Preliminary economic assessment
Reported project economics for the 2025 PEA.
- Post-tax NPV (5% discount rate)
- 1,025C$M
- Post-tax IRR
- 18.2%
- Initial capital cost
- 1,250C$M
- All-in sustaining cost, by-product basis
- 1,338US$/oz Au
Metal prices the company used in this PEA
- Silver
- $28.5/oz
- Gold
- $2,450/oz
All prices in US dollars.
spot price
Company-reported alternative price case from the same study.
- Gold price assumption
- 3,300 US$/oz
- Silver price assumption
- 36 US$/oz
- Post-tax NPV (5% discount rate)
- 2,315 C$M
- Post-tax IRR
- 32 %
- Post-tax payback from start of commercial production
- 2 years
Production through the mine life
Payable metal by operating period, including reported ramp-up and partial years.
- Peak annual output
- 253.1
- Operating periods shown
- 25
koz · operating period 3
Includes reported ramp-up and partial years
Gold · koz per operating period
Operating period
View annual figures
| Operating period | Gold (koz) |
|---|---|
| 1 | 39.4 |
| 2 | 163.3 |
| 3 | 253.1 |
| 4 | 192.4 |
| 5 | 159.8 |
| 6 | 206.4 |
| 7 | 141 |
| 8 | 94.7 |
| 9 | 95 |
| 10 | 103.6 |
| 11 | 119 |
| 12 | 142.3 |
| 13 | 147.3 |
| 14 | 169.6 |
| 15 | 161.5 |
| 16 | 105 |
| 17 | 114.9 |
| 18 | 140.6 |
| 19 | 80.2 |
| 20 | 59.4 |
| 21 | 59.4 |
| 22 | 59.4 |
| 23 | 59.4 |
| 24 | 59.4 |
| 25 | 58.3 |
2025 PEA annualized cash-flow production schedule; Gold and Silver are payable metal, not total metal produced. Reported year -1 is the 0.5-year commissioning/ramp-up period and is sequential operating period 1; reported years 1–24 are operating periods 2–25.
Source Spanish Mountain Gold — NI 43-101 Technical Report & Preliminary Economic Assessment · PDF page 360 · Aug 18, 2025
Mine life & production
- Mine life
- 24.5 years
- Total mill feed
- 228,823 kt
- LOM gold production
- 2,990 koz
- Average annual gold production
- 122 koz/a
- LOM silver production
- 2,099 koz
- Average annual silver production
- 81 koz/a
- Payable gold production, reported year -1
- 39.4 koz
- Payable silver production, reported year -1
- 28.2 koz
- Total cash cost, by-product basis
- 1,194 US$/oz Au
Cash flow, capital & returns
- Post-tax payback from start of commercial production
- 3.4 years
- Post-tax undiscounted cash flow
- 2,089 C$M
- Sustaining capital cost
- 443 C$M
- Pre-tax NPV (5% discount rate)
- 1,644 C$M
- Pre-tax IRR
- 23.1 %
Study assumptions, grades & recoveries
- Gold price assumption
- 2,450 US$/oz
- Silver price assumption
- 28.5 US$/oz
- Exchange rate
- 1.35 C$/US$
- LOM average mill-feed gold grade
- 0.46 g/t
- LOM average mill-feed silver grade
- 0.65 g/t
- Average gold recovery
- 89.3 %
- Average silver recovery
- 44.1 %
Constant Q2 2025 Canadian dollars with no inflation; 100% ownership, a two-year construction period and mid-period discounting.
Source Spanish Mountain Gold — NI 43-101 Technical Report & Preliminary Economic Assessment · PDF page 359 · Aug 18, 2025
Source Spanish Mountain Gold — NI 43-101 Technical Report & Preliminary Economic Assessment · PDF page 355 · Aug 18, 2025
Source Spanish Mountain Gold — NI 43-101 Technical Report & Preliminary Economic Assessment · PDF page 360 · Aug 18, 2025
