Bathurst Complex (Murray Brook + Caribou) PEA: C$169M NPV, 36% IRR
Canadian Copper Inc.'s Bathurst Complex (Murray Brook + Caribou) in Bathurst, New Brunswick, Canada has a Preliminary Economic Assessment (PEA) outlining an after-tax NPV of C$169M, an after-tax IRR of 36%, and initial capital of C$64M. The mine plan runs 13.2 years at about 30 M lbs CuEq per year.
Canadian Copper Inc.'s Bathurst Complex (Murray Brook + Caribou) has reported Preliminary Economic Assessment (PEA) results for the copper-zinc-lead-silver project in Bathurst, New Brunswick, Canada. The study headlines an after-tax net present value of C$169M at a 7% discount rate. It reflects Canadian Copper Inc.'s (CCI.CN) latest disclosed economics for the asset.
Economics. The after-tax NPV is C$169M using a 7% discount rate. After-tax IRR is 36%. Initial capital expenditure is estimated at C$64M, with life-of-mine sustaining capital of C$49M. The study models a payback period of 1.6 years. All-in sustaining costs are pegged at 3.14 USD/lb CuEq. Economics are based on US$4.25/lb Cu, US$1.30/lb Zn, US$27/oz Ag, US$1.10/lb Pb.
Production and mine plan. The project envisions an open-pit operation. Life of mine is 13.2 years. Average annual production is approximately 30 M lbs CuEq. Average head grade is 1.91% CuEq (process avg. feed grade). The open-pit strip ratio is 5.0:1.
Resources and ownership. The company holds a 100% interest in the project. Royalties and streams: 20% life-of-mine payable gold & silver stream to OR Royalties.
These figures are extracted from Canadian Copper Inc.'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 |
|---|---|---|---|
| Measured & Indicated | 15,486 kt (milled resource) | 0.45% Cu, 2.45% Zn, 38 g/t Ag, 0.91% Pb, 0.56 g/t Au | 211 Mlbs Cu, 1,157 Mlbs Zn, 26 Moz Ag, 421 Mlbs Pb, 378 Koz Au |
| Inferred | — | 0.4% Cu, 1.82% Zn, 30 g/t Ag, 0.68% Pb, 0.62 g/t Au | 1.0 Mlbs Cu, 4.4 Mlbs Zn, 0.1 Moz Ag, 1.6 Mlbs Pb, 2 Koz Au |
Our Analysis
The 36% after-tax IRR lands in the upper half of our tracked peer set and clears the practical financing hurdle for developers by a wide margin, even for a single-asset junior. The 7% discount rate is low, which inflates the NPV; a higher rate would compress it meaningfully. The NPV of C$169M sits roughly 1.5x above market cap — a gap that could signal the market has not yet priced in the project’s value, or equally, that the market is discounting financing, permitting, or execution risk in a jurisdiction that, while mining-friendly, still requires regulatory approvals. Capital intensity is low at C$64M, just 38% of NPV, reducing funding risk, though the gap to market cap still implies dilution for a developer.
The study’s copper price assumption of US$4.25/lb sits well below the current live spot of US$6.18/lb, suggesting material upside to returns if prices hold. The single most important watch-item is the zinc-lead-silver by-product revenue stream: with zinc at US$1.30/lb in the study, any sustained weakness in base metal prices would erode the project’s economics, given the polymetallic nature. The fast 1.6-year payback provides some buffer, but commodity price volatility remains the dominant risk.
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.