Alto Paraná Titanium Project (Base Case 150,000 tpa slag) PEA: $419M NPV, 21% IRR
Uranium Energy Corp.'s Alto Paraná Titanium Project (Base Case 150,000 tpa slag) in Paraguay, Alto Paraná and Canindeyú departments has a Preliminary Economic Assessment (PEA) outlining an after-tax NPV of $419M, an after-tax IRR of 21%, and initial capital of $338M. The mine plan runs 24 years at about 150000 tpa slag per year.
Uranium Energy Corp.'s Alto Paraná Titanium Project (Base Case 150,000 tpa slag) has reported Preliminary Economic Assessment (PEA) results for the titanium (ilmenite/high titania slag); pig iron by-product project in Paraguay, Alto Paraná and Canindeyú departments. The study headlines an after-tax net present value of $419M at a 8% discount rate. It reflects Uranium Energy Corp.'s (UEC) latest disclosed economics for the asset.
Economics. The after-tax NPV is $419M using a 8% discount rate. After-tax IRR is 21%. Initial capital expenditure is estimated at $338M. The study models a payback period of 4.7 years.
Production and mine plan. The project envisions an open-pit (hydraulic mining) operation. Life of mine is 24 years. Average annual production is approximately 150000 tpa slag.
Resources and ownership. The company holds a 100% interest in the project.
These figures are extracted from Uranium Energy Corp.'s technical disclosures and reflect the most recent PEA on file. Compare this project against other developers and producers in our project economics database, and always verify the numbers against the original technical report before making any investment decision.
Reserves & Resources
| Category | Tonnage | Grade | Contained |
|---|---|---|---|
| Inferred | 3,500 Mt | 7.3% whole rock TiO2 | — |
| Indicated | 34 Mt | 4.9% ilmenite, 7.5% whole rock TiO2 | — |
| Indicated | 36 Mt | 4.8% ilmenite, 7.7% whole rock TiO2 | — |
| Inferred | 80 Mt | 7.7% whole rock TiO2 | — |
| Total | 3,600 Mt | 7.3% whole rock TiO2 | — |
Our Analysis
- IRR after-tax
- 21%
higher than 22% of 376 projects we track
- NPV after-tax
- $419M
higher than 39% of 537 projects we track
- Initial capex
- $338M
81% of NPV
costlier than 54% of 510 projects we track
- Payback
- 4.7yrs
slower than 91% of 304 projects we track
- Mine life
- 24yrs
- Discount rate
- 8%
A 24-year mine life is the most durable fact in this profile: it outlasts most development-stage projects we track and gives the asset room to earn through more than one commodity cycle. That durability is the foundation, but the returns it supports are ordinary. The 21% after-tax IRR ranks above only 22% of the 376 projects in our database, a bottom-quartile position. It clears the roughly 15% after-tax threshold developers typically need to attract project finance, but not by a margin that leaves much room for the capex estimate to move. The 4.7-year payback sits below 9% of the 304 projects we track, reinforcing that this is a solid rather than standout economic profile.
The constraint that matters most is not funding risk. Initial capex of $338M is small against the company's US$4.53B market cap, and the after-tax NPV of $419M sits well below that market cap on a rough currency-adjusted basis. For a mid-cap with 53 projects in our database, a build of this size is manageable without the dilution that defines single-asset developers. The capital-intensity ratio of 81% of NPV is moderate and ranks below 46% of the 510 projects we track, so the funding picture is genuinely comfortable. The discount rate of 8% is a reporting convention, not a hurdle, and carries no signal here.
The real caveat is study quality. This is a PEA, scoping-level work that may rest on inferred resources, with a capital estimate carrying a plus or minus 50% band. In Paraguay's Alto Paraná and Canindeyú departments, a titanium project with a pig iron by-product has no direct analogue in the portfolio, so jurisdiction and metallurgy both carry unquantified risk. The question that decides this project: can the company advance a preliminary study to feasibility without the capex estimate drifting beyond what a 21% IRR can absorb?
Our take, benchmarked against the project economics in the Mining Stocks database. Figures are estimates drawn from company technical reports — not investment advice; always verify against the source filing.