# Vizsla Silver Corp.: Exhibit 99.1 - Filed by newsfilecorp.com Canonical Atlas analysis: https://atlas-extractions.minestarters.com/news/vizsla-silver-corp-exhibit-99-1-filed-by-newsfilecorp-com--8235172e-ddaa-4bd7-81a7-a3c71cff054b Original source: https://www.sec.gov/Archives/edgar/data/1796073/000106299324003793/exhibit99-1.htm Publisher: research Original announcement: Unknown date Analysis by Minestarters Atlas Atlas analysis published: 2026-11-04T11:57:05.765Z Atlas analysis updated: 2026-11-04T11:57:05.765Z - Company: Unavailable - Ticker: VZLA - Exchange: TSX - Region: Sinaloa, Mexico - Primary commodity: Silver - Secondary commodities: Gold, Lead, Zinc, Silicon - Document categories: Resource update, Other - Extracted: 2026-11-04 11:57:05 UTC Narrative sentiment: 0.58 · Bullish ## Minestarters Atlas summary Vizsla Silver reported an updated NI 43-101 mineral resource estimate for its 100% owned Panuco silver-gold project in Sinaloa, Mexico, effective September 1, 2023. Indicated resources increased to 9.5 Mt at 289 g/t Ag, 2.41 g/t Au, 0.27% Pb and 0.84% Zn, while inferred resources increased to 12.2 Mt at 239 g/t Ag, 1.93 g/t Au, 0.29% Pb and 1.03% Zn. The release also discloses the 150 g/t AgEq cut-off, metal price/recovery assumptions, QA/QC procedures and QP sign-off. Reasoning: This is a substantial updated mineral resource estimate for the Panuco silver-gold project, with meaningful growth in both indicated and inferred ounces and clear NI 43-101/QP disclosure. The announcement is positive but still a resource update rather than an economic study or reserve conversion. - Positive factor: Updated mineral resource estimate for Panuco - Positive factor: Indicated resources increased from 104.8 to 155.8 Moz AgEq - Positive factor: Inferred resources increased from 114.1 to 169.6 Moz AgEq - Positive factor: QA/QC, certified lab, and QP sign-off disclosed - Negative factor: Resource remains entirely indicated and inferred, with no measured category - Negative factor: Cut-off and metal-equivalent assumptions are disclosed, but the estimate is still a resource not a reserve - Negative factor: Primary disclosure is an updated estimate rather than new drilling results Facts used in scoring: 8 ## Classification and evidence **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: The release states the estimate is prepared in accordance with NI 43-101 and references CIM Definition Standards, not JORC. Evidence · text > prepared in accordance with NI 43-101 **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: The updated mineral resource estimate is explicitly stated to be completed in accordance with NI 43-101. Evidence · text > in accordance with National Instrument 43-101 **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: A named Qualified Person signed off on the estimate and reviewed the release. Evidence · text > Mr. Armitage has reviewed and approved the technical contents of this news release. **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: The resource is reported at a stated 150 g/t AgEq cut-off. Evidence · text > Mineral resources are reported at a base case cut-off grade of 150 g/t AgEq. **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: The announcement is an updated mineral resource estimate compared with the prior January 2023 estimate. Evidence · text > including a comparison to the previous mineral resource estimate released in January 2023 **QA/QC Disclosed** Polarity: positive Story-specific tag Definition: Release includes QA/QC disclosure — certified lab, QP sign-off, or stated methods \(blanks, standards, duplicates\). Why it applies: The release describes the laboratory, certification, control samples and assay methods. Evidence · text > Quality Assurance / Quality Control **Infill Drilling** Polarity: neutral Story-specific tag Definition: Confirmatory drilling to raise resource confidence, not new discovery. Why it applies: The release states that 178 new infill/expansion holes were included in the updated estimate. Evidence · text > 178 new infill/expansion holes ## Extracted facts Stored fact records: 8. Some facts used in scoring do not have a stored record. ## Resource Estimates (8) ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/vizsla-silver-corp-exhibit-99-1-filed-by-newsfilecorp-com--8235172e-ddaa-4bd7-81a7-a3c71cff054b#fact-resource-facts-0) Panuco · silver #### Identity - Project: Panuco - Commodity: silver - Region: mexico - Reported Region: Sinaloa, Mexico - Ticker: VZLA #### Resource scope - Estimate type: resource - Effective date: 2023-09-01T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Allan Armitage - Resource group id: resource:235d7d987ca1c5d911a8 - Deposit or zone: Total Indicated - Mining method: underground - Ownership percent: 100 % #### Resource Data - Category: indicated - Tonnes: 9500000 - Grade: 289 - Grade Unit: g/t - Contained Metal: 88192 - Contained Unit: koz - Cutoff Grade: 150 - Cutoff Unit: g/t AgEq #### Prior Estimate - Resource Date: 2023-09-01 #### Metal Equivalent - Metal Eq. Grade: 511 - Metal Eq. Unit: g/t AgEq - Assumptions Disclosed: Yes #### Lab - Laboratory: ALS #### Review - Needs Review: No - Historical: No Reasoning: The indicated silver resource is large and supported by a compliant estimate with clear cut-off and QA/QC disclosure. - Positive factor: Updated indicated resource is 9.5 Mt at 289 g/t Ag - Positive factor: Contained silver is 88,192 koz - Positive factor: NI 43-101 and QP sign-off disclosed - Negative factor: This is a resource estimate, not a reserve - Negative factor: No measured category reported #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 3.2 years before this release ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/vizsla-silver-corp-exhibit-99-1-filed-by-newsfilecorp-com--8235172e-ddaa-4bd7-81a7-a3c71cff054b#fact-resource-facts-1) Panuco · gold #### Identity - Project: Panuco - Commodity: gold - Region: mexico - Reported Region: Sinaloa, Mexico - Ticker: VZLA #### Resource scope - Estimate type: resource - Effective date: 2023-09-01T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Allan Armitage - Resource group id: resource:235d7d987ca1c5d911a8 - Deposit or zone: Total Indicated - Mining method: underground - Ownership percent: 100 % #### Resource Data - Category: indicated - Tonnes: 9500000 - Grade: 2.41 - Grade Unit: g/t - Contained Metal: 736 - Contained Unit: koz - Cutoff Grade: 150 - Cutoff Unit: g/t AgEq #### Prior Estimate - Resource Date: 2023-09-01 #### Metal Equivalent - Metal Eq. Grade: 511 - Metal Eq. Unit: g/t AgEq - Assumptions Disclosed: Yes #### Lab - Laboratory: ALS #### Review - Needs Review: No - Historical: No Reasoning: The gold component of the indicated resource is materially improved and supported by the same compliant estimate. - Positive factor: Indicated gold resource is 9.5 Mt at 2.41 g/t Au - Positive factor: Contained gold is 736 koz - Positive factor: Updated estimate improved the project resource base - Negative factor: This is a resource estimate, not an economic study - Negative factor: No measured category reported #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 3.2 years before this release ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/vizsla-silver-corp-exhibit-99-1-filed-by-newsfilecorp-com--8235172e-ddaa-4bd7-81a7-a3c71cff054b#fact-resource-facts-2) Panuco · lead #### Identity - Project: Panuco - Commodity: lead - Region: mexico - Reported Region: Sinaloa, Mexico - Ticker: VZLA #### Resource scope - Estimate type: resource - Effective date: 2023-09-01T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Allan Armitage - Resource group id: resource:235d7d987ca1c5d911a8 - Deposit or zone: Total Indicated - Mining method: underground - Ownership percent: 100 % #### Resource Data - Category: indicated - Tonnes: 9500000 - Grade: 0.27 - Grade Unit: % - Contained Metal: 25.4 - Contained Unit: kt - Cutoff Grade: 150 - Cutoff Unit: g/t AgEq #### Prior Estimate - Resource Date: 2023-09-01 #### Metal Equivalent - Metal Eq. Grade: 511 - Metal Eq. Unit: g/t AgEq - Assumptions Disclosed: Yes #### Lab - Laboratory: ALS #### Review - Needs Review: No - Historical: No Reasoning: Lead is a secondary resource component that contributes to the overall polymetallic inventory but is not the main economic driver. - Positive factor: Lead grade and contained metal are explicitly reported - Positive factor: Same compliant resource table carries the polymetallic inventory - Negative factor: Lead is a byproduct metal in this context #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 3.2 years before this release ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/vizsla-silver-corp-exhibit-99-1-filed-by-newsfilecorp-com--8235172e-ddaa-4bd7-81a7-a3c71cff054b#fact-resource-facts-3) Panuco · zinc #### Identity - Project: Panuco - Commodity: zinc - Region: mexico - Reported Region: Sinaloa, Mexico - Ticker: VZLA #### Resource scope - Estimate type: resource - Effective date: 2023-09-01T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Allan Armitage - Resource group id: resource:235d7d987ca1c5d911a8 - Deposit or zone: Total Indicated - Mining method: underground - Ownership percent: 100 % #### Resource Data - Category: indicated - Tonnes: 9500000 - Grade: 0.84 - Grade Unit: % - Contained Metal: 79.9 - Contained Unit: kt - Cutoff Grade: 150 - Cutoff Unit: g/t AgEq #### Prior Estimate - Resource Date: 2023-09-01 #### Metal Equivalent - Metal Eq. Grade: 511 - Metal Eq. Unit: g/t AgEq - Assumptions Disclosed: Yes #### Lab - Laboratory: ALS #### Review - Needs Review: No - Historical: No Reasoning: Zinc adds meaningful contained metal to the polymetallic inventory, though the headline remains the silver-gold resource. - Positive factor: Zinc grade and contained metal are explicitly reported - Positive factor: Polymetallic estimate is fully disclosed - Negative factor: Zinc is a byproduct metal in this context #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 3.2 years before this release ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/vizsla-silver-corp-exhibit-99-1-filed-by-newsfilecorp-com--8235172e-ddaa-4bd7-81a7-a3c71cff054b#fact-resource-facts-4) Panuco · silver #### Identity - Project: Panuco - Commodity: silver - Region: mexico - Reported Region: Sinaloa, Mexico - Ticker: VZLA #### Resource scope - Estimate type: resource - Effective date: 2023-09-01T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Allan Armitage - Resource group id: resource:28a28e194daac1c2989d - Deposit or zone: Total Inferred - Mining method: underground - Ownership percent: 100 % #### Resource Data - Category: inferred - Tonnes: 12200000 - Grade: 239 - Grade Unit: g/t - Contained Metal: 93653 - Contained Unit: koz - Cutoff Grade: 150 - Cutoff Unit: g/t AgEq #### Prior Estimate - Resource Date: 2023-09-01 #### Metal Equivalent - Metal Eq. Grade: 433 - Metal Eq. Unit: g/t AgEq - Assumptions Disclosed: Yes #### Lab - Laboratory: ALS #### Review - Needs Review: No - Historical: No Reasoning: The inferred silver inventory is large and well disclosed, but the category remains lower-confidence than indicated. - Positive factor: Inferred silver resource increased to 12.2 Mt at 239 g/t Ag - Positive factor: Contained silver is 93,653 koz - Positive factor: Polymetallic estimate is explicitly quantified - Negative factor: Inferred category is lower confidence than indicated - Negative factor: This remains a resource estimate, not a reserve #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 3.2 years before this release ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/vizsla-silver-corp-exhibit-99-1-filed-by-newsfilecorp-com--8235172e-ddaa-4bd7-81a7-a3c71cff054b#fact-resource-facts-5) Panuco · gold #### Identity - Project: Panuco - Commodity: gold - Region: mexico - Reported Region: Sinaloa, Mexico - Ticker: VZLA #### Resource scope - Estimate type: resource - Effective date: 2023-09-01T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Allan Armitage - Resource group id: resource:28a28e194daac1c2989d - Deposit or zone: Total Inferred - Mining method: underground - Ownership percent: 100 % #### Resource Data - Category: inferred - Tonnes: 12200000 - Grade: 1.93 - Grade Unit: g/t - Contained Metal: 758 - Contained Unit: koz - Cutoff Grade: 150 - Cutoff Unit: g/t AgEq #### Prior Estimate - Resource Date: 2023-09-01 #### Metal Equivalent - Metal Eq. Grade: 433 - Metal Eq. Unit: g/t AgEq - Assumptions Disclosed: Yes #### Lab - Laboratory: ALS #### Review - Needs Review: No - Historical: No Reasoning: The inferred gold inventory is substantial, but confidence remains lower than for the indicated category. - Positive factor: Inferred gold resource is 12.2 Mt at 1.93 g/t Au - Positive factor: Contained gold is 758 koz - Positive factor: Growth in inferred ounces was highlighted in the release - Negative factor: Inferred category is lower confidence than indicated #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 3.2 years before this release ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/vizsla-silver-corp-exhibit-99-1-filed-by-newsfilecorp-com--8235172e-ddaa-4bd7-81a7-a3c71cff054b#fact-resource-facts-6) Panuco · lead #### Identity - Project: Panuco - Commodity: lead - Region: mexico - Reported Region: Sinaloa, Mexico - Ticker: VZLA #### Resource scope - Estimate type: resource - Effective date: 2023-09-01T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Allan Armitage - Resource group id: resource:28a28e194daac1c2989d - Deposit or zone: Total Inferred - Mining method: underground - Ownership percent: 100 % #### Resource Data - Category: inferred - Tonnes: 12200000 - Grade: 0.29 - Grade Unit: % - Contained Metal: 35.4 - Contained Unit: kt - Cutoff Grade: 150 - Cutoff Unit: g/t AgEq #### Prior Estimate - Resource Date: 2023-09-01 #### Metal Equivalent - Metal Eq. Grade: 433 - Metal Eq. Unit: g/t AgEq - Assumptions Disclosed: Yes #### Lab - Laboratory: ALS #### Review - Needs Review: No - Historical: No Reasoning: Lead is a secondary constituent of the inferred resource and therefore has limited standalone importance. - Positive factor: Lead grade and contained metal are explicitly reported - Negative factor: Lead is a byproduct metal #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 3.2 years before this release ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/vizsla-silver-corp-exhibit-99-1-filed-by-newsfilecorp-com--8235172e-ddaa-4bd7-81a7-a3c71cff054b#fact-resource-facts-7) Panuco · zinc #### Identity - Project: Panuco - Commodity: zinc - Region: mexico - Reported Region: Sinaloa, Mexico - Ticker: VZLA #### Resource scope - Estimate type: resource - Effective date: 2023-09-01T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Allan Armitage - Resource group id: resource:28a28e194daac1c2989d - Deposit or zone: Total Inferred - Mining method: underground - Ownership percent: 100 % #### Resource Data - Category: inferred - Tonnes: 12200000 - Grade: 1.03 - Grade Unit: % - Contained Metal: 125.3 - Contained Unit: kt - Cutoff Grade: 150 - Cutoff Unit: g/t AgEq #### Prior Estimate - Resource Date: 2023-09-01 #### Metal Equivalent - Metal Eq. Grade: 433 - Metal Eq. Unit: g/t AgEq - Assumptions Disclosed: Yes #### Lab - Laboratory: ALS #### Review - Needs Review: No - Historical: No Reasoning: Zinc contributes materially to the polymetallic inferred resource, but it is not the primary commodity. - Positive factor: Zinc grade and contained metal are explicitly reported - Negative factor: Zinc is a byproduct metal #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 3.2 years before this release ## 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.