Alto Paraná Titanium Project PEA: $419M NPV, 21% IRR
Uranium Energy Corp.'s Alto Paraná Titanium Project 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 high titania slag per year.
Uranium Energy Corp.'s Alto Paraná Titanium Project has reported Preliminary Economic Assessment (PEA) results for the titanium (ilmenite / high titania slag) project in Paraguay, Alto Paraná and Canindeyú departments. The study headlines an after-tax net present value of $419M. It reflects Uranium Energy Corp.'s (UEC) latest disclosed economics for the asset.
Economics. The after-tax NPV is $419M. 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 high titania slag.
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 21% of 383 projects we track
- NPV after-tax
- $419M
higher than 39% of 553 projects we track
- Initial capex
- $338M
81% of NPV
costlier than 54% of 521 projects we track
- Payback
- 4.7yrs
slower than 91% of 312 projects we track
- Mine life
- 24yrs
- Discount rate
- 8%
A 21% after-tax IRR puts this project in the bottom quartile of the 383 we track, and the payback is the weaker number still: 4.7 years sits below 9% of the 312 projects we compare on that measure. Against the roughly 15% after-tax return developers typically need to bring in project finance, the margin is real but thin, and the ranking says most of the peer set offers more. That is the frame an investor should carry into everything below.
The constraint is not the balance sheet. Initial capex of $338M is small against a US$4.55B market cap, so funding the build is not the question here. It is one of 54 projects we track for this diversified mid-cap, which means the asset competes internally for capital rather than defining the company. The capex-to-NPV ratio of 81% is moderately capital-intensive and lands lower than 46% of the 521 projects we track, so the build does not consume the asset's value in the way the most demanding developments do. The after-tax NPV of $419M ranks higher than 39% of the 553 projects in our set and sits well below the market cap on a rough currency-adjusted basis, which cuts both ways: either the asset is not yet reflected in the equity, or the market is discounting something the study does not, whether that is the PEA's preliminary status, the capital estimate's plus or minus 50% band, permitting, or jurisdiction.
Paraguay is not an established mining jurisdiction, and that belongs in the risk column rather than the return column. The comparison to the 2023 PEA is flat across NPV, capex and IRR, with mine life up 4%: two years of work have not moved the economics. The study carries its own commodity price assumption, and the returns rest on it; treat that input as the key sensitivity, since the titanium price deck is doing much of the work in a bottom-quartile IRR. The deciding question is whether that return can be lifted before this leaves scoping level.
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.
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