Bahia Metals has delivered an initial pit-constrained Mineral Resource Estimate for its flagship Mangueiros Main sulphide project in Bahia State, Brazil, defining 313 million tonnes of Inferred Mineral Resources at 0.33% nickel total equivalent.

The maiden estimate, prepared by P&E Mining Consultants with an effective date of April 22, 2026, exceeds the upper end of the historical exploration target range of 75 to 200 million tonnes established by SRK Consulting in November 2024. The resource comprises grades of 0.18% nickel sulphide, 0.22% total nickel, 0.13% copper and 0.015% cobalt, reflecting an estimated strip ratio of well less than 1:1 waste to mineralised material within a conceptual open pit. Contained metal totals approximately 554,000 tonnes of nickel sulphide, 675,000 tonnes of total nickel, 411,000 tonnes of copper and 46,000 tonnes of cobalt.

The resource base follows an initial public offering completed in January 2026 that raised gross proceeds of $5.75 million and secured a 100% interest in the project from parties affiliated with Appian Capital Advisory. The MRE was built using 70 validated historical drill holes.

“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).”

— Stephen Goodman, Chief Executive Officer and Director

With the initial resource complete, Bahia Metals will evaluate the appropriate scope and timing of further technical studies, including a potential Preliminary Economic Assessment and subsequent Feasibility Study, alongside metallurgical optimisation.

Read the full announcement: Bahia Metals Delivers 313 Million Tonnes of Inferred Mineral Resources at 0.33% Nickel Total Equivalent for Mangueiros Main Project