Miguel Vacas/Borba 2 Property
Executive Summary
Executive Summary (overview)
- One-paragraph overview tied to the latest reported drilling results date.
- Estimated probability of advancing to a formal resource.
- Typical ranges for grade, tonnage, mine life, and method mix.
- Cost structure summary and where the project ranks vs peers.
Regional Copper Potential
Miguel Vacas/Borba 2 is located in Portugal, Europe. The surrounding region has historically demonstrated a very high potential for copper endowment and is moderately proximal to other copper properties. Physical setting (moderate elevation, moderate relief, temperate climate) shapes access, seasonality, and operating costs. Geologically, the area is dominated by Complex lithology, under very thin lithosphere with thin sedimentary cover in a Meso- and Cenozoic Orogen tectonic province—factors that inform both deposit style and development complexity.
Drill Intercepts
Reported results (Copper Equivalent) average very high grade, moderate length, and moderate depth. The most recent intercepts are benchmarked against a global copper database.
| Date | Intercept (Copper Equivalent) | Grade | Length | Depth |
|---|---|---|---|---|
| 2024-07-23 | 1.55 g/t Copper Equivalent over 12.3 m from 66.6 m | High Grade | Very Thick | Moderate Depth |
| 2024-07-23 | 3.63 g/t Copper Equivalent over 1.2 m from 69.2 m | High Grade | Moderate Thickness | Moderate Depth |
| 2024-07-23 | 4.81 g/t Copper Equivalent over 2.0 m from 74.5 m | Very High Grade | Moderate Thickness | Moderate Depth |
| 2024-07-23 | 4.52 g/t Copper Equivalent over 5.0 m from 62.0 m | Very High Grade | Thick | Moderate Depth |
| 2024-07-23 | 2.56 g/t Copper Equivalent over 10.5 m from 62.0 m | High Grade | Very Thick | Moderate Depth |
| 2024-07-23 | 0.30 g/t Copper Equivalent over 1.0 m from 0.0 m | Moderate Grade | Thin | Very Shallow |
| 2024-07-23 | 0.31 g/t Copper Equivalent over 3.3 m from 68.7 m | Moderate Grade | Thick | Moderate Depth |
| 2024-07-23 | 0.15 g/t Copper Equivalent over 5.2 m from 75.5 m | Low Grade | Thick | Moderate Depth |
| 2024-07-23 | 0.17 g/t Copper Equivalent over 15.6 m from 28.2 m | Low Grade | Very Thick | Shallow |
| 2024-07-23 | 1.06 g/t Copper Equivalent over 14.1 m from 47.0 m | Moderate Grade | Very Thick | Shallow |
| 2024-07-23 | 1.81 g/t Copper Equivalent over 6.9 m from 52.2 m | High Grade | Thick | Moderate Depth |
| 2024-07-23 | 0.30 g/t Copper Equivalent over 3.5 m from 81.5 m | Moderate Grade | Thick | Moderate Depth |
| 2024-06-20 | 0.34 g/t Copper Equivalent over 1.0 m from 61.9 m | Moderate Grade | Thin | Moderate Depth |
| 2024-06-20 | 1.58 g/t Copper Equivalent over 1.0 m from 106.2 m | High Grade | Thin | Moderate Depth |
| 2024-06-20 | 2.76 g/t Copper Equivalent over 22.8 m from 49.4 m | High Grade | Very Thick | Moderate Depth |
Resource Potential
Resource Potential (overview)
- Probability estimate of advancing to a formal resource.
- Typical ranges for grade and tonnage with p50 markers.
- Side-by-side histograms vs. a global reference dataset.
- Plain-English guidance on how to interpret uncertainty.
Economic Potential
Economic Potential
- Distribution of NPV across 1,000 discounted cash-flow simulations.
- Expected NPV value with context vs. drill-stage peers.
- Discussion of spread, skew, and scenario tails (upside/downside).
- Explicit assumptions shown for discount rate and commodity price.
Assumption Distributions
Assumption Distributions
- Reserve conversion and mine life distributions.
- Recovery, processing costs, and waste:ore ratio ranges.
- Capex/offsite opex, average production rate, and other drivers.