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 in accordance with National Instrument 43-101, confirms 313 million tonnes of pit-constrained Inferred Mineral Resources grading 0.33% nickel total equivalent. The company states the filing completes an important milestone and provides the basis to advance toward a Preliminary Economic Assessment (PEA), a development investors may be watching closely.

Key Points

  • Bahia Metals Corp. (CSE: BMT) is a Canadian mineral exploration and development company focused on Mangueiros Main in Bahia State, Brazil.
  • The NI 43-101 Technical Report, prepared by P&E Mining Consultants Inc., supports the initial MRE with an effective date of April 22, 2026.
  • The MRE totals 313 million tonnes Inferred at 0.18% NiS, 0.22% NiT, 0.13% Cu, and 0.015% Co, with contained metal of approximately 675,000 tonnes NiT, 411,000 tonnes Cu, and 46,000 tonnes Co.
  • The report authors and the company confirm the resource provides an appropriate basis to proceed with a PEA.

Polymetallic Grade Profile and Strip Ratio at Mangueiros Main

The pit-constrained Inferred resource is reported at a 0.09% NiSEq cut-off grade and carries equivalent grades of 0.27% NiSEq and 0.33% NiTEq. The release states copper and cobalt together contribute approximately one-third of the reported NiTEq grade, representing a 50% uplift over the standalone total nickel grade of 0.22% NiT. The conceptual open pit carries an estimated strip ratio of well below 1:1 waste to mineralised material, which the company characterises as beneficial for potential project economics. Metal prices used in the estimate were US$7.50/lb nickel, US$4.50/lb copper, and US$20/lb cobalt.

Technical Report Authorship and NI 43-101 Compliance

The Technical Report was prepared by P&E Mining Consultants Inc. with metallurgical input from Consultec Ltd. Seven named authors, each a Qualified Person as defined by NI 43-101, contributed to the document. Eugene Puritch, P.Eng., FEC, CET, President of P&E Mining Consultants Inc., served as the independent Qualified Person who reviewed and approved the scientific and technical information in the announcement. The report confirms no material differences exist between the MRE disclosed in the August 10, 2026 announcement and the MRE contained in the Technical Report.

Resource Growth Potential and Path Toward a PEA

The disclosure notes that mineralisation at Mangueiros Main remains open in multiple directions and that the company's additional district exploration targets are not included in the current MRE. The report authors conclude that the size, continuity, and polymetallic character of the resource provide an appropriate basis for Bahia to proceed with a Preliminary Economic Assessment. The PEA is expected to evaluate the potential economic contribution of nickel, copper, and cobalt, including metallurgical recoveries, concentrate quality, payabilities, and commercial terms, though no timeline for the PEA was disclosed in the announcement.