00 · REPORTED8 SEP 2026
443 holes · 3,628.8 m reported
146-hole September addition First seven reported RC holes Length-weighted head grade
Investor catalyst roadmap
Potential value inflection points through H1 2027.
Further drilling is the next catalyst. Geological modelling and representative metallurgy then build toward management's resource target before the end of 2026 and PEA target in H1 2027.
Roadmap restated 8 September 2026 · Management targets remain subject to results and the required technical work
Value-creation path · dated 8 September 2026
How each milestone can advance the project.
Further drilling and assay results are the next potential value inflection. Modelling and representative metallurgy can then build the evidence required for a resource estimate and, later, a preliminary economic assessment.
Management targets: resource estimates before end-2026 and a PEA in H1 2027.
Geology tests scale and continuity, while representative metallurgy tests recoverability and variability. The conditional preliminary economic assessment depends on both tracks.
ReportedThrough 8 Sep 2026
Next evidenceTiming not disclosed
IntegrationActive / planned work
Resource gateBefore end-2026*
Study gateH1 2027*
Geology
Scale · continuity01 · NEXT CATALYSTTIMING NOT DISCLOSED
Further drilling & assays
Repetition · geometry · grade distribution · continuity
02A · ACTIVEGEOLOGICAL WORK
3D geological model
Domains · geometry · basis for estimation
03 · CONDITIONALEND-2026*
Maiden resource estimates
S-K 1300 + NI 43-101 · tonnage · grade · geometry · classification
00 · REPORTED SCREEN2025
Initial diagnostic evidence
Solution response; representative recovery was not established.
02B · PLANNED WORKSTREAMREPRESENTATIVE TESTING
Representative metallurgy
Composite selection · additional testwork · extraction · variability · selectivity · mass balance
04 · CONDITIONAL TARGETH1 2027*
Preliminary economic assessment
Resource + metallurgy + engineering + economic assumptions
A concept-level study only after the required technical inputs are complete.
Current stage
Exploration and technical work are advancing toward the conditional resource and PEA targets restated on 8 September 2026.
* Management targets restated in the 8 September 2026 disclosure, subject to results, assay turnaround, technical work, regulatory review, financing and approvals. Diagnostic screening is not representative recovery.
Review the detailed questions, strengthening evidence and adverse evidence for each gate
Reported evidence Active / next catalyst Conditional target Later / undated
REPORTED EVIDENCE
443 holes reported across 3,628.8 m
The cumulative drilling record includes the 253-hole June dataset, for which the disclosed length-weighted head-grade averages were 3,640 ppm TREO and 800 ppm MREO.
NEXT TO PROVE
Continuity, a mineral resource, representative recovery and project economics.
PLANNED · NEXT CATALYSTTIMING NOT DISCLOSED
01
Further drilling & assay results
- Question
- Does shallow mineralisation continue to repeat, and does new drilling improve the evidence for geometry, grade distribution and continuity?
- Would strengthen
- Repeated MREO-bearing intervals across additional holes and areas, supported by appropriate QA/QC and technical review.
- Would weaken
- Material variability, gaps, thinner or lower-grade intervals, or geometry that does not support resource modelling.
Continued resource-definition and step-out drilling at Minas Americas were listed as planned workstreams on 8 September 2026.
ACTIVE WORKSTREAMACTIVE WORKSTREAM
02A
3D geological model
- Question
- Can drilling, assays and geology be integrated into defensible mineralised domains without treating exploration footprints as resources?
- Would strengthen
- A coherent spatial interpretation that supports estimation, target ranking and transparent geological assumptions.
- Would weaken
- Poorly constrained domains, unresolved geometry or continuity that cannot support a defensible estimate.
PLANNED WORKSTREAMPLANNED WORKSTREAM
02B
Representative metallurgy
- Question
- Can representative composites establish element-by-element extraction, variability, selectivity and a complete mass balance?
- Would strengthen
- Consistent recoveries and mass-balance closure across representative material under a credible process route.
- Would weaken
- Low or variable recovery, problematic impurity transfer, high reagent demand or an incomplete mass balance.
Integration of the expanded auger and RC assay dataset into the three-dimensional geological model was listed as a planned workstream on 8 September 2026. Review the current drilling evidence
Representative drill-based composite selection and advancing metallurgical testwork were listed as planned workstreams on 8 September 2026. Review the metallurgy evidence ladder
CONDITIONAL TARGETBEFORE END-2026
03
Maiden resource estimates
- Question
- Can the data support defensible tonnage, grade, geometry and classification under S-K 1300 and NI 43-101?
- Would strengthen
- A meaningful resource estimate supported by drilling density, continuity, QA/QC and documented estimation assumptions.
- Would weaken
- Limited scale, grade or continuity, or data density that constrains estimation and classification.
CONDITIONAL TARGETH1 2027
04
Preliminary economic assessment
- Question
- Can resource, metallurgy, engineering and cost assumptions support a credible preliminary development concept?
- Would strengthen
- A coherent flowsheet, infrastructure concept, cost basis and economic sensitivities grounded in the preceding evidence.
- Would weaken
- Unfavourable recovery, product assumptions, capital intensity, operating costs or permitting and infrastructure burdens.
Mineral-resource estimates before the end of 2026 and a PEA in H1 2027. These are the current management targets.
LATER DECISION GATESSEQUENCED AFTER TECHNICAL WORK
Product, permitting, capital and development.
- Product definition and customer qualification
- Environmental baseline, permitting and approvals
- Strategic partnerships and project financing
- Any future development decision
Each step follows the technical evidence and creates the basis for the next capital decision.
CORPORATE PATHWAYCONDITIONAL
Potential future listing.
The 8 September 2026 news release listed continued strategic development and capital-markets preparation for Magnes, including the intended U.S. listing process if conditions and approvals support it.
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