Bahia Metals Corp. (CSE: BMT) has made a technical report publicly available supporting its initial Mineral Resource Estimate (MRE) for the Mangueiros Main Nickel-Copper-Cobalt Sulphide Project in Bahia State, Brazil. The independent report, prepared by P&E Mining Consultants Inc., confirms an inferred resource of 313 million tonnes at equivalent grades of 0.33% nickel total equivalent. The disclosure completes a key technical milestone following the MRE announcement made on August 10, 2026, and the company states the report provides an appropriate basis to proceed with a Preliminary Economic Assessment (PEA).

Key Points

  • Bahia Metals Corp. (CSE: BMT) is a Canadian mineral exploration and development company focused on the Mangueiros Main project in Bahia State, Brazil.
  • The company made a NI 43-101 Technical Report publicly available, supporting its initial 313 million tonne inferred MRE at Mangueiros Main.
  • The resource grades 0.22% total nickel, 0.13% copper, and 0.015% cobalt, with copper and cobalt contributing a 50% uplift to 0.33% NiTEq; contained metal includes approximately 675,000 tonnes nickel, 411,000 tonnes copper, and 46,000 tonnes cobalt.
  • Investors may be watching for the company's next steps toward completing the PEA and any updates on district-scale exploration targets not included in the current MRE.

Mangueiros Main Resource Scale and Polymetallic Grade Profile

The pit-constrained inferred resource of 313 million tonnes is reported at a 0.09% nickel sulphide equivalent cut-off grade and carries an estimated strip ratio of well below 1:1 waste to mineralised material, which the company characterises as low. Copper and cobalt together represent approximately one-third of the reported NiTEq grade of 0.33%, providing a 50% uplift over the standalone total nickel grade of 0.22%. The contained metal inventory totals approximately 554,000 tonnes of nickel sulphide, 675,000 tonnes total nickel, 411,000 tonnes copper, and 46,000 tonnes cobalt across the full resource.

Technical Report Authorship and Qualified Person Sign-Off

The Technical Report was prepared by P&E Mining Consultants Inc. with metallurgical input from Consultec Ltd. and was authored by seven named professionals, each designated as a Qualified Person under NI 43-101. Eugene Puritch, P.Eng., FEC, CET, President of P&E Mining Consultants Inc., reviewed and approved the scientific and technical disclosures in the announcement as an independent Qualified Person. The report carries an effective date of April 22, 2026, and is dated September 24, 2026. The company confirms there are no material differences between the MRE in the report and the MRE announced on August 10, 2026.

PEA Pathway and Exploration Upside at Mangueiros Main

Both the Technical Report authors and the company state that the size, continuity, and polymetallic character of the Mangueiros Main resource provide an appropriate basis to advance to a PEA. The PEA is expected to evaluate the potential economic contribution of nickel, copper, and cobalt, including metallurgical recoveries, concentrate quality, payabilities, and commercial terms. The company also notes that mineralisation remains open in multiple directions and that district-scale exploration targets beyond Mangueiros Main are not included in the current MRE, suggesting additional resource-growth potential.

Company Background and Initial Public Offering Context

Bahia Metals completed its initial public offering in January 2026, raising gross proceeds of $5.75 million, and holds a 100% interest in Mangueiros Main along with regional exploration projects in Bahia State. The assets were previously advanced by parties affiliated with Appian Capital Advisory Limited. The immediate share price impact was not clear from available public information. Investors should note that the inferred mineral resource carries a lower confidence level than an indicated resource and must not be converted to a mineral reserve; mineral resources do not have demonstrated economic viability.