Caber Complex PEA: C$116M NPV, 20% IRR
Nuvau Minerals Corp.'s Caber Complex in Quebec, Canada has a Preliminary Economic Assessment (PEA) outlining an after-tax NPV of C$116M and an after-tax IRR of 20%. The mine plan runs 9.5 years at about 36 M lbs CuEq per year.
Nuvau Minerals Corp.'s Caber Complex has reported Preliminary Economic Assessment (PEA) results for the copper-zinc (base metals) project in Quebec, Canada. The study headlines an after-tax net present value of C$116M at a 8% discount rate. It reflects Nuvau Minerals Corp.'s (NMC.V) latest disclosed economics for the asset.
Economics. The after-tax NPV is C$116M using a 8% discount rate. After-tax IRR is 20%. The study models a payback period of 3 years. All-in sustaining costs are pegged at 1.33 USD/lb Cu. Economics are based on Copper $3.74/lb, Zinc $1.30/lb, Silver $23.00/oz, Gold $1,650/oz, Fx (CA/US): 1.3.
Production and mine plan. The project envisions an underground operation. Life of mine is 9.5 years. Average annual production is approximately 36 M lbs CuEq.
These figures are extracted from Nuvau Minerals 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 |
|---|---|---|---|
| Measured & Indicated | 3,359 Kt | 5.18% Zn, 1.10% Cu, 14.30 g/t Ag, 0.16 g/t Au, 2.84% CuEq | 174.2 kt Zn, 36.8 kt Cu, 1,549 koz Ag, 17.30 koz Au, 210 Mlbs CuEq |
| Inferred | 7,323 Kt | 2.43% Zn, 1.28% Cu, 11.50 g/t Ag, 0.09 g/t Au, 2.12% CuEq | 177.6 kt Zn, 93.6 kt Cu, 2,700 koz Ag, 20.50 koz Au, 341 Mlbs CuEq |
| Total | 10,682 Kt | 2.35% CuEq | 550 Mlbs CuEq |
Our Analysis
- IRR after-tax
- 20%
higher than 20% of 330 projects we track
- NPV after-tax
- C$116M
higher than 14% of 429 projects we track
- Payback
- 3yrs
slower than 60% of 266 projects we track
- Mine life
- 9.5yrs
- Discount rate
- 8%
- Study price assumption
- Copper $3.74/lb, Zinc $1.30/lb, Silver $23.00/oz, Gold $1,650/oz, Fx (CA/US): 1.3
- Spot copper today
- $6.47/lb
The valuation gap here is stark: a C$116M after-tax NPV against a US$32M market cap, roughly 2.7x the company's entire equity value. That spread carries two opposing readings. Either the market has not yet priced in the project's base-case economics, or it is implicitly discounting the probability that a nano-cap can finance and permit a build of this scale in Quebec. Both interpretations are live, and the truth likely sits somewhere between them.
The numbers themselves do not scream mispricing. The 20% after-tax IRR ranks in the bottom quartile of the 330 projects we track, and while it clears the ~15% threshold developers typically need to attract project finance, it sits right at the 20% level where lenders start demanding a premium for junior-company risk. The NPV ranks in the bottom 14% of 429 projects, and the 3-year payback is merely moderate. This is a workable, mid-tier base-metals project, not a standout. The 8% discount rate is a reporting convention, not an investment hurdle, and the PEA stage is the critical caveat: scoping-level economics carry a wide capital-estimate band, and the study's copper price assumption of $3.74/lb sits far below today's $6.47/lb spot, which suggests the returns could be conservative if prices hold.
The decisive question is not whether the project works on paper, but whether this company can bridge the gap between a US$32M equity base and the capital required to build it. Quebec is a mining-friendly jurisdiction, which de-risks the permitting side, but it does not solve the financing equation. A diversified portfolio of four projects helps spread risk, yet it also means management attention and capital are divided. The market's skepticism may simply be pricing in the dilution and execution risk that a build of this relative size entails. Watch the financing plan, not the NPV, to see which reading of the valuation gap proves correct.
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.