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VANCOUVER, British Columbia, Aug. 10, 2026 (GLOBE NEWSWIRE) — Bahia Metals Corp. (CSE: BMT) (“Bahia” or the “Company”) announces an initial, pit-constrained Mineral Resource Estimate (“MRE”) for Mangueiros Main, its flagship sulphide nickel-copper-cobalt-platinum group metals (“PGM”) asset in Bahia State, Brazil.
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The initial MRE defines 313 million tonnes of Inferred Mineral Resources at 0.33% Nickel Total Equivalent. The MRE was prepared by P&E Mining Consultants Inc. (“P&E”) in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”) and CIM Definition Standards for Mineral Resources and Mineral Reserves (May 10, 2014) and has an effective date of April 22, 2026.
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Stephen Goodman, Bahia Metals CEO and Director, commented:
“The delivery of the independent Mineral Resource Estimate, less than a year after our IPO, is a defining milestone for Bahia Metals and our flagship asset, Mangueiros Main. With the MRE complete, the Company will continue to assess the development potential of Mangueiros Main.
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The scale of this sulphide nickel Mineral Resource, with substantial copper and cobalt credits, provides a technical foundation for advancing a Preliminary Economic Assessment (“PEA”) for Mangueiros Main. The Company is pleased that the MRE exceeds the upper end of the historical exploration target tonnage range for the project (source: SRK Consulting, effective date November 15, 2024).”
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Mineral Resource Highlights
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- 313 million tonnes of pit-constrained Inferred Mineral Resources grading 0.18% Nickel Sulphide (“NiS”), 0.22% Nickel Total (“NiT”), 0.13% copper (“Cu”) and 0.015% cobalt (“Co”).
- Equivalent grades of 0.27% nickel sulphide equivalent (“NiSEq”) and 0.33% nickel total equivalent (“NiTEq”).
- Contained metal of approximately 554,000 tonnes NiS, 675,000 tonnes NiT, 411,000 tonnes Cu and 46,000 tonnes Co.
- Mineral Resources are constrained within a conceptual open pit, reported at a 0.09% NiSEq cut-off grade and reflect an estimated strip ratio of well less than 1:1 waste to mineralized material.
- The MRE covers Mangueiros Main; mineralization remains open and the Company’s additional district targets are not included.
- The MRE supports the next phase of work, including metallurgical optimization and evaluation of the scope and timing of a potential PEA.
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Table 1: Mangueiros Main Mineral Resource Estimate with an effective date of April 22, 2026
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| Resource Category | Tonnes (M) | NiS (%) | NiT (%) | Cu (%) | Co (%) | NiSEq (%) | NiTEq (%) | NiS (kt) | NiT (kt) | Cu (kt) | Co (kt) |
| Inferred | 313 | 0.18 | 0.22 | 0.13 | 0.015 | 0.27 | 0.33 | 554 | 675 | 411 | 46 |
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Notes:
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- Mineral Resources are reported in accordance with the CIM Definition Standards for Mineral Resources and Mineral Reserves (May 10, 2014), and CIM Best Practices Guidelines for Mineral Resources and Mineral Reserves (November 29, 2019) as referenced in NI 43-101.
- The Inferred Mineral Resource in this estimate has a lower level of confidence than that applying to an Indicated Mineral Resource and must not be converted to a Mineral Reserve. It is reasonably expected that the majority of Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration.
- US$ metal prices used were $7.50/lb Ni, $4.50/lb Cu and $20/lb Co. Process recoveries were 87% NiS, 82% Cu and 50% Co. NiSEq% = NiS % + (Cu % x 0.566) + (Co % x 1.533); NiTEq% = NiT % + (Cu % x 0.647) + (Co % x 1.754).
- US$ costs were $2.0/t waste mining, $2.5/t mineralized material mining, $11.50/t processing and concentrate transport, and $1.5/t G&A.
- Pit slopes were 45 degrees.
- Reflects an estimated strip ratio of well less than 1:1 waste to mineralized material.
- Mineral Resources are constrained within a conceptual open pit and reported using a 0.09% NiSEq cut-off grade.
- NiSEq and NiTEq use the metal price, recovery and payable assumptions described in Notes 3 and 4 above to demonstrate reasonable prospects for eventual economic extraction.
- Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. The Qualified Persons are not aware of any known environmental, permitting, legal, title-related, taxation, socio-political, financial, or other relevant issues that could materially affect the MRE.
- All numbers are rounded to reflect the relative accuracy of the estimates.
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