ELG Underground is a key positive.
Positive factors
- Significant increase in overall Inferred Resources (64% increase in contained AuEq) driven by new discoveries and acquisitions.
- Inaugural Inferred Resource declared at Media Luna West (506 koz AuEq at 5.11 gpt AuEq), demonstrating exploration success.
- Acquisition of Los Reyes project adds substantial Indicated (2,047 koz AuEq) and Inferred (765 koz AuEq) resources, diversifying the asset base.
- ELG Underground drilling added close to two years to the reserve life, indicating successful infill and extension drilling.
- Metal price assumptions for Morelos reserves and resources have increased, reflecting a more favorable economic outlook for the project.
Negative factors
- Overall Proven & Probable Reserves for Morelos decreased by 5% net of depletion, despite gains from drilling.
- Overall Measured & Indicated Resources for Morelos decreased by 2% net of depletion, with a 16% decrease in average grade.
- The application of RPEEE at Morelos, including 'must take' material, added tonnes but lowered resource grades, potentially diluting the overall quality.
- Los Reyes resource estimate is historical, unchanged from Prime Mining's October 2024 estimate, indicating no new work by Torex Gold yet.
Low confidence — this extraction should be reviewed alongside the original source.
Facts used in scoring: 88
Classification and evidence
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: A current resource fact retains the disclosed cut-off grade
Extracted facts
Stored fact records: 88. Some facts used in scoring do not have a stored record.
Resource Estimates (88)
provenMorelos · goldTonnes: 7396000Grade: 2.93Grade Unit: g/tContained Metal: 696Contained Unit: kozView all detailsHide details
Identity
- Project
- Morelos
- Commodity
- gold
- Region
- mexico
- Reported Region
- Mexico
- Ticker
- TXG
Resource scope
- Estimate type
- reserve
- Effective date
- 2025-12-31T00:00:00.000Z
- Reporting standards
- ni_43_101, jorc
- 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
- Prior Tonnes
- 40408000
- Prior Grade
- 3.92
- Prior Contained Metal
- 5096
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
- 2026-03-24T00:00:00.000Z
Reasoning: Proven reserves at Media Luna Underground show good grade and contained metal, contributing positively to the overall reserve base.
Positive factors
- High grade for underground mining method.
- QP signed off on the estimate.
- Cut-off grade disclosed.
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
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Tonnage Declinenegative
Resource tonnage decreased vs prior estimate — pit optimization removed marginal material or geological model revised down.
Why it applies: 7396000 against 40408000 previously
Grade Declinenegative
Average grade fell below the red-flag bound vs prior estimate — deposit economics worsening. May indicate high-grading in early drilling.
Why it applies: 2.93 against 3.92 previously
Contained Metal Declinenegative
Contained metal decreased vs prior despite tonnage growth — grade dilution exceeds volume gain.
Why it applies: 696 against 5096 previously
provenMorelos · silverTonnes: 7396000Grade: 25.7Grade Unit: g/tContained Metal: 6106Contained Unit: kozView all detailsHide details
Identity
- Project
- Morelos
- Commodity
- silver
- Region
- mexico
- Reported Region
- Mexico
- Ticker
- TXG
Resource scope
- Estimate type
- reserve
- Effective date
- 2025-12-31T00:00:00.000Z
- Reporting standards
- ni_43_101, jorc
- 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
- Prior Tonnes
- 40408000
- Prior Grade
- 3.92
- Prior Contained Metal
- 5096
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
- 2026-03-24T00:00:00.000Z
Reasoning: Proven silver reserves at Media Luna Underground contribute to the polymetallic nature of the deposit.
Positive factors
- QP signed off on the estimate.
- Cut-off grade disclosed.
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
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Tonnage Declinenegative
Resource tonnage decreased vs prior estimate — pit optimization removed marginal material or geological model revised down.
Why it applies: 7396000 against 40408000 previously
Grade Improvementpositive
Average resource grade improved vs prior estimate — better deposit economics.
Why it applies: 25.7 against 3.92 previously
Contained Metal Growthpositive
True scale improvement — contained metal ounces/tonnes increased vs prior, accounting for both tonnage and grade changes.
Why it applies: 6106 against 5096 previously
provenMorelos · copperTonnes: 7396000Grade: 0.82Grade Unit: %Contained Metal: 134Contained Unit: mlbView all detailsHide details
Identity
- Project
- Morelos
- Commodity
- copper
- Region
- mexico
- Reported Region
- Mexico
- Ticker
- TXG
Resource scope
- Estimate type
- reserve
- Effective date
- 2025-12-31T00:00:00.000Z
- Reporting standards
- ni_43_101, jorc
- 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
- Prior Tonnes
- 40408000
- Prior Grade
- 3.92
- Prior Contained Metal
- 5096
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
- 2026-03-24T00:00:00.000Z
Reasoning: Proven copper reserves at Media Luna Underground contribute to the polymetallic nature of the deposit.
Positive factors
- QP signed off on the estimate.
- Cut-off grade disclosed.
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
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Tonnage Declinenegative
Resource tonnage decreased vs prior estimate — pit optimization removed marginal material or geological model revised down.
Why it applies: 7396000 against 40408000 previously
Grade Declinenegative
Average grade fell below the red-flag bound vs prior estimate — deposit economics worsening. May indicate high-grading in early drilling.
Why it applies: 0.82 against 3.92 previously
Contained Metal Declinenegative
Contained metal decreased vs prior despite tonnage growth — grade dilution exceeds volume gain.
Why it applies: 134 against 5096 previously
probableMorelos · goldTonnes: 15210000Grade: 2.41Grade Unit: g/tContained Metal: 1178Contained Unit: kozView all detailsHide details
Identity
- Project
- Morelos
- Commodity
- gold
- Region
- mexico
- Reported Region
- Mexico
- Ticker
- TXG
Resource scope
- Estimate type
- reserve
- Effective date
- 2025-12-31T00:00:00.000Z
- Reporting standards
- ni_43_101, jorc
- 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
- Prior Tonnes
- 40408000
- Prior Grade
- 3.92
- Prior Contained Metal
- 5096
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
- 2026-03-24T00:00:00.000Z
Reasoning: Probable reserves at Media Luna Underground show good grade and contained metal, contributing positively to the overall reserve base.
Positive factors
- Good grade for underground mining method.
- QP signed off on the estimate.
- Cut-off grade disclosed.
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
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Tonnage Declinenegative
Resource tonnage decreased vs prior estimate — pit optimization removed marginal material or geological model revised down.
Why it applies: 15210000 against 40408000 previously
Grade Declinenegative
Average grade fell below the red-flag bound vs prior estimate — deposit economics worsening. May indicate high-grading in early drilling.
Why it applies: 2.41 against 3.92 previously
Contained Metal Declinenegative
Contained metal decreased vs prior despite tonnage growth — grade dilution exceeds volume gain.
Why it applies: 1178 against 5096 previously
probableMorelos · silverTonnes: 15210000Grade: 21.9Grade Unit: g/tContained Metal: 10719Contained Unit: kozView all detailsHide details
Identity
- Project
- Morelos
- Commodity
- silver
- Region
- mexico
- Reported Region
- Mexico
- Ticker
- TXG
Resource scope
- Estimate type
- reserve
- Effective date
- 2025-12-31T00:00:00.000Z
- Reporting standards
- ni_43_101, jorc
- 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
- Prior Tonnes
- 40408000
- Prior Grade
- 3.92
- Prior Contained Metal
- 5096
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
- 2026-03-24T00:00:00.000Z
Reasoning: Probable silver reserves at Media Luna Underground contribute to the polymetallic nature of the deposit.
Positive factors
- QP signed off on the estimate.
- Cut-off grade disclosed.
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
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Tonnage Declinenegative
Resource tonnage decreased vs prior estimate — pit optimization removed marginal material or geological model revised down.
Why it applies: 15210000 against 40408000 previously
Grade Improvementpositive
Average resource grade improved vs prior estimate — better deposit economics.
Why it applies: 21.9 against 3.92 previously
Contained Metal Growthpositive
True scale improvement — contained metal ounces/tonnes increased vs prior, accounting for both tonnage and grade changes.
Why it applies: 10719 against 5096 previously
probableMorelos · copperTonnes: 15210000Grade: 0.82Grade Unit: %Contained Metal: 273Contained Unit: mlbView all detailsHide details
Identity
- Project
- Morelos
- Commodity
- copper
- Region
- mexico
- Reported Region
- Mexico
- Ticker
- TXG
Resource scope
- Estimate type
- reserve
- Effective date
- 2025-12-31T00:00:00.000Z
- Reporting standards
- ni_43_101, jorc
- 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
- Prior Tonnes
- 40408000
- Prior Grade
- 3.92
- Prior Contained Metal
- 5096
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
- 2026-03-24T00:00:00.000Z
Reasoning: Probable copper reserves at Media Luna Underground contribute to the polymetallic nature of the deposit.
Positive factors
- QP signed off on the estimate.
- Cut-off grade disclosed.
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
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Tonnage Declinenegative
Resource tonnage decreased vs prior estimate — pit optimization removed marginal material or geological model revised down.
Why it applies: 15210000 against 40408000 previously
Grade Declinenegative
Average grade fell below the red-flag bound vs prior estimate — deposit economics worsening. May indicate high-grading in early drilling.
Why it applies: 0.82 against 3.92 previously
Contained Metal Declinenegative
Contained metal decreased vs prior despite tonnage growth — grade dilution exceeds volume gain.
Why it applies: 273 against 5096 previously
probableMorelos · goldTonnes: 5546000Grade: 1.89Grade Unit: g/tContained Metal: 337Contained Unit: kozView all detailsHide details
Identity
- Project
- Morelos
- Commodity
- gold
- Region
- mexico
- Reported Region
- Mexico
- Ticker
- TXG
Resource scope
- Estimate type
- reserve
- Effective date
- 2025-12-31T00:00:00.000Z
- Reporting standards
- ni_43_101, jorc
- 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
- Prior Tonnes
- 40408000
- Prior Grade
- 3.92
- Prior Contained Metal
- 5096
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
- 2026-03-24T00:00:00.000Z
Reasoning: Probable gold reserves at Media Luna North Underground contribute to the overall reserve base, though grade is moderate.
Positive factors
- QP signed off on the estimate.
- Cut-off grade disclosed.
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
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Tonnage Declinenegative
Resource tonnage decreased vs prior estimate — pit optimization removed marginal material or geological model revised down.
Why it applies: 5546000 against 40408000 previously
Grade Declinenegative
Average grade fell below the red-flag bound vs prior estimate — deposit economics worsening. May indicate high-grading in early drilling.
Why it applies: 1.89 against 3.92 previously
Contained Metal Declinenegative
Contained metal decreased vs prior despite tonnage growth — grade dilution exceeds volume gain.
Why it applies: 337 against 5096 previously
probableMorelos · silverTonnes: 5546000Grade: 25.6Grade Unit: g/tContained Metal: 4556Contained Unit: kozView all detailsHide details
Identity
- Project
- Morelos
- Commodity
- silver
- Region
- mexico
- Reported Region
- Mexico
- Ticker
- TXG
Resource scope
- Estimate type
- reserve
- Effective date
- 2025-12-31T00:00:00.000Z
- Reporting standards
- ni_43_101, jorc
- 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
- Prior Tonnes
- 40408000
- Prior Grade
- 3.92
- Prior Contained Metal
- 5096
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
- 2026-03-24T00:00:00.000Z
Reasoning: Probable silver reserves at Media Luna North Underground contribute to the polymetallic nature of the deposit.
Positive factors
- QP signed off on the estimate.
- Cut-off grade disclosed.
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
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Tonnage Declinenegative
Resource tonnage decreased vs prior estimate — pit optimization removed marginal material or geological model revised down.
Why it applies: 5546000 against 40408000 previously
Grade Improvementpositive
Average resource grade improved vs prior estimate — better deposit economics.
Why it applies: 25.6 against 3.92 previously
Contained Metal Declinenegative
Contained metal decreased vs prior despite tonnage growth — grade dilution exceeds volume gain.
Why it applies: 4556 against 5096 previously
probableMorelos · copperTonnes: 5546000Grade: 1.1Grade Unit: %Contained Metal: 135Contained Unit: mlbView all detailsHide details
Identity
- Project
- Morelos
- Commodity
- copper
- Region
- mexico
- Reported Region
- Mexico
- Ticker
- TXG
Resource scope
- Estimate type
- reserve
- Effective date
- 2025-12-31T00:00:00.000Z
- Reporting standards
- ni_43_101, jorc
- 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
- Prior Tonnes
- 40408000
- Prior Grade
- 3.92
- Prior Contained Metal
- 5096
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
- 2026-03-24T00:00:00.000Z
Reasoning: Probable copper reserves at Media Luna North Underground show good grade, contributing to the polymetallic nature of the deposit.
Positive factors
- Good copper grade for underground mining.
- QP signed off on the estimate.
- Cut-off grade disclosed.
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
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Tonnage Declinenegative
Resource tonnage decreased vs prior estimate — pit optimization removed marginal material or geological model revised down.
Why it applies: 5546000 against 40408000 previously
Grade Declinenegative
Average grade fell below the red-flag bound vs prior estimate — deposit economics worsening. May indicate high-grading in early drilling.
Why it applies: 1.1 against 3.92 previously
Contained Metal Declinenegative
Contained metal decreased vs prior despite tonnage growth — grade dilution exceeds volume gain.
Why it applies: 135 against 5096 previously
provenMorelos · goldTonnes: 1412000Grade: 4.36Grade Unit: g/tContained Metal: 198Contained Unit: kozView all detailsHide details
Identity
- Project
- Morelos
- Commodity
- gold
- Region
- mexico
- Reported Region
- Mexico
- Ticker
- TXG
Resource scope
- Estimate type
- reserve
- Effective date
- 2025-12-31T00:00:00.000Z
- Reporting standards
- ni_43_101, jorc
- 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
- Prior Tonnes
- 40408000
- Prior Grade
- 3.92
- Prior Contained Metal
- 5096
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
- 2026-03-24T00:00:00.000Z
Reasoning: Proven gold reserves at ELG Underground show high grade, contributing positively to the overall reserve base.
Positive factors
- High grade for underground mining method.
- QP signed off on the estimate.
- Cut-off grade disclosed.
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
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Tonnage Declinenegative
Resource tonnage decreased vs prior estimate — pit optimization removed marginal material or geological model revised down.
Why it applies: 1412000 against 40408000 previously
Grade Improvementpositive
Average resource grade improved vs prior estimate — better deposit economics.
Why it applies: 4.36 against 3.92 previously
Contained Metal Declinenegative
Contained metal decreased vs prior despite tonnage growth — grade dilution exceeds volume gain.
Why it applies: 198 against 5096 previously
provenMorelos · silverTonnes: 1412000Grade: 7.2Grade Unit: g/tContained Metal: 328Contained Unit: kozView all detailsHide details
Identity
- Project
- Morelos
- Commodity
- silver
- Region
- mexico
- Reported Region
- Mexico
- Ticker
- TXG
Resource scope
- Estimate type
- reserve
- Effective date
- 2025-12-31T00:00:00.000Z
- Reporting standards
- ni_43_101, jorc
- 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
- Prior Tonnes
- 40408000
- Prior Grade
- 3.92
- Prior Contained Metal
- 5096
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
- 2026-03-24T00:00:00.000Z
Reasoning: Proven silver reserves at ELG Underground contribute to the polymetallic nature of the deposit.
Positive factors
- QP signed off on the estimate.
- Cut-off grade disclosed.
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
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Tonnage Declinenegative
Resource tonnage decreased vs prior estimate — pit optimization removed marginal material or geological model revised down.
Why it applies: 1412000 against 40408000 previously
Grade Improvementpositive
Average resource grade improved vs prior estimate — better deposit economics.
Why it applies: 7.2 against 3.92 previously
Contained Metal Declinenegative
Contained metal decreased vs prior despite tonnage growth — grade dilution exceeds volume gain.
Why it applies: 328 against 5096 previously
provenMorelos · copperTonnes: 1412000Grade: 0.31Grade Unit: %Contained Metal: 10Contained Unit: mlbView all detailsHide details
Identity
- Project
- Morelos
- Commodity
- copper
- Region
- mexico
- Reported Region
- Mexico
- Ticker
- TXG
Resource scope
- Estimate type
- reserve
- Effective date
- 2025-12-31T00:00:00.000Z
- Reporting standards
- ni_43_101, jorc
- 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
- Prior Tonnes
- 40408000
- Prior Grade
- 3.92
- Prior Contained Metal
- 5096
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
- 2026-03-24T00:00:00.000Z
Reasoning: Proven copper reserves at ELG Underground contribute to the polymetallic nature of the deposit.
Positive factors
- QP signed off on the estimate.
- Cut-off grade disclosed.
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
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Tonnage Declinenegative
Resource tonnage decreased vs prior estimate — pit optimization removed marginal material or geological model revised down.
Why it applies: 1412000 against 40408000 previously
Grade Declinenegative
Average grade fell below the red-flag bound vs prior estimate — deposit economics worsening. May indicate high-grading in early drilling.
Why it applies: 0.31 against 3.92 previously
Contained Metal Declinenegative
Contained metal decreased vs prior despite tonnage growth — grade dilution exceeds volume gain.
Why it applies: 10 against 5096 previously
probableMorelos · goldTonnes: 3598000Grade: 4.17Grade Unit: g/tContained Metal: 482Contained Unit: kozView all detailsHide details
Identity
- Project
- Morelos
- Commodity
- gold
- Region
- mexico
- Reported Region
- Mexico
- Ticker
- TXG
Resource scope
- Estimate type
- reserve
- Effective date
- 2025-12-31T00:00:00.000Z
- Reporting standards
- ni_43_101, jorc
- 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
- Prior Tonnes
- 40408000
- Prior Grade
- 3.92
- Prior Contained Metal
- 5096
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
- 2026-03-24T00:00:00.000Z
Reasoning: Probable gold reserves at ELG Underground show high grade, contributing positively to the overall reserve base.
Positive factors
- High grade for underground mining method.
- QP signed off on the estimate.
- Cut-off grade disclosed.
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
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Tonnage Declinenegative
Resource tonnage decreased vs prior estimate — pit optimization removed marginal material or geological model revised down.
Why it applies: 3598000 against 40408000 previously
Grade Improvementpositive
Average resource grade improved vs prior estimate — better deposit economics.
Why it applies: 4.17 against 3.92 previously
Contained Metal Declinenegative
Contained metal decreased vs prior despite tonnage growth — grade dilution exceeds volume gain.
Why it applies: 482 against 5096 previously
probableMorelos · silverTonnes: 3598000Grade: 7.2Grade Unit: g/tContained Metal: 828Contained Unit: kozView all detailsHide details
Identity
- Project
- Morelos
- Commodity
- silver
- Region
- mexico
- Reported Region
- Mexico
- Ticker
- TXG
Resource scope
- Estimate type
- reserve
- Effective date
- 2025-12-31T00:00:00.000Z
- Reporting standards
- ni_43_101, jorc
- 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
- Prior Tonnes
- 40408000
- Prior Grade
- 3.92
- Prior Contained Metal
- 5096
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
- 2026-03-24T00:00:00.000Z
Reasoning: Probable silver reserves at ELG Underground contribute to the polymetallic nature of the deposit.
Positive factors
- QP signed off on the estimate.
- Cut-off grade disclosed.
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
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Tonnage Declinenegative
Resource tonnage decreased vs prior estimate — pit optimization removed marginal material or geological model revised down.
Why it applies: 3598000 against 40408000 previously
Grade Improvementpositive
Average resource grade improved vs prior estimate — better deposit economics.
Why it applies: 7.2 against 3.92 previously
Contained Metal Declinenegative
Contained metal decreased vs prior despite tonnage growth — grade dilution exceeds volume gain.
Why it applies: 828 against 5096 previously
probableMorelos · copperTonnes: 3598000Grade: 0.29Grade Unit: %Contained Metal: 23Contained Unit: mlbView all detailsHide details
Identity
- Project
- Morelos
- Commodity
- copper
- Region
- mexico
- Reported Region
- Mexico
- Ticker
- TXG
Resource scope
- Estimate type
- reserve
- Effective date
- 2025-12-31T00:00:00.000Z
- Reporting standards
- ni_43_101, jorc
- 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
- Prior Tonnes
- 40408000
- Prior Grade
- 3.92
- Prior Contained Metal
- 5096
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
- 2026-03-24T00:00:00.000Z
Reasoning: Probable copper reserves at ELG Underground contribute to the polymetallic nature of the deposit.
Positive factors
- QP signed off on the estimate.
- Cut-off grade disclosed.
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
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Tonnage Declinenegative
Resource tonnage decreased vs prior estimate — pit optimization removed marginal material or geological model revised down.
Why it applies: 3598000 against 40408000 previously
Grade Declinenegative
Average grade fell below the red-flag bound vs prior estimate — deposit economics worsening. May indicate high-grading in early drilling.
Why it applies: 0.29 against 3.92 previously
Contained Metal Declinenegative
Contained metal decreased vs prior despite tonnage growth — grade dilution exceeds volume gain.
Why it applies: 23 against 5096 previously
probableMorelos · goldTonnes: 614000Grade: 2.43Grade Unit: g/tContained Metal: 48Contained Unit: kozView all detailsHide details
Identity
- Project
- Morelos
- Commodity
- gold
- Region
- mexico
- Reported Region
- Mexico
- Ticker
- TXG
Resource scope
- Estimate type
- reserve
- Effective date
- 2025-12-31T00:00:00.000Z
- Reporting standards
- ni_43_101, jorc
- 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
- Prior Tonnes
- 40408000
- Prior Grade
- 3.92
- Prior Contained Metal
- 5096
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
- 2026-03-24T00:00:00.000Z
Reasoning: Probable gold reserves at ELG Open Pit contribute to the overall reserve base.
Positive factors
- QP signed off on the estimate.
- Cut-off grade disclosed.
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
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Tonnage Declinenegative
Resource tonnage decreased vs prior estimate — pit optimization removed marginal material or geological model revised down.
Why it applies: 614000 against 40408000 previously
Grade Declinenegative
Average grade fell below the red-flag bound vs prior estimate — deposit economics worsening. May indicate high-grading in early drilling.
Why it applies: 2.43 against 3.92 previously
Contained Metal Declinenegative
Contained metal decreased vs prior despite tonnage growth — grade dilution exceeds volume gain.
Why it applies: 48 against 5096 previously
probableMorelos · silverTonnes: 614000Grade: 15.8Grade Unit: g/tContained Metal: 312Contained Unit: kozView all detailsHide details
Identity
- Project
- Morelos
- Commodity
- silver
- Region
- mexico
- Reported Region
- Mexico
- Ticker
- TXG
Resource scope
- Estimate type
- reserve
- Effective date
- 2025-12-31T00:00:00.000Z
- Reporting standards
- ni_43_101, jorc
- 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
- Prior Tonnes
- 40408000
- Prior Grade
- 3.92
- Prior Contained Metal
- 5096
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
- 2026-03-24T00:00:00.000Z
Reasoning: Probable silver reserves at ELG Open Pit contribute to the polymetallic nature of the deposit.
Positive factors
- QP signed off on the estimate.
- Cut-off grade disclosed.
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
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Tonnage Declinenegative
Resource tonnage decreased vs prior estimate — pit optimization removed marginal material or geological model revised down.
Why it applies: 614000 against 40408000 previously
Grade Improvementpositive
Average resource grade improved vs prior estimate — better deposit economics.
Why it applies: 15.8 against 3.92 previously
Contained Metal Declinenegative
Contained metal decreased vs prior despite tonnage growth — grade dilution exceeds volume gain.
Why it applies: 312 against 5096 previously
probableMorelos · copperTonnes: 614000Grade: 0.46Grade Unit: %Contained Metal: 6Contained Unit: mlbView all detailsHide details
Identity
- Project
- Morelos
- Commodity
- copper
- Region
- mexico
- Reported Region
- Mexico
- Ticker
- TXG
Resource scope
- Estimate type
- reserve
- Effective date
- 2025-12-31T00:00:00.000Z
- Reporting standards
- ni_43_101, jorc
- 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
- Prior Tonnes
- 40408000
- Prior Grade
- 3.92
- Prior Contained Metal
- 5096
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
- 2026-03-24T00:00:00.000Z
Reasoning: Probable copper reserves at ELG Open Pit contribute to the polymetallic nature of the deposit.
Positive factors
- QP signed off on the estimate.
- Cut-off grade disclosed.
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
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Tonnage Declinenegative
Resource tonnage decreased vs prior estimate — pit optimization removed marginal material or geological model revised down.
Why it applies: 614000 against 40408000 previously
Grade Declinenegative
Average grade fell below the red-flag bound vs prior estimate — deposit economics worsening. May indicate high-grading in early drilling.
Why it applies: 0.46 against 3.92 previously
Contained Metal Declinenegative
Contained metal decreased vs prior despite tonnage growth — grade dilution exceeds volume gain.
Why it applies: 6 against 5096 previously
provenMorelos · goldTonnes: 5876000Grade: 1.15Grade Unit: g/tContained Metal: 218Contained Unit: kozView all detailsHide details
Identity
- Project
- Morelos
- Commodity
- gold
- Region
- mexico
- Reported Region
- Mexico
- Ticker
- TXG
Resource scope
- Estimate type
- reserve
- Effective date
- 2025-12-31T00:00:00.000Z
- Reporting standards
- ni_43_101, jorc
- 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
- Prior Tonnes
- 40408000
- Prior Grade
- 3.92
- Prior Contained Metal
- 5096
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
- 2026-03-24T00:00:00.000Z
Reasoning: Proven gold reserves in stockpiles provide additional material for processing.
Positive factors
- QP signed off on the estimate.
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
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Tonnage Declinenegative
Resource tonnage decreased vs prior estimate — pit optimization removed marginal material or geological model revised down.
Why it applies: 5876000 against 40408000 previously
Grade Declinenegative
Average grade fell below the red-flag bound vs prior estimate — deposit economics worsening. May indicate high-grading in early drilling.
Why it applies: 1.15 against 3.92 previously
Contained Metal Declinenegative
Contained metal decreased vs prior despite tonnage growth — grade dilution exceeds volume gain.
Why it applies: 218 against 5096 previously
provenMorelos · silverTonnes: 5876000Grade: 3.5Grade Unit: g/tContained Metal: 669Contained Unit: kozView all detailsHide details
Identity
- Project
- Morelos
- Commodity
- silver
- Region
- mexico
- Reported Region
- Mexico
- Ticker
- TXG
Resource scope
- Estimate type
- reserve
- Effective date
- 2025-12-31T00:00:00.000Z
- Reporting standards
- ni_43_101, jorc
- 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
- Prior Tonnes
- 40408000
- Prior Grade
- 3.92
- Prior Contained Metal
- 5096
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
- 2026-03-24T00:00:00.000Z
Reasoning: Proven silver reserves in stockpiles provide additional material for processing.
Positive factors
- QP signed off on 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
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Tonnage Declinenegative
Resource tonnage decreased vs prior estimate — pit optimization removed marginal material or geological model revised down.
Why it applies: 5876000 against 40408000 previously
Grade Declinenegative
Average grade fell below the red-flag bound vs prior estimate — deposit economics worsening. May indicate high-grading in early drilling.
Why it applies: 3.5 against 3.92 previously
Contained Metal Declinenegative
Contained metal decreased vs prior despite tonnage growth — grade dilution exceeds volume gain.
Why it applies: 669 against 5096 previously
provenMorelos · copperTonnes: 5876000Grade: 0.1Grade Unit: %Contained Metal: 13Contained Unit: mlbView all detailsHide details
Identity
- Project
- Morelos
- Commodity
- copper
- Region
- mexico
- Reported Region
- Mexico
- Ticker
- TXG
Resource scope
- Estimate type
- reserve
- Effective date
- 2025-12-31T00:00:00.000Z
- Reporting standards
- ni_43_101, jorc
- 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
- Prior Tonnes
- 40408000
- Prior Grade
- 3.92
- Prior Contained Metal
- 5096
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
- 2026-03-24T00:00:00.000Z
Reasoning: Proven copper reserves in stockpiles provide additional material for processing.
Positive factors
- QP signed off on 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
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Tonnage Declinenegative
Resource tonnage decreased vs prior estimate — pit optimization removed marginal material or geological model revised down.
Why it applies: 5876000 against 40408000 previously
Grade Declinenegative
Average grade fell below the red-flag bound vs prior estimate — deposit economics worsening. May indicate high-grading in early drilling.
Why it applies: 0.1 against 3.92 previously
Contained Metal Declinenegative
Contained metal decreased vs prior despite tonnage growth — grade dilution exceeds volume gain.
Why it applies: 13 against 5096 previously
probableMorelos · goldTonnes: 39653000Grade: 2.48Grade Unit: g/tContained Metal: 3158Contained Unit: kozView all detailsHide details
Identity
- Project
- Morelos
- Commodity
- gold
- Region
- mexico
- Reported Region
- Mexico
- Ticker
- TXG
Resource scope
- Estimate type
- reserve
- Effective date
- 2025-12-31T00:00:00.000Z
- Reporting standards
- ni_43_101, jorc
- QP Signed
- Yes
- Qualified person names
- Johannes (Gertjan) Bekkers
- Resource group id
- resource:1c16924ebc93c011050f
- Deposit or zone
- Total
Resource Data
- Category
- probable
- Tonnes
- 39653000
- Grade
- 2.48
- Grade Unit
- g/t
- Contained Metal
- 3158
- Contained Unit
- koz
Prior Estimate
- Resource Date
- 2025-12-31
- Prior Tonnes
- 40408000
- Prior Grade
- 3.92
- Prior Contained Metal
- 5096
Metal Equivalent
- Metal Eq. Grade
- 3.8
- Metal Eq. Unit
- gpt AuEq
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-03-24T00:00:00.000Z
Reasoning: Total Proven & Probable gold reserves for Morelos show a slight decrease in contained metal, indicating depletion and model adjustments.
Positive factors
- QP signed off on the estimate.
Negative factors
- Overall decrease in contained gold equivalent (5%) compared to previous estimate.
Evidence · table
“3,158”
Context: 39,653
Tags used in scoring
Probable Reservepositive
Indicated Resource with demonstrated economic viability after applying modifying factors.
Why it applies: category is "probable"
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
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Tonnage Declinenegative
Resource tonnage decreased vs prior estimate — pit optimization removed marginal material or geological model revised down.
Why it applies: 39653000 against 40408000 previously
Grade Declinenegative
Average grade fell below the red-flag bound vs prior estimate — deposit economics worsening. May indicate high-grading in early drilling.
Why it applies: 2.48 against 3.92 previously
Contained Metal Declinenegative
Contained metal decreased vs prior despite tonnage growth — grade dilution exceeds volume gain.
Why it applies: 3158 against 5096 previously
probableMorelos · silverTonnes: 39653000Grade: 18.4Grade Unit: g/tContained Metal: 23519Contained Unit: kozView all detailsHide details
Identity
- Project
- Morelos
- Commodity
- silver
- Region
- mexico
- Reported Region
- Mexico
- Ticker
- TXG
Resource scope
- Estimate type
- reserve
- Effective date
- 2025-12-31T00:00:00.000Z
- Reporting standards
- ni_43_101, jorc
- QP Signed
- Yes
- Qualified person names
- Johannes (Gertjan) Bekkers
- Resource group id
- resource:1c16924ebc93c011050f
- Deposit or zone
- Total
Resource Data
- Category
- probable
- Tonnes
- 39653000
- Grade
- 18.4
- Grade Unit
- g/t
- Contained Metal
- 23519
- Contained Unit
- koz
Prior Estimate
- Resource Date
- 2025-12-31
- Prior Tonnes
- 40408000
- Prior Grade
- 3.92
- Prior Contained Metal
- 5096
Metal Equivalent
- Metal Eq. Grade
- 3.8
- Metal Eq. Unit
- gpt AuEq
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-03-24T00:00:00.000Z
Reasoning: Total Proven & Probable silver reserves for Morelos show a decrease in contained metal, contributing to the overall decline in AuEq.
Positive factors
- QP signed off on the estimate.
Negative factors
- Overall decrease in contained silver (12%) compared to previous estimate.
Evidence · table
“23,519”
Context: 39,653
Tags used in scoring
Probable Reservepositive
Indicated Resource with demonstrated economic viability after applying modifying factors.
Why it applies: category is "probable"
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
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Tonnage Declinenegative
Resource tonnage decreased vs prior estimate — pit optimization removed marginal material or geological model revised down.
Why it applies: 39653000 against 40408000 previously
Grade Improvementpositive
Average resource grade improved vs prior estimate — better deposit economics.
Why it applies: 18.4 against 3.92 previously
Contained Metal Growthpositive
True scale improvement — contained metal ounces/tonnes increased vs prior, accounting for both tonnage and grade changes.
Why it applies: 23519 against 5096 previously
probableMorelos · copperTonnes: 39653000Grade: 0.68Grade Unit: %Contained Metal: 594Contained Unit: mlbView all detailsHide details
Identity
- Project
- Morelos
- Commodity
- copper
- Region
- mexico
- Reported Region
- Mexico
- Ticker
- TXG
Resource scope
- Estimate type
- reserve
- Effective date
- 2025-12-31T00:00:00.000Z
- Reporting standards
- ni_43_101, jorc
- QP Signed
- Yes
- Qualified person names
- Johannes (Gertjan) Bekkers
- Resource group id
- resource:1c16924ebc93c011050f
- Deposit or zone
- Total
Resource Data
- Category
- probable
- Tonnes
- 39653000
- Grade
- 0.68
- Grade Unit
- %
- Contained Metal
- 594
- Contained Unit
- mlb
Prior Estimate
- Resource Date
- 2025-12-31
- Prior Tonnes
- 40408000
- Prior Grade
- 3.92
- Prior Contained Metal
- 5096
Metal Equivalent
- Metal Eq. Grade
- 3.8
- Metal Eq. Unit
- gpt AuEq
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-03-24T00:00:00.000Z
Reasoning: Total Proven & Probable copper reserves for Morelos show a decrease in contained metal, contributing to the overall decline in AuEq.
Positive factors
- QP signed off on the estimate.
Negative factors
- Overall decrease in contained copper (9%) compared to previous estimate.
Evidence · table
“594”
Context: 39,653
Tags used in scoring
Probable Reservepositive
Indicated Resource with demonstrated economic viability after applying modifying factors.
Why it applies: category is "probable"
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
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Tonnage Declinenegative
Resource tonnage decreased vs prior estimate — pit optimization removed marginal material or geological model revised down.
Why it applies: 39653000 against 40408000 previously
Grade Declinenegative
Average grade fell below the red-flag bound vs prior estimate — deposit economics worsening. May indicate high-grading in early drilling.
Why it applies: 0.68 against 3.92 previously
Contained Metal Declinenegative
Contained metal decreased vs prior despite tonnage growth — grade dilution exceeds volume gain.
Why it applies: 594 against 5096 previously
measuredMorelos · goldTonnes: 9618000Grade: 3.03Grade Unit: g/tContained Metal: 936Contained Unit: kozView all detailsHide details
Identity
- Project
- Morelos
- Commodity
- gold
- Region
- mexico
- Reported Region
- Mexico
- Ticker
- TXG
Resource scope
- Estimate type
- resource
- Effective date
- 2025-12-31T00:00:00.000Z
- Reporting standards
- ni_43_101, jorc
- 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
- Prior Tonnes
- 45679000
- Prior Grade
- 5.06
- Prior Contained Metal
- 7431
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
- 2026-03-24T00:00:00.000Z
Reasoning: Measured gold resources at Media Luna Underground provide a high-confidence base for future development.
Positive factors
- High confidence category (Measured).
- Good grade for underground mining.
- QP signed off on the estimate.
- Cut-off grade disclosed.
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
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Tonnage Declinenegative
Resource tonnage decreased vs prior estimate — pit optimization removed marginal material or geological model revised down.
Why it applies: 9618000 against 45679000 previously
Grade Declinenegative
Average grade fell below the red-flag bound vs prior estimate — deposit economics worsening. May indicate high-grading in early drilling.
Why it applies: 3.03 against 5.06 previously
Contained Metal Declinenegative
Contained metal decreased vs prior despite tonnage growth — grade dilution exceeds volume gain.
Why it applies: 936 against 7431 previously
measuredMorelos · silverTonnes: 9618000Grade: 28.2Grade Unit: g/tContained Metal: 8728Contained Unit: kozView all detailsHide details
Identity
- Project
- Morelos
- Commodity
- silver
- Region
- mexico
- Reported Region
- Mexico
- Ticker
- TXG
Resource scope
- Estimate type
- resource
- Effective date
- 2025-12-31T00:00:00.000Z
- Reporting standards
- ni_43_101, jorc
- 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
- Prior Tonnes
- 45679000
- Prior Grade
- 5.06
- Prior Contained Metal
- 7431
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
- 2026-03-24T00:00:00.000Z
Reasoning: Measured silver resources at Media Luna Underground contribute to the polymetallic nature of the deposit.
Positive factors
- High confidence category (Measured).
- QP signed off on the estimate.
- Cut-off grade disclosed.
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
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Tonnage Declinenegative
Resource tonnage decreased vs prior estimate — pit optimization removed marginal material or geological model revised down.
Why it applies: 9618000 against 45679000 previously
Grade Improvementpositive
Average resource grade improved vs prior estimate — better deposit economics.
Why it applies: 28.2 against 5.06 previously
Contained Metal Growthpositive
True scale improvement — contained metal ounces/tonnes increased vs prior, accounting for both tonnage and grade changes.
Why it applies: 8728 against 7431 previously
measuredMorelos · copperTonnes: 9618000Grade: 0.92Grade Unit: %Contained Metal: 196Contained Unit: mlbView all detailsHide details
Identity
- Project
- Morelos
- Commodity
- copper
- Region
- mexico
- Reported Region
- Mexico
- Ticker
- TXG
Resource scope
- Estimate type
- resource
- Effective date
- 2025-12-31T00:00:00.000Z
- Reporting standards
- ni_43_101, jorc
- 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
- Prior Tonnes
- 45679000
- Prior Grade
- 5.06
- Prior Contained Metal
- 7431
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
- 2026-03-24T00:00:00.000Z
Reasoning: Measured copper resources at Media Luna Underground provide a high-confidence base for future development.
Positive factors
- High confidence category (Measured).
- Good copper grade for underground mining.
- QP signed off on the estimate.
- Cut-off grade disclosed.
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
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Tonnage Declinenegative
Resource tonnage decreased vs prior estimate — pit optimization removed marginal material or geological model revised down.
Why it applies: 9618000 against 45679000 previously
Grade Declinenegative
Average grade fell below the red-flag bound vs prior estimate — deposit economics worsening. May indicate high-grading in early drilling.
Why it applies: 0.92 against 5.06 previously
Contained Metal Declinenegative
Contained metal decreased vs prior despite tonnage growth — grade dilution exceeds volume gain.
Why it applies: 196 against 7431 previously
indicatedMorelos · goldTonnes: 24070000Grade: 2.33Grade Unit: g/tContained Metal: 1800Contained Unit: kozView all detailsHide details
Identity
- Project
- Morelos
- Commodity
- gold
- Region
- mexico
- Reported Region
- Mexico
- Ticker
- TXG
Resource scope
- Estimate type
- resource
- Effective date
- 2025-12-31T00:00:00.000Z
- Reporting standards
- ni_43_101, jorc
- 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
- Prior Tonnes
- 45679000
- Prior Grade
- 5.06
- Prior Contained Metal
- 7431
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
- 2026-03-24T00:00:00.000Z
Reasoning: Indicated gold resources at Media Luna Underground provide a solid base for future development.
Positive factors
- Good confidence category (Indicated).
- Good grade for underground mining.
- QP signed off on the estimate.
- Cut-off grade disclosed.
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
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Tonnage Declinenegative
Resource tonnage decreased vs prior estimate — pit optimization removed marginal material or geological model revised down.
Why it applies: 24070000 against 45679000 previously
Grade Declinenegative
Average grade fell below the red-flag bound vs prior estimate — deposit economics worsening. May indicate high-grading in early drilling.
Why it applies: 2.33 against 5.06 previously
Contained Metal Declinenegative
Contained metal decreased vs prior despite tonnage growth — grade dilution exceeds volume gain.
Why it applies: 1800 against 7431 previously
indicatedMorelos · silverTonnes: 24070000Grade: 23.5Grade Unit: g/tContained Metal: 18165Contained Unit: kozView all detailsHide details
Identity
- Project
- Morelos
- Commodity
- silver
- Region
- mexico
- Reported Region
- Mexico
- Ticker
- TXG
Resource scope
- Estimate type
- resource
- Effective date
- 2025-12-31T00:00:00.000Z
- Reporting standards
- ni_43_101, jorc
- 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
- Prior Tonnes
- 45679000
- Prior Grade
- 5.06
- Prior Contained Metal
- 7431
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
- 2026-03-24T00:00:00.000Z
Reasoning: Indicated silver resources at Media Luna Underground contribute to the polymetallic nature of the deposit.
Positive factors
- Good confidence category (Indicated).
- QP signed off on the estimate.
- Cut-off grade disclosed.
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
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Tonnage Declinenegative
Resource tonnage decreased vs prior estimate — pit optimization removed marginal material or geological model revised down.
Why it applies: 24070000 against 45679000 previously
Grade Improvementpositive
Average resource grade improved vs prior estimate — better deposit economics.
Why it applies: 23.5 against 5.06 previously
Contained Metal Growthpositive
True scale improvement — contained metal ounces/tonnes increased vs prior, accounting for both tonnage and grade changes.
Why it applies: 18165 against 7431 previously
indicatedMorelos · copperTonnes: 24070000Grade: 0.87Grade Unit: %Contained Metal: 461Contained Unit: mlbView all detailsHide details
Identity
- Project
- Morelos
- Commodity
- copper
- Region
- mexico
- Reported Region
- Mexico
- Ticker
- TXG
Resource scope
- Estimate type
- resource
- Effective date
- 2025-12-31T00:00:00.000Z
- Reporting standards
- ni_43_101, jorc
- 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
- Prior Tonnes
- 45679000
- Prior Grade
- 5.06
- Prior Contained Metal
- 7431
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
- 2026-03-24T00:00:00.000Z
Reasoning: Indicated copper resources at Media Luna Underground contribute to the polymetallic nature of the deposit.
Positive factors
- Good confidence category (Indicated).
- Good copper grade for underground mining.
- QP signed off on the estimate.
- Cut-off grade disclosed.
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
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Tonnage Declinenegative
Resource tonnage decreased vs prior estimate — pit optimization removed marginal material or geological model revised down.
Why it applies: 24070000 against 45679000 previously
Grade Declinenegative
Average grade fell below the red-flag bound vs prior estimate — deposit economics worsening. May indicate high-grading in early drilling.
Why it applies: 0.87 against 5.06 previously
Contained Metal Declinenegative
Contained metal decreased vs prior despite tonnage growth — grade dilution exceeds volume gain.
Why it applies: 461 against 7431 previously
inferredMorelos · goldTonnes: 8211000Grade: 2.26Grade Unit: g/tContained Metal: 596Contained Unit: kozView all detailsHide details
Identity
- Project
- Morelos
- Commodity
- gold
- Region
- mexico
- Reported Region
- Mexico
- Ticker
- TXG
Resource scope
- Estimate type
- resource
- Effective date
- 2025-12-31T00:00:00.000Z
- Reporting standards
- ni_43_101, jorc
- 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
- Prior Tonnes
- 16526000
- Prior Grade
- 4.22
- Prior Contained Metal
- 2243
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
- 2026-03-24T00:00:00.000Z
Reasoning: Inferred gold resources at Media Luna Underground provide future exploration potential, but with lower confidence.
Positive factors
- QP signed off on the estimate.
- Cut-off grade disclosed.
Negative factors
- Lower confidence category (Inferred).
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
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Tonnage Declinenegative
Resource tonnage decreased vs prior estimate — pit optimization removed marginal material or geological model revised down.
Why it applies: 8211000 against 16526000 previously
Grade Declinenegative
Average grade fell below the red-flag bound vs prior estimate — deposit economics worsening. May indicate high-grading in early drilling.
Why it applies: 2.26 against 4.22 previously
Contained Metal Declinenegative
Contained metal decreased vs prior despite tonnage growth — grade dilution exceeds volume gain.
Why it applies: 596 against 2243 previously
inferredMorelos · silverTonnes: 8211000Grade: 19.3Grade Unit: g/tContained Metal: 5087Contained Unit: kozView all detailsHide details
Identity
- Project
- Morelos
- Commodity
- silver
- Region
- mexico
- Reported Region
- Mexico
- Ticker
- TXG
Resource scope
- Estimate type
- resource
- Effective date
- 2025-12-31T00:00:00.000Z
- Reporting standards
- ni_43_101, jorc
- 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
- Prior Tonnes
- 16526000
- Prior Grade
- 4.22
- Prior Contained Metal
- 2243
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
- 2026-03-24T00:00:00.000Z
Reasoning: Inferred silver resources at Media Luna Underground provide future exploration potential, but with lower confidence.
Positive factors
- QP signed off on the estimate.
- Cut-off grade disclosed.
Negative factors
- Lower confidence category (Inferred).
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
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Tonnage Declinenegative
Resource tonnage decreased vs prior estimate — pit optimization removed marginal material or geological model revised down.
Why it applies: 8211000 against 16526000 previously
Grade Improvementpositive
Average resource grade improved vs prior estimate — better deposit economics.
Why it applies: 19.3 against 4.22 previously
Contained Metal Growthpositive
True scale improvement — contained metal ounces/tonnes increased vs prior, accounting for both tonnage and grade changes.
Why it applies: 5087 against 2243 previously
inferredMorelos · copperTonnes: 8211000Grade: 0.84Grade Unit: %Contained Metal: 152Contained Unit: mlbView all detailsHide details
Identity
- Project
- Morelos
- Commodity
- copper
- Region
- mexico
- Reported Region
- Mexico
- Ticker
- TXG
Resource scope
- Estimate type
- resource
- Effective date
- 2025-12-31T00:00:00.000Z
- Reporting standards
- ni_43_101, jorc
- 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
- Prior Tonnes
- 16526000
- Prior Grade
- 4.22
- Prior Contained Metal
- 2243
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
- 2026-03-24T00:00:00.000Z
Reasoning: Inferred copper resources at Media Luna Underground provide future exploration potential, but with lower confidence.
Positive factors
- QP signed off on the estimate.
- Cut-off grade disclosed.
Negative factors
- Lower confidence category (Inferred).
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
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Tonnage Declinenegative
Resource tonnage decreased vs prior estimate — pit optimization removed marginal material or geological model revised down.
Why it applies: 8211000 against 16526000 previously
Grade Declinenegative
Average grade fell below the red-flag bound vs prior estimate — deposit economics worsening. May indicate high-grading in early drilling.
Why it applies: 0.84 against 4.22 previously
Contained Metal Declinenegative
Contained metal decreased vs prior despite tonnage growth — grade dilution exceeds volume gain.
Why it applies: 152 against 2243 previously
indicatedMorelos · goldTonnes: 7598000Grade: 2.13Grade Unit: g/tContained Metal: 520Contained Unit: kozView all detailsHide details
Identity
- Project
- Morelos
- Commodity
- gold
- Region
- mexico
- Reported Region
- Mexico
- Ticker
- TXG
Resource scope
- Estimate type
- resource
- Effective date
- 2025-12-31T00:00:00.000Z
- Reporting standards
- ni_43_101, jorc
- 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
- Prior Tonnes
- 45679000
- Prior Grade
- 5.06
- Prior Contained Metal
- 7431
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
- 2026-03-24T00:00:00.000Z
Reasoning: Indicated gold resources at Media Luna North Underground provide a solid base for future development.
Positive factors
- Good confidence category (Indicated).
- Good grade for underground mining.
- QP signed off on the estimate.
- Cut-off grade disclosed.
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
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Tonnage Declinenegative
Resource tonnage decreased vs prior estimate — pit optimization removed marginal material or geological model revised down.
Why it applies: 7598000 against 45679000 previously
Grade Declinenegative
Average grade fell below the red-flag bound vs prior estimate — deposit economics worsening. May indicate high-grading in early drilling.
Why it applies: 2.13 against 5.06 previously
Contained Metal Declinenegative
Contained metal decreased vs prior despite tonnage growth — grade dilution exceeds volume gain.
Why it applies: 520 against 7431 previously
indicatedMorelos · silverTonnes: 7598000Grade: 26.8Grade Unit: g/tContained Metal: 6537Contained Unit: kozView all detailsHide details
Identity
- Project
- Morelos
- Commodity
- silver
- Region
- mexico
- Reported Region
- Mexico
- Ticker
- TXG
Resource scope
- Estimate type
- resource
- Effective date
- 2025-12-31T00:00:00.000Z
- Reporting standards
- ni_43_101, jorc
- 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
- Prior Tonnes
- 45679000
- Prior Grade
- 5.06
- Prior Contained Metal
- 7431
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
- 2026-03-24T00:00:00.000Z
Reasoning: Indicated silver resources at Media Luna North Underground contribute to the polymetallic nature of the deposit.
Positive factors
- Good confidence category (Indicated).
- QP signed off on the estimate.
- Cut-off grade disclosed.
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
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Tonnage Declinenegative
Resource tonnage decreased vs prior estimate — pit optimization removed marginal material or geological model revised down.
Why it applies: 7598000 against 45679000 previously
Grade Improvementpositive
Average resource grade improved vs prior estimate — better deposit economics.
Why it applies: 26.8 against 5.06 previously
Contained Metal Declinenegative
Contained metal decreased vs prior despite tonnage growth — grade dilution exceeds volume gain.
Why it applies: 6537 against 7431 previously
indicatedMorelos · copperTonnes: 7598000Grade: 1.11Grade Unit: %Contained Metal: 187Contained Unit: mlbView all detailsHide details
Identity
- Project
- Morelos
- Commodity
- copper
- Region
- mexico
- Reported Region
- Mexico
- Ticker
- TXG
Resource scope
- Estimate type
- resource
- Effective date
- 2025-12-31T00:00:00.000Z
- Reporting standards
- ni_43_101, jorc
- 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
- Prior Tonnes
- 45679000
- Prior Grade
- 5.06
- Prior Contained Metal
- 7431
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
- 2026-03-24T00:00:00.000Z
Reasoning: Indicated copper resources at Media Luna North Underground provide a solid base for future development.
Positive factors
- Good confidence category (Indicated).
- Good copper grade for underground mining.
- QP signed off on the estimate.
- Cut-off grade disclosed.
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
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Tonnage Declinenegative
Resource tonnage decreased vs prior estimate — pit optimization removed marginal material or geological model revised down.
Why it applies: 7598000 against 45679000 previously
Grade Declinenegative
Average grade fell below the red-flag bound vs prior estimate — deposit economics worsening. May indicate high-grading in early drilling.
Why it applies: 1.11 against 5.06 previously
Contained Metal Declinenegative
Contained metal decreased vs prior despite tonnage growth — grade dilution exceeds volume gain.
Why it applies: 187 against 7431 previously
inferredMorelos · goldTonnes: 9687000Grade: 1.78Grade Unit: g/tContained Metal: 554Contained Unit: kozView all detailsHide details
Identity
- Project
- Morelos
- Commodity
- gold
- Region
- mexico
- Reported Region
- Mexico
- Ticker
- TXG
Resource scope
- Estimate type
- resource
- Effective date
- 2025-12-31T00:00:00.000Z
- Reporting standards
- ni_43_101, jorc
- 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
- Prior Tonnes
- 16526000
- Prior Grade
- 4.22
- Prior Contained Metal
- 2243
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
- 2026-03-24T00:00:00.000Z
Reasoning: Inferred gold resources at Media Luna North Underground provide future exploration potential, but with lower confidence.
Positive factors
- QP signed off on the estimate.
- Cut-off grade disclosed.
Negative factors
- Lower confidence category (Inferred).
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
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Tonnage Declinenegative
Resource tonnage decreased vs prior estimate — pit optimization removed marginal material or geological model revised down.
Why it applies: 9687000 against 16526000 previously
Grade Declinenegative
Average grade fell below the red-flag bound vs prior estimate — deposit economics worsening. May indicate high-grading in early drilling.
Why it applies: 1.78 against 4.22 previously
Contained Metal Declinenegative
Contained metal decreased vs prior despite tonnage growth — grade dilution exceeds volume gain.
Why it applies: 554 against 2243 previously
inferredMorelos · silverTonnes: 9687000Grade: 31.9Grade Unit: g/tContained Metal: 9936Contained Unit: kozView all detailsHide details
Identity
- Project
- Morelos
- Commodity
- silver
- Region
- mexico
- Reported Region
- Mexico
- Ticker
- TXG
Resource scope
- Estimate type
- resource
- Effective date
- 2025-12-31T00:00:00.000Z
- Reporting standards
- ni_43_101, jorc
- 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
- Prior Tonnes
- 16526000
- Prior Grade
- 4.22
- Prior Contained Metal
- 2243
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
- 2026-03-24T00:00:00.000Z
Reasoning: Inferred silver resources at Media Luna North Underground provide future exploration potential, but with lower confidence.
Positive factors
- QP signed off on the estimate.
- Cut-off grade disclosed.
Negative factors
- Lower confidence category (Inferred).
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
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Tonnage Declinenegative
Resource tonnage decreased vs prior estimate — pit optimization removed marginal material or geological model revised down.
Why it applies: 9687000 against 16526000 previously
Grade Improvementpositive
Average resource grade improved vs prior estimate — better deposit economics.
Why it applies: 31.9 against 4.22 previously
Contained Metal Growthpositive
True scale improvement — contained metal ounces/tonnes increased vs prior, accounting for both tonnage and grade changes.
Why it applies: 9936 against 2243 previously
inferredMorelos · copperTonnes: 9687000Grade: 1.08Grade Unit: %Contained Metal: 230Contained Unit: mlbView all detailsHide details
Identity
- Project
- Morelos
- Commodity
- copper
- Region
- mexico
- Reported Region
- Mexico
- Ticker
- TXG
Resource scope
- Estimate type
- resource
- Effective date
- 2025-12-31T00:00:00.000Z
- Reporting standards
- ni_43_101, jorc
- 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
- Prior Tonnes
- 16526000
- Prior Grade
- 4.22
- Prior Contained Metal
- 2243
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
- 2026-03-24T00:00:00.000Z
Reasoning: Inferred copper resources at Media Luna North Underground provide future exploration potential, but with lower confidence.
Positive factors
- Good copper grade for underground mining.
- QP signed off on the estimate.
- Cut-off grade disclosed.
Negative factors
- Lower confidence category (Inferred).
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
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Tonnage Declinenegative
Resource tonnage decreased vs prior estimate — pit optimization removed marginal material or geological model revised down.
Why it applies: 9687000 against 16526000 previously
Grade Declinenegative
Average grade fell below the red-flag bound vs prior estimate — deposit economics worsening. May indicate high-grading in early drilling.
Why it applies: 1.08 against 4.22 previously
Contained Metal Declinenegative
Contained metal decreased vs prior despite tonnage growth — grade dilution exceeds volume gain.
Why it applies: 230 against 2243 previously
inferredMorelos · goldTonnes: 3079000Grade: 4.49Grade Unit: g/tContained Metal: 445Contained Unit: kozView all detailsHide details
Identity
- Project
- Morelos
- Commodity
- gold
- Region
- mexico
- Reported Region
- Mexico
- Ticker
- TXG
Resource scope
- Estimate type
- resource
- Effective date
- 2025-12-31T00:00:00.000Z
- Reporting standards
- ni_43_101, jorc
- 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
- Prior Tonnes
- 16526000
- Prior Grade
- 4.22
- Prior Contained Metal
- 2243
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
- 2026-03-24T00:00:00.000Z
Reasoning: Inaugural Inferred gold resources at Media Luna West Underground represent a significant new discovery with high grade, adding to future potential.
Positive factors
- Inaugural Inferred Resource, indicating new discovery.
- High grade for underground mining method.
- QP signed off on the estimate.
- Cut-off grade disclosed.
Negative factors
- Lower confidence category (Inferred).
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
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Tonnage Declinenegative
Resource tonnage decreased vs prior estimate — pit optimization removed marginal material or geological model revised down.
Why it applies: 3079000 against 16526000 previously
Grade Improvementpositive
Average resource grade improved vs prior estimate — better deposit economics.
Why it applies: 4.49 against 4.22 previously
Contained Metal Declinenegative
Contained metal decreased vs prior despite tonnage growth — grade dilution exceeds volume gain.
Why it applies: 445 against 2243 previously
inferredMorelos · silverTonnes: 3079000Grade: 8.6Grade Unit: g/tContained Metal: 848Contained Unit: kozView all detailsHide details
Identity
- Project
- Morelos
- Commodity
- silver
- Region
- mexico
- Reported Region
- Mexico
- Ticker
- TXG
Resource scope
- Estimate type
- resource
- Effective date
- 2025-12-31T00:00:00.000Z
- Reporting standards
- ni_43_101, jorc
- 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
- Prior Tonnes
- 16526000
- Prior Grade
- 4.22
- Prior Contained Metal
- 2243
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
- 2026-03-24T00:00:00.000Z
Reasoning: Inaugural Inferred silver resources at Media Luna West Underground represent a new discovery, adding to future potential.
Positive factors
- Inaugural Inferred Resource, indicating new discovery.
- QP signed off on the estimate.
- Cut-off grade disclosed.
Negative factors
- Lower confidence category (Inferred).
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
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Tonnage Declinenegative
Resource tonnage decreased vs prior estimate — pit optimization removed marginal material or geological model revised down.
Why it applies: 3079000 against 16526000 previously
Grade Improvementpositive
Average resource grade improved vs prior estimate — better deposit economics.
Why it applies: 8.6 against 4.22 previously
Contained Metal Declinenegative
Contained metal decreased vs prior despite tonnage growth — grade dilution exceeds volume gain.
Why it applies: 848 against 2243 previously
inferredMorelos · copperTonnes: 3079000Grade: 0.35Grade Unit: %Contained Metal: 23Contained Unit: mlbView all detailsHide details
Identity
- Project
- Morelos
- Commodity
- copper
- Region
- mexico
- Reported Region
- Mexico
- Ticker
- TXG
Resource scope
- Estimate type
- resource
- Effective date
- 2025-12-31T00:00:00.000Z
- Reporting standards
- ni_43_101, jorc
- 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
- Prior Tonnes
- 16526000
- Prior Grade
- 4.22
- Prior Contained Metal
- 2243
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
- 2026-03-24T00:00:00.000Z
Reasoning: Inaugural Inferred copper resources at Media Luna West Underground represent a new discovery, adding to future potential.
Positive factors
- Inaugural Inferred Resource, indicating new discovery.
- QP signed off on the estimate.
- Cut-off grade disclosed.
Negative factors
- Lower confidence category (Inferred).
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
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Tonnage Declinenegative
Resource tonnage decreased vs prior estimate — pit optimization removed marginal material or geological model revised down.
Why it applies: 3079000 against 16526000 previously
Grade Declinenegative
Average grade fell below the red-flag bound vs prior estimate — deposit economics worsening. May indicate high-grading in early drilling.
Why it applies: 0.35 against 4.22 previously
Contained Metal Declinenegative
Contained metal decreased vs prior despite tonnage growth — grade dilution exceeds volume gain.
Why it applies: 23 against 2243 previously
measuredMorelos · goldTonnes: 3974000Grade: 4.01Grade Unit: g/tContained Metal: 512Contained Unit: kozView all detailsHide details
Identity
- Project
- Morelos
- Commodity
- gold
- Region
- mexico
- Reported Region
- Mexico
- Ticker
- TXG
Resource scope
- Estimate type
- resource
- Effective date
- 2025-12-31T00:00:00.000Z
- Reporting standards
- ni_43_101, jorc
- 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
- Prior Tonnes
- 45679000
- Prior Grade
- 5.06
- Prior Contained Metal
- 7431
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
- 2026-03-24T00:00:00.000Z
Reasoning: Measured gold resources at ELG Underground show high grade, providing a high-confidence base for future development.
Positive factors
- High confidence category (Measured).
- High grade for underground mining method.
- QP signed off on the estimate.
- Cut-off grade disclosed.
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
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Tonnage Declinenegative
Resource tonnage decreased vs prior estimate — pit optimization removed marginal material or geological model revised down.
Why it applies: 3974000 against 45679000 previously
Grade Declinenegative
Average grade fell below the red-flag bound vs prior estimate — deposit economics worsening. May indicate high-grading in early drilling.
Why it applies: 4.01 against 5.06 previously
Contained Metal Declinenegative
Contained metal decreased vs prior despite tonnage growth — grade dilution exceeds volume gain.
Why it applies: 512 against 7431 previously
measuredMorelos · silverTonnes: 3974000Grade: 6.1Grade Unit: g/tContained Metal: 775Contained Unit: kozView all detailsHide details
Identity
- Project
- Morelos
- Commodity
- silver
- Region
- mexico
- Reported Region
- Mexico
- Ticker
- TXG
Resource scope
- Estimate type
- resource
- Effective date
- 2025-12-31T00:00:00.000Z
- Reporting standards
- ni_43_101, jorc
- 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
- Prior Tonnes
- 45679000
- Prior Grade
- 5.06
- Prior Contained Metal
- 7431
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
- 2026-03-24T00:00:00.000Z
Reasoning: Measured silver resources at ELG Underground contribute to the polymetallic nature of the deposit.
Positive factors
- High confidence category (Measured).
- QP signed off on the estimate.
- Cut-off grade disclosed.
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
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Tonnage Declinenegative
Resource tonnage decreased vs prior estimate — pit optimization removed marginal material or geological model revised down.
Why it applies: 3974000 against 45679000 previously
Grade Improvementpositive
Average resource grade improved vs prior estimate — better deposit economics.
Why it applies: 6.1 against 5.06 previously
Contained Metal Declinenegative
Contained metal decreased vs prior despite tonnage growth — grade dilution exceeds volume gain.
Why it applies: 775 against 7431 previously
measuredMorelos · copperTonnes: 3974000Grade: 0.26Grade Unit: %Contained Metal: 22Contained Unit: mlbView all detailsHide details
Identity
- Project
- Morelos
- Commodity
- copper
- Region
- mexico
- Reported Region
- Mexico
- Ticker
- TXG
Resource scope
- Estimate type
- resource
- Effective date
- 2025-12-31T00:00:00.000Z
- Reporting standards
- ni_43_101, jorc
- 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
- Prior Tonnes
- 45679000
- Prior Grade
- 5.06
- Prior Contained Metal
- 7431
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
- 2026-03-24T00:00:00.000Z
Reasoning: Measured copper resources at ELG Underground contribute to the polymetallic nature of the deposit.
Positive factors
- High confidence category (Measured).
- QP signed off on the estimate.
- Cut-off grade disclosed.
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
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Tonnage Declinenegative
Resource tonnage decreased vs prior estimate — pit optimization removed marginal material or geological model revised down.
Why it applies: 3974000 against 45679000 previously
Grade Declinenegative
Average grade fell below the red-flag bound vs prior estimate — deposit economics worsening. May indicate high-grading in early drilling.
Why it applies: 0.26 against 5.06 previously
Contained Metal Declinenegative
Contained metal decreased vs prior despite tonnage growth — grade dilution exceeds volume gain.
Why it applies: 22 against 7431 previously
indicatedMorelos · goldTonnes: 7364000Grade: 3.57Grade Unit: g/tContained Metal: 845Contained Unit: kozView all detailsHide details
Identity
- Project
- Morelos
- Commodity
- gold
- Region
- mexico
- Reported Region
- Mexico
- Ticker
- TXG
Resource scope
- Estimate type
- resource
- Effective date
- 2025-12-31T00:00:00.000Z
- Reporting standards
- ni_43_101, jorc
- 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
- Prior Tonnes
- 45679000
- Prior Grade
- 5.06
- Prior Contained Metal
- 7431
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
- 2026-03-24T00:00:00.000Z
Reasoning: Indicated gold resources at ELG Underground provide a solid base for future development.
Positive factors
- Good confidence category (Indicated).
- Good grade for underground mining.
- QP signed off on the estimate.
- Cut-off grade disclosed.
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
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Tonnage Declinenegative
Resource tonnage decreased vs prior estimate — pit optimization removed marginal material or geological model revised down.
Why it applies: 7364000 against 45679000 previously
Grade Declinenegative
Average grade fell below the red-flag bound vs prior estimate — deposit economics worsening. May indicate high-grading in early drilling.
Why it applies: 3.57 against 5.06 previously
Contained Metal Declinenegative
Contained metal decreased vs prior despite tonnage growth — grade dilution exceeds volume gain.
Why it applies: 845 against 7431 previously
indicatedMorelos · silverTonnes: 7364000Grade: 6Grade Unit: g/tContained Metal: 1427Contained Unit: kozView all detailsHide details
Identity
- Project
- Morelos
- Commodity
- silver
- Region
- mexico
- Reported Region
- Mexico
- Ticker
- TXG
Resource scope
- Estimate type
- resource
- Effective date
- 2025-12-31T00:00:00.000Z
- Reporting standards
- ni_43_101, jorc
- 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
- Prior Tonnes
- 45679000
- Prior Grade
- 5.06
- Prior Contained Metal
- 7431
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
- 2026-03-24T00:00:00.000Z
Reasoning: Indicated silver resources at ELG Underground contribute to the polymetallic nature of the deposit.
Positive factors
- Good confidence category (Indicated).
- QP signed off on the estimate.
- Cut-off grade disclosed.
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
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Tonnage Declinenegative
Resource tonnage decreased vs prior estimate — pit optimization removed marginal material or geological model revised down.
Why it applies: 7364000 against 45679000 previously
Grade Improvementpositive
Average resource grade improved vs prior estimate — better deposit economics.
Why it applies: 6 against 5.06 previously
Contained Metal Declinenegative
Contained metal decreased vs prior despite tonnage growth — grade dilution exceeds volume gain.
Why it applies: 1427 against 7431 previously
indicatedMorelos · copperTonnes: 7364000Grade: 0.24Grade Unit: %Contained Metal: 39Contained Unit: mlbView all detailsHide details
Identity
- Project
- Morelos
- Commodity
- copper
- Region
- mexico
- Reported Region
- Mexico
- Ticker
- TXG
Resource scope
- Estimate type
- resource
- Effective date
- 2025-12-31T00:00:00.000Z
- Reporting standards
- ni_43_101, jorc
- 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
- Prior Tonnes
- 45679000
- Prior Grade
- 5.06
- Prior Contained Metal
- 7431
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
- 2026-03-24T00:00:00.000Z
Reasoning: Indicated copper resources at ELG Underground contribute to the polymetallic nature of the deposit.
Positive factors
- Good confidence category (Indicated).
- QP signed off on the estimate.
- Cut-off grade disclosed.
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
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Tonnage Declinenegative
Resource tonnage decreased vs prior estimate — pit optimization removed marginal material or geological model revised down.
Why it applies: 7364000 against 45679000 previously
Grade Declinenegative
Average grade fell below the red-flag bound vs prior estimate — deposit economics worsening. May indicate high-grading in early drilling.
Why it applies: 0.24 against 5.06 previously
Contained Metal Declinenegative
Contained metal decreased vs prior despite tonnage growth — grade dilution exceeds volume gain.
Why it applies: 39 against 7431 previously
inferredMorelos · goldTonnes: 1074000Grade: 3.92Grade Unit: g/tContained Metal: 135Contained Unit: kozView all detailsHide details
Identity
- Project
- Morelos
- Commodity
- gold
- Region
- mexico
- Reported Region
- Mexico
- Ticker
- TXG
Resource scope
- Estimate type
- resource
- Effective date
- 2025-12-31T00:00:00.000Z
- Reporting standards
- ni_43_101, jorc
- 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
- Prior Tonnes
- 16526000
- Prior Grade
- 4.22
- Prior Contained Metal
- 2243
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
- 2026-03-24T00:00:00.000Z
Reasoning: Inferred gold resources at ELG Underground provide future exploration potential, but with lower confidence.
Positive factors
- Good grade for underground mining method.
- QP signed off on the estimate.
- Cut-off grade disclosed.
Negative factors
- Lower confidence category (Inferred).
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
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Tonnage Declinenegative
Resource tonnage decreased vs prior estimate — pit optimization removed marginal material or geological model revised down.
Why it applies: 1074000 against 16526000 previously
Grade Declinenegative
Average grade fell below the red-flag bound vs prior estimate — deposit economics worsening. May indicate high-grading in early drilling.
Why it applies: 3.92 against 4.22 previously
Contained Metal Declinenegative
Contained metal decreased vs prior despite tonnage growth — grade dilution exceeds volume gain.
Why it applies: 135 against 2243 previously
inferredMorelos · silverTonnes: 1074000Grade: 6.4Grade Unit: g/tContained Metal: 220Contained Unit: kozView all detailsHide details
Identity
- Project
- Morelos
- Commodity
- silver
- Region
- mexico
- Reported Region
- Mexico
- Ticker
- TXG
Resource scope
- Estimate type
- resource
- Effective date
- 2025-12-31T00:00:00.000Z
- Reporting standards
- ni_43_101, jorc
- 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
- Prior Tonnes
- 16526000
- Prior Grade
- 4.22
- Prior Contained Metal
- 2243
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
- 2026-03-24T00:00:00.000Z
Reasoning: Inferred silver resources at ELG Underground provide future exploration potential, but with lower confidence.
Positive factors
- QP signed off on the estimate.
- Cut-off grade disclosed.
Negative factors
- Lower confidence category (Inferred).
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
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Tonnage Declinenegative
Resource tonnage decreased vs prior estimate — pit optimization removed marginal material or geological model revised down.
Why it applies: 1074000 against 16526000 previously
Grade Improvementpositive
Average resource grade improved vs prior estimate — better deposit economics.
Why it applies: 6.4 against 4.22 previously
Contained Metal Declinenegative
Contained metal decreased vs prior despite tonnage growth — grade dilution exceeds volume gain.
Why it applies: 220 against 2243 previously
inferredMorelos · copperTonnes: 1074000Grade: 0.29Grade Unit: %Contained Metal: 7Contained Unit: mlbView all detailsHide details
Identity
- Project
- Morelos
- Commodity
- copper
- Region
- mexico
- Reported Region
- Mexico
- Ticker
- TXG
Resource scope
- Estimate type
- resource
- Effective date
- 2025-12-31T00:00:00.000Z
- Reporting standards
- ni_43_101, jorc
- 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
- Prior Tonnes
- 16526000
- Prior Grade
- 4.22
- Prior Contained Metal
- 2243
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
- 2026-03-24T00:00:00.000Z
Reasoning: Inferred copper resources at ELG Underground provide future exploration potential, but with lower confidence.
Positive factors
- QP signed off on the estimate.
- Cut-off grade disclosed.
Negative factors
- Lower confidence category (Inferred).
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
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Tonnage Declinenegative
Resource tonnage decreased vs prior estimate — pit optimization removed marginal material or geological model revised down.
Why it applies: 1074000 against 16526000 previously
Grade Declinenegative
Average grade fell below the red-flag bound vs prior estimate — deposit economics worsening. May indicate high-grading in early drilling.
Why it applies: 0.29 against 4.22 previously
Contained Metal Declinenegative
Contained metal decreased vs prior despite tonnage growth — grade dilution exceeds volume gain.
Why it applies: 7 against 2243 previously
indicatedMorelos · goldTonnes: 523000Grade: 3.54Grade Unit: g/tContained Metal: 59Contained Unit: kozView all detailsHide details
Identity
- Project
- Morelos
- Commodity
- gold
- Region
- mexico
- Reported Region
- Mexico
- Ticker
- TXG
Resource scope
- Estimate type
- resource
- Effective date
- 2025-12-31T00:00:00.000Z
- Reporting standards
- ni_43_101, jorc
- QP Signed
- Yes
- Qualified person names
- Rochelle Collins
- Resource group id
- resource:362d5024d002f0773462
- Deposit or zone
- ELG 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
- Prior Tonnes
- 45679000
- Prior Grade
- 5.06
- Prior Contained Metal
- 7431
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
- 2026-03-24T00:00:00.000Z
Reasoning: Indicated gold resources at ELG Open Pit provide a solid base for future development.
Positive factors
- Good confidence category (Indicated).
- Good grade for open pit mining.
- QP signed off on the estimate.
- Cut-off grade disclosed.
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
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Tonnage Declinenegative
Resource tonnage decreased vs prior estimate — pit optimization removed marginal material or geological model revised down.
Why it applies: 523000 against 45679000 previously
Grade Declinenegative
Average grade fell below the red-flag bound vs prior estimate — deposit economics worsening. May indicate high-grading in early drilling.
Why it applies: 3.54 against 5.06 previously
Contained Metal Declinenegative
Contained metal decreased vs prior despite tonnage growth — grade dilution exceeds volume gain.
Why it applies: 59 against 7431 previously
indicatedMorelos · silverTonnes: 523000Grade: 14.4Grade Unit: g/tContained Metal: 241Contained Unit: kozView all detailsHide details
Identity
- Project
- Morelos
- Commodity
- silver
- Region
- mexico
- Reported Region
- Mexico
- Ticker
- TXG
Resource scope
- Estimate type
- resource
- Effective date
- 2025-12-31T00:00:00.000Z
- Reporting standards
- ni_43_101, jorc
- QP Signed
- Yes
- Qualified person names
- Rochelle Collins
- Resource group id
- resource:362d5024d002f0773462
- Deposit or zone
- ELG 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
- Prior Tonnes
- 45679000
- Prior Grade
- 5.06
- Prior Contained Metal
- 7431
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
- 2026-03-24T00:00:00.000Z
Reasoning: Indicated silver resources at ELG Open Pit contribute to the polymetallic nature of the deposit.
Positive factors
- QP signed off on the estimate.
- Cut-off grade disclosed.
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
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Tonnage Declinenegative
Resource tonnage decreased vs prior estimate — pit optimization removed marginal material or geological model revised down.
Why it applies: 523000 against 45679000 previously
Grade Improvementpositive
Average resource grade improved vs prior estimate — better deposit economics.
Why it applies: 14.4 against 5.06 previously
Contained Metal Declinenegative
Contained metal decreased vs prior despite tonnage growth — grade dilution exceeds volume gain.
Why it applies: 241 against 7431 previously
indicatedMorelos · copperTonnes: 523000Grade: 0.45Grade Unit: %Contained Metal: 5Contained Unit: mlbView all detailsHide details
Identity
- Project
- Morelos
- Commodity
- copper
- Region
- mexico
- Reported Region
- Mexico
- Ticker
- TXG
Resource scope
- Estimate type
- resource
- Effective date
- 2025-12-31T00:00:00.000Z
- Reporting standards
- ni_43_101, jorc
- QP Signed
- Yes
- Qualified person names
- Rochelle Collins
- Resource group id
- resource:362d5024d002f0773462
- Deposit or zone
- ELG 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
- Prior Tonnes
- 45679000
- Prior Grade
- 5.06
- Prior Contained Metal
- 7431
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
- 2026-03-24T00:00:00.000Z
Reasoning: Indicated copper resources at ELG Open Pit contribute to the polymetallic nature of the deposit.
Positive factors
- QP signed off on the estimate.
- Cut-off grade disclosed.
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
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Tonnage Declinenegative
Resource tonnage decreased vs prior estimate — pit optimization removed marginal material or geological model revised down.
Why it applies: 523000 against 45679000 previously
Grade Declinenegative
Average grade fell below the red-flag bound vs prior estimate — deposit economics worsening. May indicate high-grading in early drilling.
Why it applies: 0.45 against 5.06 previously
Contained Metal Declinenegative
Contained metal decreased vs prior despite tonnage growth — grade dilution exceeds volume gain.
Why it applies: 5 against 7431 previously
inferredMorelos · goldTonnes: 6000Grade: 3.56Grade Unit: g/tContained Metal: 1Contained Unit: kozView all detailsHide details
Identity
- Project
- Morelos
- Commodity
- gold
- Region
- mexico
- Reported Region
- Mexico
- Ticker
- TXG
Resource scope
- Estimate type
- resource
- Effective date
- 2025-12-31T00:00:00.000Z
- Reporting standards
- ni_43_101, jorc
- QP Signed
- Yes
- Qualified person names
- Rochelle Collins
- Resource group id
- resource:a0df33222023df8379a4
- Deposit or zone
- ELG 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
- Prior Tonnes
- 16526000
- Prior Grade
- 4.22
- Prior Contained Metal
- 2243
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
- 2026-03-24T00:00:00.000Z
Reasoning: Inferred gold resources at ELG Open Pit are very small, providing limited future potential.
Positive factors
- QP signed off on the estimate.
- Cut-off grade disclosed.
Negative factors
- Lower confidence category (Inferred).
- Very small tonnage.
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
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Tonnage Declinenegative
Resource tonnage decreased vs prior estimate — pit optimization removed marginal material or geological model revised down.
Why it applies: 6000 against 16526000 previously
Grade Declinenegative
Average grade fell below the red-flag bound vs prior estimate — deposit economics worsening. May indicate high-grading in early drilling.
Why it applies: 3.56 against 4.22 previously
Contained Metal Declinenegative
Contained metal decreased vs prior despite tonnage growth — grade dilution exceeds volume gain.
Why it applies: 1 against 2243 previously
inferredMorelos · silverTonnes: 6000Grade: 5.9Grade Unit: g/tContained Metal: 1Contained Unit: kozView all detailsHide details
Identity
- Project
- Morelos
- Commodity
- silver
- Region
- mexico
- Reported Region
- Mexico
- Ticker
- TXG
Resource scope
- Estimate type
- resource
- Effective date
- 2025-12-31T00:00:00.000Z
- Reporting standards
- ni_43_101, jorc
- QP Signed
- Yes
- Qualified person names
- Rochelle Collins
- Resource group id
- resource:a0df33222023df8379a4
- Deposit or zone
- ELG 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
- Prior Tonnes
- 16526000
- Prior Grade
- 4.22
- Prior Contained Metal
- 2243
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
- 2026-03-24T00:00:00.000Z
Reasoning: Inferred silver resources at ELG Open Pit are very small, providing limited future potential.
Positive factors
- QP signed off on the estimate.
- Cut-off grade disclosed.
Negative factors
- Lower confidence category (Inferred).
- Very small tonnage.
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
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Tonnage Declinenegative
Resource tonnage decreased vs prior estimate — pit optimization removed marginal material or geological model revised down.
Why it applies: 6000 against 16526000 previously
Grade Improvementpositive
Average resource grade improved vs prior estimate — better deposit economics.
Why it applies: 5.9 against 4.22 previously
Contained Metal Declinenegative
Contained metal decreased vs prior despite tonnage growth — grade dilution exceeds volume gain.
Why it applies: 1 against 2243 previously
inferredMorelos · copperTonnes: 6000Grade: 0.45Grade Unit: %Contained Metal: 0Contained Unit: mlbView all detailsHide details
Identity
- Project
- Morelos
- Commodity
- copper
- Region
- mexico
- Reported Region
- Mexico
- Ticker
- TXG
Resource scope
- Estimate type
- resource
- Effective date
- 2025-12-31T00:00:00.000Z
- Reporting standards
- ni_43_101, jorc
- QP Signed
- Yes
- Qualified person names
- Rochelle Collins
- Resource group id
- resource:a0df33222023df8379a4
- Deposit or zone
- ELG 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
- Prior Tonnes
- 16526000
- Prior Grade
- 4.22
- Prior Contained Metal
- 2243
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
- 2026-03-24T00:00:00.000Z
Reasoning: Inferred copper resources at ELG Open Pit are very small, providing limited future potential.
Positive factors
- QP signed off on the estimate.
- Cut-off grade disclosed.
Negative factors
- Lower confidence category (Inferred).
- Very small tonnage.
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
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Tonnage Declinenegative
Resource tonnage decreased vs prior estimate — pit optimization removed marginal material or geological model revised down.
Why it applies: 6000 against 16526000 previously
Grade Declinenegative
Average grade fell below the red-flag bound vs prior estimate — deposit economics worsening. May indicate high-grading in early drilling.
Why it applies: 0.45 against 4.22 previously
Contained Metal Declinenegative
Contained metal decreased vs prior despite tonnage growth — grade dilution exceeds volume gain.
Why it applies: 0 against 2243 previously
indicatedMorelos · goldTonnes: 53146000Grade: 2.73Grade Unit: g/tContained Metal: 4672Contained Unit: kozView all detailsHide details
Identity
- Project
- Morelos
- Commodity
- gold
- Region
- mexico
- Reported Region
- Mexico
- Ticker
- TXG
Resource scope
- Estimate type
- resource
- Effective date
- 2025-12-31T00:00:00.000Z
- Reporting standards
- ni_43_101, jorc
- QP Signed
- Yes
- Qualified person names
- Rochelle Collins
- Resource group id
- resource:42d9aa4b7b9d0fee486f
- Deposit or zone
- Total
Resource Data
- Category
- indicated
- Tonnes
- 53146000
- Grade
- 2.73
- Grade Unit
- g/t
- Contained Metal
- 4672
- Contained Unit
- koz
Prior Estimate
- Resource Date
- 2025-12-31
- Prior Tonnes
- 45679000
- Prior Grade
- 5.06
- Prior Contained Metal
- 7431
Metal Equivalent
- Metal Eq. Grade
- 4.25
- Metal Eq. Unit
- g/t AuEq
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-03-24T00:00:00.000Z
Reasoning: Total Measured & Indicated gold resources for Morelos show a slight decrease in contained metal and a notable drop in grade, likely due to RPEEE adjustments and inclusion of lower-grade material.
Positive factors
- QP signed off on the estimate.
Negative factors
- Overall decrease in contained gold equivalent (2%) compared to previous estimate.
- Significant decrease in average grade (16%) compared to previous estimate.
Evidence · table
“2.73”
Context: 53,146
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
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Tonnage Growthpositive
Tonnage increase reaching the strong tier vs prior estimate, with grade maintained or improved.
Why it applies: 53146000 against 45679000 previously
Grade Declinenegative
Average grade fell below the red-flag bound vs prior estimate — deposit economics worsening. May indicate high-grading in early drilling.
Why it applies: 2.73 against 5.06 previously
Contained Metal Declinenegative
Contained metal decreased vs prior despite tonnage growth — grade dilution exceeds volume gain.
Why it applies: 4672 against 7431 previously
Dilutive Growthnegative
Tonnage increased but contained metal flat or down — likely from lower cut-off grade, not geological expansion.
Why it applies: tonnage rose while contained metal went 4672 from 7431
indicatedMorelos · silverTonnes: 53146000Grade: 21Grade Unit: g/tContained Metal: 35874Contained Unit: kozView all detailsHide details
Identity
- Project
- Morelos
- Commodity
- silver
- Region
- mexico
- Reported Region
- Mexico
- Ticker
- TXG
Resource scope
- Estimate type
- resource
- Effective date
- 2025-12-31T00:00:00.000Z
- Reporting standards
- ni_43_101, jorc
- QP Signed
- Yes
- Qualified person names
- Rochelle Collins
- Resource group id
- resource:42d9aa4b7b9d0fee486f
- Deposit or zone
- Total
Resource Data
- Category
- indicated
- Tonnes
- 53146000
- Grade
- 21
- Grade Unit
- g/t
- Contained Metal
- 35874
- Contained Unit
- koz
Prior Estimate
- Resource Date
- 2025-12-31
- Prior Tonnes
- 45679000
- Prior Grade
- 5.06
- Prior Contained Metal
- 7431
Metal Equivalent
- Metal Eq. Grade
- 4.25
- Metal Eq. Unit
- g/t AuEq
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-03-24T00:00:00.000Z
Reasoning: Total Measured & Indicated silver resources for Morelos show a decrease in contained metal, contributing to the overall decline in AuEq.
Positive factors
- QP signed off on the estimate.
Negative factors
- Overall decrease in contained silver (8%) compared to previous estimate.
Evidence · table
“21.0”
Context: 53,146
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
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Tonnage Growthpositive
Tonnage increase reaching the strong tier vs prior estimate, with grade maintained or improved.
Why it applies: 53146000 against 45679000 previously
Grade Improvementpositive
Average resource grade improved vs prior estimate — better deposit economics.
Why it applies: 21 against 5.06 previously
Contained Metal Growthpositive
True scale improvement — contained metal ounces/tonnes increased vs prior, accounting for both tonnage and grade changes.
Why it applies: 35874 against 7431 previously
indicatedMorelos · copperTonnes: 53146000Grade: 0.78Grade Unit: %Contained Metal: 910Contained Unit: mlbView all detailsHide details
Identity
- Project
- Morelos
- Commodity
- copper
- Region
- mexico
- Reported Region
- Mexico
- Ticker
- TXG
Resource scope
- Estimate type
- resource
- Effective date
- 2025-12-31T00:00:00.000Z
- Reporting standards
- ni_43_101, jorc
- QP Signed
- Yes
- Qualified person names
- Rochelle Collins
- Resource group id
- resource:42d9aa4b7b9d0fee486f
- Deposit or zone
- Total
Resource Data
- Category
- indicated
- Tonnes
- 53146000
- Grade
- 0.78
- Grade Unit
- %
- Contained Metal
- 910
- Contained Unit
- mlb
Prior Estimate
- Resource Date
- 2025-12-31
- Prior Tonnes
- 45679000
- Prior Grade
- 5.06
- Prior Contained Metal
- 7431
Metal Equivalent
- Metal Eq. Grade
- 4.25
- Metal Eq. Unit
- g/t AuEq
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-03-24T00:00:00.000Z
Reasoning: Total Measured & Indicated copper resources for Morelos show a decrease in contained metal, contributing to the overall decline in AuEq.
Positive factors
- QP signed off on the estimate.
Negative factors
- Overall decrease in contained copper (4%) compared to previous estimate.
Evidence · table
“0.78”
Context: 53,146
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
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Tonnage Growthpositive
Tonnage increase reaching the strong tier vs prior estimate, with grade maintained or improved.
Why it applies: 53146000 against 45679000 previously
Grade Declinenegative
Average grade fell below the red-flag bound vs prior estimate — deposit economics worsening. May indicate high-grading in early drilling.
Why it applies: 0.78 against 5.06 previously
Contained Metal Declinenegative
Contained metal decreased vs prior despite tonnage growth — grade dilution exceeds volume gain.
Why it applies: 910 against 7431 previously
Dilutive Growthnegative
Tonnage increased but contained metal flat or down — likely from lower cut-off grade, not geological expansion.
Why it applies: tonnage rose while contained metal went 910 from 7431
inferredMorelos · goldTonnes: 22057000Grade: 2.44Grade Unit: g/tContained Metal: 1731Contained Unit: kozView all detailsHide details
Identity
- Project
- Morelos
- Commodity
- gold
- Region
- mexico
- Reported Region
- Mexico
- Ticker
- TXG
Resource scope
- Estimate type
- resource
- Effective date
- 2025-12-31T00:00:00.000Z
- Reporting standards
- ni_43_101, jorc
- QP Signed
- Yes
- Qualified person names
- Rochelle Collins
- Resource group id
- resource:f1b35f149c184ae9c3aa
- Deposit or zone
- Total
Resource Data
- Category
- inferred
- Tonnes
- 22057000
- Grade
- 2.44
- Grade Unit
- g/t
- Contained Metal
- 1731
- Contained Unit
- koz
Prior Estimate
- Resource Date
- 2025-12-31
- Prior Tonnes
- 16526000
- Prior Grade
- 4.22
- Prior Contained Metal
- 2243
Metal Equivalent
- Metal Eq. Grade
- 4.1
- Metal Eq. Unit
- g/t AuEq
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-03-24T00:00:00.000Z
Reasoning: Total Inferred gold resources for Morelos show a substantial increase in contained metal, indicating successful exploration and new discoveries, despite a slight grade decrease.
Positive factors
- Significant increase in contained gold equivalent (30%) compared to previous estimate.
- QP signed off on the estimate.
Negative factors
- Lower confidence category (Inferred).
- Slight decrease in average grade (3%) compared to previous estimate.
Evidence · table
“2.44”
Context: 22,057
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
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Tonnage Growthpositive
Tonnage increase reaching the strong tier vs prior estimate, with grade maintained or improved.
Why it applies: 22057000 against 16526000 previously
Grade Declinenegative
Average grade fell below the red-flag bound vs prior estimate — deposit economics worsening. May indicate high-grading in early drilling.
Why it applies: 2.44 against 4.22 previously
Contained Metal Declinenegative
Contained metal decreased vs prior despite tonnage growth — grade dilution exceeds volume gain.
Why it applies: 1731 against 2243 previously
Dilutive Growthnegative
Tonnage increased but contained metal flat or down — likely from lower cut-off grade, not geological expansion.
Why it applies: tonnage rose while contained metal went 1731 from 2243
inferredMorelos · silverTonnes: 22057000Grade: 22.7Grade Unit: g/tContained Metal: 16093Contained Unit: kozView all detailsHide details
Identity
- Project
- Morelos
- Commodity
- silver
- Region
- mexico
- Reported Region
- Mexico
- Ticker
- TXG
Resource scope
- Estimate type
- resource
- Effective date
- 2025-12-31T00:00:00.000Z
- Reporting standards
- ni_43_101, jorc
- QP Signed
- Yes
- Qualified person names
- Rochelle Collins
- Resource group id
- resource:f1b35f149c184ae9c3aa
- Deposit or zone
- Total
Resource Data
- Category
- inferred
- Tonnes
- 22057000
- Grade
- 22.7
- Grade Unit
- g/t
- Contained Metal
- 16093
- Contained Unit
- koz
Prior Estimate
- Resource Date
- 2025-12-31
- Prior Tonnes
- 16526000
- Prior Grade
- 4.22
- Prior Contained Metal
- 2243
Metal Equivalent
- Metal Eq. Grade
- 4.1
- Metal Eq. Unit
- g/t AuEq
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-03-24T00:00:00.000Z
Reasoning: Total Inferred silver resources for Morelos show a notable increase in contained metal, indicating successful exploration.
Positive factors
- Significant increase in contained silver (9%) compared to previous estimate.
- QP signed off on the estimate.
Negative factors
- Lower confidence category (Inferred).
Evidence · table
“22.7”
Context: 22,057
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
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Tonnage Growthpositive
Tonnage increase reaching the strong tier vs prior estimate, with grade maintained or improved.
Why it applies: 22057000 against 16526000 previously
Grade Improvementpositive
Average resource grade improved vs prior estimate — better deposit economics.
Why it applies: 22.7 against 4.22 previously
Contained Metal Growthpositive
True scale improvement — contained metal ounces/tonnes increased vs prior, accounting for both tonnage and grade changes.
Why it applies: 16093 against 2243 previously
inferredMorelos · copperTonnes: 22057000Grade: 0.85Grade Unit: %Contained Metal: 412Contained Unit: mlbView all detailsHide details
Identity
- Project
- Morelos
- Commodity
- copper
- Region
- mexico
- Reported Region
- Mexico
- Ticker
- TXG
Resource scope
- Estimate type
- resource
- Effective date
- 2025-12-31T00:00:00.000Z
- Reporting standards
- ni_43_101, jorc
- QP Signed
- Yes
- Qualified person names
- Rochelle Collins
- Resource group id
- resource:f1b35f149c184ae9c3aa
- Deposit or zone
- Total
Resource Data
- Category
- inferred
- Tonnes
- 22057000
- Grade
- 0.85
- Grade Unit
- %
- Contained Metal
- 412
- Contained Unit
- mlb
Prior Estimate
- Resource Date
- 2025-12-31
- Prior Tonnes
- 16526000
- Prior Grade
- 4.22
- Prior Contained Metal
- 2243
Metal Equivalent
- Metal Eq. Grade
- 4.1
- Metal Eq. Unit
- g/t AuEq
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-03-24T00:00:00.000Z
Reasoning: Total Inferred copper resources for Morelos show a substantial increase in contained metal, indicating successful exploration.
Positive factors
- Significant increase in contained copper (18%) compared to previous estimate.
- QP signed off on the estimate.
Negative factors
- Lower confidence category (Inferred).
Evidence · table
“0.85”
Context: 22,057
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
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Tonnage Growthpositive
Tonnage increase reaching the strong tier vs prior estimate, with grade maintained or improved.
Why it applies: 22057000 against 16526000 previously
Grade Declinenegative
Average grade fell below the red-flag bound vs prior estimate — deposit economics worsening. May indicate high-grading in early drilling.
Why it applies: 0.85 against 4.22 previously
Contained Metal Declinenegative
Contained metal decreased vs prior despite tonnage growth — grade dilution exceeds volume gain.
Why it applies: 412 against 2243 previously
Dilutive Growthnegative
Tonnage increased but contained metal flat or down — likely from lower cut-off grade, not geological expansion.
Why it applies: tonnage rose while contained metal went 412 from 2243
indicatedLos Reyes · goldTonnes: 24657000Grade: 1.13Grade Unit: g/tContained Metal: 899Contained Unit: kozHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Los Reyes
- Commodity
- gold
- Region
- mexico
- Reported Region
- Mexico
- 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:4fe1dc0fa8ea4ccc770d
- Deposit or zone
- Open Pit - Mill
- Mining method
- open_pit
- Material type
- Mill
Resource Data
- Category
- indicated
- Tonnes
- 24657000
- Grade
- 1.13
- Grade Unit
- g/t
- Contained Metal
- 899
- Contained Unit
- koz
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
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2024-10-15T00:00:00.000Z
Dates
- Event date
- 2026-03-24T00:00:00.000Z
Reasoning: Indicated gold resources for Los Reyes Open Pit (Mill) are a significant addition from the acquisition, though the estimate is historical.
Positive factors
- Good confidence category (Indicated).
- QP signed off on the estimate.
Negative factors
- Historical estimate, unchanged from previous owner.
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 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: 24657000Grade: 35.7Grade Unit: g/tContained Metal: 28261Contained Unit: kozHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Los Reyes
- Commodity
- silver
- Region
- mexico
- Reported Region
- Mexico
- 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:4fe1dc0fa8ea4ccc770d
- Deposit or zone
- Open Pit - Mill
- Mining method
- open_pit
- Material type
- Mill
Resource Data
- Category
- indicated
- Tonnes
- 24657000
- Grade
- 35.7
- Grade Unit
- g/t
- Contained Metal
- 28261
- Contained Unit
- koz
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
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2024-10-15T00:00:00.000Z
Dates
- Event date
- 2026-03-24T00:00:00.000Z
Reasoning: Indicated silver resources for Los Reyes Open Pit (Mill) are a significant addition from the acquisition, though the estimate is historical.
Positive factors
- Good confidence category (Indicated).
- QP signed off on the estimate.
Negative factors
- Historical estimate, unchanged from previous owner.
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 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: 4132000Grade: 3.02Grade Unit: g/tContained Metal: 402Contained Unit: kozHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Los Reyes
- Commodity
- gold
- Region
- mexico
- Reported Region
- Mexico
- 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:1e2d8e304df14a4fe4ad
- Deposit or zone
- Underground - Mill
- Mining method
- underground
- Material type
- Mill
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
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2024-10-15T00:00:00.000Z
Dates
- Event date
- 2026-03-24T00:00:00.000Z
Reasoning: Indicated gold resources for Los Reyes Underground (Mill) are a significant addition from the acquisition, though the estimate is historical.
Positive factors
- Good confidence category (Indicated).
- Good grade for underground mining.
- QP signed off on the estimate.
Negative factors
- Historical estimate, unchanged from previous owner.
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: kozHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Los Reyes
- Commodity
- silver
- Region
- mexico
- Reported Region
- Mexico
- 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:1e2d8e304df14a4fe4ad
- Deposit or zone
- Underground - Mill
- Mining method
- underground
- Material type
- Mill
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
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2024-10-15T00:00:00.000Z
Dates
- Event date
- 2026-03-24T00:00:00.000Z
Reasoning: Indicated silver resources for Los Reyes Underground (Mill) are a significant addition from the acquisition, though the estimate is historical.
Positive factors
- Good confidence category (Indicated).
- High silver grade for underground mining.
- QP signed off on the estimate.
Negative factors
- Historical estimate, unchanged from previous owner.
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
indicatedLos Reyes · goldTonnes: 20254000Grade: 0.29Grade Unit: g/tContained Metal: 190Contained Unit: kozHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Los Reyes
- Commodity
- gold
- Region
- mexico
- Reported Region
- Mexico
- 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:21258a704bb5eaa0a9bf
- Deposit or zone
- Open Pit - Heap Leach
- Mining method
- open_pit
- Material type
- Heap Leach
Resource Data
- Category
- indicated
- Tonnes
- 20254000
- Grade
- 0.29
- Grade Unit
- g/t
- Contained Metal
- 190
- Contained Unit
- koz
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
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2024-10-15T00:00:00.000Z
Dates
- Event date
- 2026-03-24T00:00:00.000Z
Reasoning: Indicated gold resources for Los Reyes Open Pit (Heap Leach) are a significant addition from the acquisition, though the estimate is historical and grade is low.
Positive factors
- Good confidence category (Indicated).
- QP signed off on the estimate.
Negative factors
- Historical estimate, unchanged from previous owner.
- Low grade for open pit heap leach.
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 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: 20254000Grade: 8.4Grade Unit: g/tContained Metal: 5492Contained Unit: kozHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Los Reyes
- Commodity
- silver
- Region
- mexico
- Reported Region
- Mexico
- 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:21258a704bb5eaa0a9bf
- Deposit or zone
- Open Pit - Heap Leach
- Mining method
- open_pit
- Material type
- Heap Leach
Resource Data
- Category
- indicated
- Tonnes
- 20254000
- Grade
- 8.4
- Grade Unit
- g/t
- Contained Metal
- 5492
- Contained Unit
- koz
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
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2024-10-15T00:00:00.000Z
Dates
- Event date
- 2026-03-24T00:00:00.000Z
Reasoning: Indicated silver resources for Los Reyes Open Pit (Heap Leach) are a significant addition from the acquisition, though the estimate is historical.
Positive factors
- Good confidence category (Indicated).
- QP signed off on the estimate.
Negative factors
- Historical estimate, unchanged from previous owner.
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 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: 49042000Grade: 0.95Grade Unit: g/tContained Metal: 1491Contained Unit: kozHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Los Reyes
- Commodity
- gold
- Region
- mexico
- Reported Region
- Mexico
- 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:7d2708e7a3ea52e07321
- Deposit or zone
- Total
Resource Data
- Category
- indicated
- Tonnes
- 49042000
- Grade
- 0.95
- Grade Unit
- g/t
- Contained Metal
- 1491
- Contained Unit
- koz
Prior Estimate
- Resource Date
- 2024-10-15
Metal Equivalent
- Metal Eq. Grade
- 1.3
- Metal Eq. Unit
- g/t AuEq
- Assumptions Disclosed
- Yes
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2024-10-15T00:00:00.000Z
Dates
- Event date
- 2026-03-24T00:00:00.000Z
Reasoning: Total Indicated gold resources for Los Reyes represent a substantial addition to Torex Gold's portfolio, though the estimate is historical.
Positive factors
- Significant addition of contained gold equivalent (2,047 koz AuEq) from acquisition.
- QP signed off on the estimate.
Negative factors
- Historical estimate, unchanged from previous owner.
Evidence · table
“0.95”
Context: 49,042
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: 49042000Grade: 34.2Grade Unit: g/tContained Metal: 53995Contained Unit: kozHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Los Reyes
- Commodity
- silver
- Region
- mexico
- Reported Region
- Mexico
- 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:7d2708e7a3ea52e07321
- Deposit or zone
- Total
Resource Data
- Category
- indicated
- Tonnes
- 49042000
- Grade
- 34.2
- Grade Unit
- g/t
- Contained Metal
- 53995
- Contained Unit
- koz
Prior Estimate
- Resource Date
- 2024-10-15
Metal Equivalent
- Metal Eq. Grade
- 1.3
- Metal Eq. Unit
- g/t AuEq
- Assumptions Disclosed
- Yes
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2024-10-15T00:00:00.000Z
Dates
- Event date
- 2026-03-24T00:00:00.000Z
Reasoning: Total Indicated silver resources for Los Reyes represent a substantial addition to Torex Gold's portfolio, though the estimate is historical.
Positive factors
- Significant addition of contained silver from acquisition.
- QP signed off on the estimate.
Negative factors
- Historical estimate, unchanged from previous owner.
Evidence · table
“34.2”
Context: 49,042
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: 7211000Grade: 0.89Grade Unit: g/tContained Metal: 207Contained Unit: kozHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Los Reyes
- Commodity
- gold
- Region
- mexico
- Reported Region
- Mexico
- 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:057d9b13438003b89aed
- Deposit or zone
- Open Pit - Mill
- Mining method
- open_pit
- Material type
- Mill
Resource Data
- Category
- inferred
- Tonnes
- 7211000
- Grade
- 0.89
- Grade Unit
- g/t
- Contained Metal
- 207
- Contained Unit
- koz
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
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2024-10-15T00:00:00.000Z
Dates
- Event date
- 2026-03-24T00:00:00.000Z
Reasoning: Inferred gold resources for Los Reyes Open Pit (Mill) are a significant addition from the acquisition, though the estimate is historical and with lower confidence.
Positive factors
- QP signed off on the estimate.
Negative factors
- Lower confidence category (Inferred).
- Historical estimate, unchanged from previous owner.
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 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: 7211000Grade: 42.8Grade Unit: g/tContained Metal: 9916Contained Unit: kozHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Los Reyes
- Commodity
- silver
- Region
- mexico
- Reported Region
- Mexico
- 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:057d9b13438003b89aed
- Deposit or zone
- Open Pit - Mill
- Mining method
- open_pit
- Material type
- Mill
Resource Data
- Category
- inferred
- Tonnes
- 7211000
- Grade
- 42.8
- Grade Unit
- g/t
- Contained Metal
- 9916
- Contained Unit
- koz
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
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2024-10-15T00:00:00.000Z
Dates
- Event date
- 2026-03-24T00:00:00.000Z
Reasoning: Inferred silver resources for Los Reyes Open Pit (Mill) are a significant addition from the acquisition, though the estimate is historical and with lower confidence.
Positive factors
- QP signed off on the estimate.
Negative factors
- Lower confidence category (Inferred).
- Historical estimate, unchanged from previous owner.
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 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: kozHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Los Reyes
- Commodity
- gold
- Region
- mexico
- Reported Region
- Mexico
- 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:5e4ff971a1354ab624e0
- Deposit or zone
- Underground - Mill
- Mining method
- underground
- Material type
- Mill
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
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2024-10-15T00:00:00.000Z
Dates
- Event date
- 2026-03-24T00:00:00.000Z
Reasoning: Inferred gold resources for Los Reyes Underground (Mill) are a significant addition from the acquisition, though the estimate is historical and with lower confidence.
Positive factors
- QP signed off on the estimate.
Negative factors
- Lower confidence category (Inferred).
- Historical estimate, unchanged from previous owner.
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: kozHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Los Reyes
- Commodity
- silver
- Region
- mexico
- Reported Region
- Mexico
- 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:5e4ff971a1354ab624e0
- Deposit or zone
- Underground - Mill
- Mining method
- underground
- Material type
- Mill
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
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2024-10-15T00:00:00.000Z
Dates
- Event date
- 2026-03-24T00:00:00.000Z
Reasoning: Inferred silver resources for Los Reyes Underground (Mill) are a significant addition from the acquisition, though the estimate is historical and with lower confidence.
Positive factors
- QP signed off on the estimate.
Negative factors
- Lower confidence category (Inferred).
- Historical estimate, unchanged from previous owner.
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
inferredLos Reyes · goldTonnes: 5944000Grade: 0.3Grade Unit: g/tContained Metal: 58Contained Unit: kozHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Los Reyes
- Commodity
- gold
- Region
- mexico
- Reported Region
- Mexico
- 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:0c4661763a59e6fe81b1
- Deposit or zone
- Open Pit - Heap Leach
- Mining method
- open_pit
- Material type
- Heap Leach
Resource Data
- Category
- inferred
- Tonnes
- 5944000
- Grade
- 0.3
- Grade Unit
- g/t
- Contained Metal
- 58
- Contained Unit
- koz
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
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2024-10-15T00:00:00.000Z
Dates
- Event date
- 2026-03-24T00:00:00.000Z
Reasoning: Inferred gold resources for Los Reyes Open Pit (Heap Leach) are a significant addition from the acquisition, though the estimate is historical, with lower confidence and low grade.
Positive factors
- QP signed off on the estimate.
Negative factors
- Lower confidence category (Inferred).
- Historical estimate, unchanged from previous owner.
- Low grade for open pit heap leach.
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 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: 5944000Grade: 7.3Grade Unit: g/tContained Metal: 1398Contained Unit: kozHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Los Reyes
- Commodity
- silver
- Region
- mexico
- Reported Region
- Mexico
- 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:0c4661763a59e6fe81b1
- Deposit or zone
- Open Pit - Heap Leach
- Mining method
- open_pit
- Material type
- Heap Leach
Resource Data
- Category
- inferred
- Tonnes
- 5944000
- Grade
- 7.3
- Grade Unit
- g/t
- Contained Metal
- 1398
- Contained Unit
- koz
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
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2024-10-15T00:00:00.000Z
Dates
- Event date
- 2026-03-24T00:00:00.000Z
Reasoning: Inferred silver resources for Los Reyes Open Pit (Heap Leach) are a significant addition from the acquisition, though the estimate is historical and with lower confidence.
Positive factors
- QP signed off on the estimate.
Negative factors
- Lower confidence category (Inferred).
- Historical estimate, unchanged from previous owner.
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 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: 17210000Grade: 0.97Grade Unit: g/tContained Metal: 538Contained Unit: kozHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Los Reyes
- Commodity
- gold
- Region
- mexico
- Reported Region
- Mexico
- 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:a96b8ce821fdfc4b9d20
- Deposit or zone
- Total
Resource Data
- Category
- inferred
- Tonnes
- 17210000
- Grade
- 0.97
- Grade Unit
- g/t
- Contained Metal
- 538
- Contained Unit
- koz
Prior Estimate
- Resource Date
- 2024-10-15
Metal Equivalent
- Metal Eq. Grade
- 1.38
- Metal Eq. Unit
- g/t AuEq
- Assumptions Disclosed
- Yes
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2024-10-15T00:00:00.000Z
Dates
- Event date
- 2026-03-24T00:00:00.000Z
Reasoning: Total Inferred gold resources for Los Reyes represent a substantial addition to Torex Gold's portfolio, though the estimate is historical and with lower confidence.
Positive factors
- Significant addition of contained gold equivalent (765 koz AuEq) from acquisition.
- QP signed off on the estimate.
Negative factors
- Lower confidence category (Inferred).
- Historical estimate, unchanged from previous owner.
Evidence · table
“0.97”
Context: 17,210
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: 17210000Grade: 39Grade Unit: g/tContained Metal: 21561Contained Unit: kozHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Los Reyes
- Commodity
- silver
- Region
- mexico
- Reported Region
- Mexico
- 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:a96b8ce821fdfc4b9d20
- Deposit or zone
- Total
Resource Data
- Category
- inferred
- Tonnes
- 17210000
- Grade
- 39
- Grade Unit
- g/t
- Contained Metal
- 21561
- Contained Unit
- koz
Prior Estimate
- Resource Date
- 2024-10-15
Metal Equivalent
- Metal Eq. Grade
- 1.38
- Metal Eq. Unit
- g/t AuEq
- Assumptions Disclosed
- Yes
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2024-10-15T00:00:00.000Z
Dates
- Event date
- 2026-03-24T00:00:00.000Z
Reasoning: Total Inferred silver resources for Los Reyes represent a substantial addition to Torex Gold's portfolio, though the estimate is historical and with lower confidence.
Positive factors
- Significant addition of contained silver from acquisition.
- QP signed off on the estimate.
Negative factors
- Lower confidence category (Inferred).
- Historical estimate, unchanged from previous owner.
Evidence · table
“39.0”
Context: 17,210
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
probableTorex (All) · goldTonnes: 39653000Grade: 2.48Grade Unit: g/tContained Metal: 3158Contained Unit: kozView all detailsHide details
Identity
- Project
- Torex (All)
- Commodity
- gold
- Region
- mexico
- Reported Region
- Mexico
- Ticker
- TXG
Resource scope
- Estimate type
- reserve
- Effective date
- 2025-12-31T00:00:00.000Z
- Reporting standards
- ni_43_101, jorc
- QP Signed
- Yes
- Qualified person names
- Johannes (Gertjan) Bekkers
- Resource group id
- resource:81beead2e9f7f2f76e80
- Deposit or zone
- Total
Resource Data
- Category
- probable
- Tonnes
- 39653000
- Grade
- 2.48
- Grade Unit
- g/t
- Contained Metal
- 3158
- Contained Unit
- koz
Prior Estimate
- Resource Date
- 2025-12-31
- Prior Tonnes
- 40408000
- Prior Grade
- 3.92
- Prior Contained Metal
- 5096
Metal Equivalent
- Metal Eq. Grade
- 3.8
- Metal Eq. Unit
- gpt AuEq
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-03-24T00:00:00.000Z
Reasoning: Total Proven & Probable gold reserves for Torex Gold show a slight decrease in contained metal, indicating depletion and model adjustments across the company's assets.
Positive factors
- QP signed off on the estimate.
Negative factors
- Overall decrease in contained gold equivalent (5%) compared to previous estimate.
Evidence · table
“3,158”
Context: 39,653
Tags used in scoring
Probable Reservepositive
Indicated Resource with demonstrated economic viability after applying modifying factors.
Why it applies: category is "probable"
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
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Tonnage Declinenegative
Resource tonnage decreased vs prior estimate — pit optimization removed marginal material or geological model revised down.
Why it applies: 39653000 against 40408000 previously
Grade Declinenegative
Average grade fell below the red-flag bound vs prior estimate — deposit economics worsening. May indicate high-grading in early drilling.
Why it applies: 2.48 against 3.92 previously
Contained Metal Declinenegative
Contained metal decreased vs prior despite tonnage growth — grade dilution exceeds volume gain.
Why it applies: 3158 against 5096 previously
probableTorex (All) · silverTonnes: 39653000Grade: 18.4Grade Unit: g/tContained Metal: 23519Contained Unit: kozView all detailsHide details
Identity
- Project
- Torex (All)
- Commodity
- silver
- Region
- mexico
- Reported Region
- Mexico
- Ticker
- TXG
Resource scope
- Estimate type
- reserve
- Effective date
- 2025-12-31T00:00:00.000Z
- Reporting standards
- ni_43_101, jorc
- QP Signed
- Yes
- Qualified person names
- Johannes (Gertjan) Bekkers
- Resource group id
- resource:81beead2e9f7f2f76e80
- Deposit or zone
- Total
Resource Data
- Category
- probable
- Tonnes
- 39653000
- Grade
- 18.4
- Grade Unit
- g/t
- Contained Metal
- 23519
- Contained Unit
- koz
Prior Estimate
- Resource Date
- 2025-12-31
- Prior Tonnes
- 40408000
- Prior Grade
- 3.92
- Prior Contained Metal
- 5096
Metal Equivalent
- Metal Eq. Grade
- 3.8
- Metal Eq. Unit
- gpt AuEq
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-03-24T00:00:00.000Z
Reasoning: Total Proven & Probable silver reserves for Torex Gold show a decrease in contained metal, contributing to the overall decline in AuEq.
Positive factors
- QP signed off on the estimate.
Negative factors
- Overall decrease in contained silver (12%) compared to previous estimate.
Evidence · table
“23,519”
Context: 39,653
Tags used in scoring
Probable Reservepositive
Indicated Resource with demonstrated economic viability after applying modifying factors.
Why it applies: category is "probable"
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
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Tonnage Declinenegative
Resource tonnage decreased vs prior estimate — pit optimization removed marginal material or geological model revised down.
Why it applies: 39653000 against 40408000 previously
Grade Improvementpositive
Average resource grade improved vs prior estimate — better deposit economics.
Why it applies: 18.4 against 3.92 previously
Contained Metal Growthpositive
True scale improvement — contained metal ounces/tonnes increased vs prior, accounting for both tonnage and grade changes.
Why it applies: 23519 against 5096 previously
probableTorex (All) · copperTonnes: 39653000Grade: 0.68Grade Unit: %Contained Metal: 594Contained Unit: mlbView all detailsHide details
Identity
- Project
- Torex (All)
- Commodity
- copper
- Region
- mexico
- Reported Region
- Mexico
- Ticker
- TXG
Resource scope
- Estimate type
- reserve
- Effective date
- 2025-12-31T00:00:00.000Z
- Reporting standards
- ni_43_101, jorc
- QP Signed
- Yes
- Qualified person names
- Johannes (Gertjan) Bekkers
- Resource group id
- resource:81beead2e9f7f2f76e80
- Deposit or zone
- Total
Resource Data
- Category
- probable
- Tonnes
- 39653000
- Grade
- 0.68
- Grade Unit
- %
- Contained Metal
- 594
- Contained Unit
- mlb
Prior Estimate
- Resource Date
- 2025-12-31
- Prior Tonnes
- 40408000
- Prior Grade
- 3.92
- Prior Contained Metal
- 5096
Metal Equivalent
- Metal Eq. Grade
- 3.8
- Metal Eq. Unit
- gpt AuEq
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-03-24T00:00:00.000Z
Reasoning: Total Proven & Probable copper reserves for Torex Gold show a decrease in contained metal, contributing to the overall decline in AuEq.
Positive factors
- QP signed off on the estimate.
Negative factors
- Overall decrease in contained copper (9%) compared to previous estimate.
Evidence · table
“594”
Context: 39,653
Tags used in scoring
Probable Reservepositive
Indicated Resource with demonstrated economic viability after applying modifying factors.
Why it applies: category is "probable"
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
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Tonnage Declinenegative
Resource tonnage decreased vs prior estimate — pit optimization removed marginal material or geological model revised down.
Why it applies: 39653000 against 40408000 previously
Grade Declinenegative
Average grade fell below the red-flag bound vs prior estimate — deposit economics worsening. May indicate high-grading in early drilling.
Why it applies: 0.68 against 3.92 previously
Contained Metal Declinenegative
Contained metal decreased vs prior despite tonnage growth — grade dilution exceeds volume gain.
Why it applies: 594 against 5096 previously
indicatedTorex (All) · goldTonnes: 102188000Grade: 1.88Grade Unit: g/tContained Metal: 6163Contained Unit: kozView all detailsHide details
Identity
- Project
- Torex (All)
- Commodity
- gold
- Region
- mexico
- Reported Region
- Mexico
- Ticker
- TXG
Resource scope
- Estimate type
- resource
- Effective date
- 2025-12-31T00:00:00.000Z
- Reporting standards
- ni_43_101, jorc
- QP Signed
- Yes
- Qualified person names
- Rochelle Collins
- Resource group id
- resource:ebef54c096e90b1d2ce9
- Deposit or zone
- Total
Resource Data
- Category
- indicated
- Tonnes
- 102188000
- Grade
- 1.88
- Grade Unit
- g/t
- Contained Metal
- 6163
- Contained Unit
- koz
Prior Estimate
- Resource Date
- 2025-12-31
- Prior Tonnes
- 45679000
- Prior Grade
- 5.06
- Prior Contained Metal
- 7431
Metal Equivalent
- Metal Eq. Grade
- 2.83
- Metal Eq. Unit
- g/t AuEq
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-03-24T00:00:00.000Z
Reasoning: Total Measured & Indicated gold resources for Torex Gold show a substantial increase in contained metal, primarily driven by the Los Reyes acquisition, despite a significant drop in overall grade.
Positive factors
- Significant increase in contained gold equivalent (25%) compared to previous estimate, largely due to Los Reyes acquisition.
- QP signed off on the estimate.
Negative factors
- Significant decrease in average grade (44%) compared to previous estimate, likely due to RPEEE adjustments and lower-grade Los Reyes material.
Evidence · table
“1.88”
Context: 102,188
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
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Tonnage Growthpositive
Tonnage increase reaching the strong tier vs prior estimate, with grade maintained or improved.
Why it applies: 102188000 against 45679000 previously
Grade Declinenegative
Average grade fell below the red-flag bound vs prior estimate — deposit economics worsening. May indicate high-grading in early drilling.
Why it applies: 1.88 against 5.06 previously
Contained Metal Declinenegative
Contained metal decreased vs prior despite tonnage growth — grade dilution exceeds volume gain.
Why it applies: 6163 against 7431 previously
Dilutive Growthnegative
Tonnage increased but contained metal flat or down — likely from lower cut-off grade, not geological expansion.
Why it applies: tonnage rose while contained metal went 6163 from 7431
indicatedTorex (All) · silverTonnes: 102188000Grade: 27.4Grade Unit: g/tContained Metal: 89870Contained Unit: kozView all detailsHide details
Identity
- Project
- Torex (All)
- Commodity
- silver
- Region
- mexico
- Reported Region
- Mexico
- Ticker
- TXG
Resource scope
- Estimate type
- resource
- Effective date
- 2025-12-31T00:00:00.000Z
- Reporting standards
- ni_43_101, jorc
- QP Signed
- Yes
- Qualified person names
- Rochelle Collins
- Resource group id
- resource:ebef54c096e90b1d2ce9
- Deposit or zone
- Total
Resource Data
- Category
- indicated
- Tonnes
- 102188000
- Grade
- 27.4
- Grade Unit
- g/t
- Contained Metal
- 89870
- Contained Unit
- koz
Prior Estimate
- Resource Date
- 2025-12-31
- Prior Tonnes
- 45679000
- Prior Grade
- 5.06
- Prior Contained Metal
- 7431
Metal Equivalent
- Metal Eq. Grade
- 2.83
- Metal Eq. Unit
- g/t AuEq
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-03-24T00:00:00.000Z
Reasoning: Total Measured & Indicated silver resources for Torex Gold show a substantial increase, primarily driven by the Los Reyes acquisition.
Positive factors
- Significant increase in contained silver due to Los Reyes acquisition.
- QP signed off on the estimate.
Evidence · table
“27.4”
Context: 102,188
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
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Tonnage Growthpositive
Tonnage increase reaching the strong tier vs prior estimate, with grade maintained or improved.
Why it applies: 102188000 against 45679000 previously
Grade Improvementpositive
Average resource grade improved vs prior estimate — better deposit economics.
Why it applies: 27.4 against 5.06 previously
Contained Metal Growthpositive
True scale improvement — contained metal ounces/tonnes increased vs prior, accounting for both tonnage and grade changes.
Why it applies: 89870 against 7431 previously
indicatedTorex (All) · copperTonnes: 102188000Grade: 0.4Grade Unit: %Contained Metal: 910Contained Unit: mlbView all detailsHide details
Identity
- Project
- Torex (All)
- Commodity
- copper
- Region
- mexico
- Reported Region
- Mexico
- Ticker
- TXG
Resource scope
- Estimate type
- resource
- Effective date
- 2025-12-31T00:00:00.000Z
- Reporting standards
- ni_43_101, jorc
- QP Signed
- Yes
- Qualified person names
- Rochelle Collins
- Resource group id
- resource:ebef54c096e90b1d2ce9
- Deposit or zone
- Total
Resource Data
- Category
- indicated
- Tonnes
- 102188000
- Grade
- 0.4
- Grade Unit
- %
- Contained Metal
- 910
- Contained Unit
- mlb
Prior Estimate
- Resource Date
- 2025-12-31
- Prior Tonnes
- 45679000
- Prior Grade
- 5.06
- Prior Contained Metal
- 7431
Metal Equivalent
- Metal Eq. Grade
- 2.83
- Metal Eq. Unit
- g/t AuEq
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-03-24T00:00:00.000Z
Reasoning: Total Measured & Indicated copper resources for Torex Gold show a substantial increase, primarily driven by the Los Reyes acquisition.
Positive factors
- Significant increase in contained copper due to Los Reyes acquisition.
- QP signed off on the estimate.
Evidence · table
“0.40”
Context: 102,188
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
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Tonnage Growthpositive
Tonnage increase reaching the strong tier vs prior estimate, with grade maintained or improved.
Why it applies: 102188000 against 45679000 previously
Grade Declinenegative
Average grade fell below the red-flag bound vs prior estimate — deposit economics worsening. May indicate high-grading in early drilling.
Why it applies: 0.4 against 5.06 previously
Contained Metal Declinenegative
Contained metal decreased vs prior despite tonnage growth — grade dilution exceeds volume gain.
Why it applies: 910 against 7431 previously
Dilutive Growthnegative
Tonnage increased but contained metal flat or down — likely from lower cut-off grade, not geological expansion.
Why it applies: tonnage rose while contained metal went 910 from 7431
inferredTorex (All) · goldTonnes: 39267000Grade: 1.8Grade Unit: g/tContained Metal: 2269Contained Unit: kozView all detailsHide details
Identity
- Project
- Torex (All)
- Commodity
- gold
- Region
- mexico
- Reported Region
- Mexico
- Ticker
- TXG
Resource scope
- Estimate type
- resource
- Effective date
- 2025-12-31T00:00:00.000Z
- Reporting standards
- ni_43_101, jorc
- QP Signed
- Yes
- Qualified person names
- Rochelle Collins
- Resource group id
- resource:c391e1a88c5e63e762cb
- Deposit or zone
- Total
Resource Data
- Category
- inferred
- Tonnes
- 39267000
- Grade
- 1.8
- Grade Unit
- g/t
- Contained Metal
- 2269
- Contained Unit
- koz
Prior Estimate
- Resource Date
- 2025-12-31
- Prior Tonnes
- 16526000
- Prior Grade
- 4.22
- Prior Contained Metal
- 2243
Metal Equivalent
- Metal Eq. Grade
- 2.91
- Metal Eq. Unit
- g/t AuEq
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-03-24T00:00:00.000Z
Reasoning: Total Inferred gold resources for Torex Gold show a substantial increase in contained metal, indicating successful exploration and new acquisitions, despite a notable drop in overall grade.
Positive factors
- Significant increase in contained gold equivalent (64%) compared to previous estimate, driven by new discoveries and acquisitions.
- QP signed off on the estimate.
Negative factors
- Lower confidence category (Inferred).
- Significant decrease in average grade (31%) compared to previous estimate.
Evidence · table
“1.80”
Context: 39,267
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
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Tonnage Growthpositive
Tonnage increase reaching the strong tier vs prior estimate, with grade maintained or improved.
Why it applies: 39267000 against 16526000 previously
Grade Declinenegative
Average grade fell below the red-flag bound vs prior estimate — deposit economics worsening. May indicate high-grading in early drilling.
Why it applies: 1.8 against 4.22 previously
Dilutive Growthnegative
Tonnage increased but contained metal flat or down — likely from lower cut-off grade, not geological expansion.
Why it applies: tonnage rose while contained metal went 2269 from 2243
inferredTorex (All) · silverTonnes: 39267000Grade: 29.8Grade Unit: g/tContained Metal: 37654Contained Unit: kozView all detailsHide details
Identity
- Project
- Torex (All)
- Commodity
- silver
- Region
- mexico
- Reported Region
- Mexico
- Ticker
- TXG
Resource scope
- Estimate type
- resource
- Effective date
- 2025-12-31T00:00:00.000Z
- Reporting standards
- ni_43_101, jorc
- QP Signed
- Yes
- Qualified person names
- Rochelle Collins
- Resource group id
- resource:c391e1a88c5e63e762cb
- Deposit or zone
- Total
Resource Data
- Category
- inferred
- Tonnes
- 39267000
- Grade
- 29.8
- Grade Unit
- g/t
- Contained Metal
- 37654
- Contained Unit
- koz
Prior Estimate
- Resource Date
- 2025-12-31
- Prior Tonnes
- 16526000
- Prior Grade
- 4.22
- Prior Contained Metal
- 2243
Metal Equivalent
- Metal Eq. Grade
- 2.91
- Metal Eq. Unit
- g/t AuEq
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-03-24T00:00:00.000Z
Reasoning: Total Inferred silver resources for Torex Gold show a substantial increase in contained metal, indicating successful exploration and new acquisitions.
Positive factors
- Significant increase in contained silver due to new discoveries and acquisitions.
- QP signed off on the estimate.
Negative factors
- Lower confidence category (Inferred).
Evidence · table
“29.8”
Context: 39,267
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
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Tonnage Growthpositive
Tonnage increase reaching the strong tier vs prior estimate, with grade maintained or improved.
Why it applies: 39267000 against 16526000 previously
Grade Improvementpositive
Average resource grade improved vs prior estimate — better deposit economics.
Why it applies: 29.8 against 4.22 previously
Contained Metal Growthpositive
True scale improvement — contained metal ounces/tonnes increased vs prior, accounting for both tonnage and grade changes.
Why it applies: 37654 against 2243 previously
inferredTorex (All) · copperTonnes: 39267000Grade: 0.48Grade Unit: %Contained Metal: 412Contained Unit: mlbView all detailsHide details
Identity
- Project
- Torex (All)
- Commodity
- copper
- Region
- mexico
- Reported Region
- Mexico
- Ticker
- TXG
Resource scope
- Estimate type
- resource
- Effective date
- 2025-12-31T00:00:00.000Z
- Reporting standards
- ni_43_101, jorc
- QP Signed
- Yes
- Qualified person names
- Rochelle Collins
- Resource group id
- resource:c391e1a88c5e63e762cb
- Deposit or zone
- Total
Resource Data
- Category
- inferred
- Tonnes
- 39267000
- Grade
- 0.48
- Grade Unit
- %
- Contained Metal
- 412
- Contained Unit
- mlb
Prior Estimate
- Resource Date
- 2025-12-31
- Prior Tonnes
- 16526000
- Prior Grade
- 4.22
- Prior Contained Metal
- 2243
Metal Equivalent
- Metal Eq. Grade
- 2.91
- Metal Eq. Unit
- g/t AuEq
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-03-24T00:00:00.000Z
Reasoning: Total Inferred copper resources for Torex Gold show a substantial increase in contained metal, indicating successful exploration and new acquisitions.
Positive factors
- Significant increase in contained copper due to new discoveries and acquisitions.
- QP signed off on the estimate.
Negative factors
- Lower confidence category (Inferred).
Evidence · table
“0.48”
Context: 39,267
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
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Tonnage Growthpositive
Tonnage increase reaching the strong tier vs prior estimate, with grade maintained or improved.
Why it applies: 39267000 against 16526000 previously
Grade Declinenegative
Average grade fell below the red-flag bound vs prior estimate — deposit economics worsening. May indicate high-grading in early drilling.
Why it applies: 0.48 against 4.22 previously
Contained Metal Declinenegative
Contained metal decreased vs prior despite tonnage growth — grade dilution exceeds volume gain.
Why it applies: 412 against 2243 previously
Dilutive Growthnegative
Tonnage increased but contained metal flat or down — likely from lower cut-off grade, not geological expansion.
Why it applies: tonnage rose while contained metal went 412 from 2243
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.