Casa Berardi Mine Feasibility Study: $356M NPV Over a 14-Year Mine Life
Hecla Mining Company's Casa Berardi Mine in Northwestern Québec, Canada (James Bay Municipality) has a Feasibility Study outlining an after-tax NPV of $356M. The proposed mine plan runs 14 years.
Hecla Mining Company's Casa Berardi Mine has reported Feasibility Study results for the gold project in Northwestern Québec, Canada (James Bay Municipality). The study headlines an after-tax net present value of $356M at a 5% discount rate. It reflects Hecla Mining Company's (HL) latest disclosed economics for the asset.
Economics. The after-tax NPV is $356M using a 5% discount rate. Economics are based on Flat long-term price of US$1,950/oz Au for the LOM economic analysis; silver credits estimated based on historical site performance..
Production and mine plan. The project envisions an open-pit & underground operation. Life of mine is 14 years. Average head grade is 2.75 g/t Au (mill feed LOM); 2.72 g/t Au (OP); 4.84 g/t Au (UG). Metallurgical recovery averages 81.5%. The open-pit strip ratio is 233,628 kt waste / 14,174 kt ore (OP).
Resources and ownership. The company holds a 100% interest in the project. Royalties and streams: No NSR or royalty to a third party / previous landowner on current production zones or 2024 LOM.
These figures are extracted from Hecla Mining Company's technical disclosures and reflect the most recent Feasibility Study 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 |
|---|---|---|---|
| Proven & Probable | 14.4 Mt | 2.75 g/t Au | 1.27 Moz Au |
| Category | Tonnage | Grade | Contained |
|---|---|---|---|
| Measured & Indicated | 4.11 Mt | 6.39 g/t Au | 0.84 Moz Au |
| Inferred | 2.09 Mt | 5.89 g/t Au | 0.40 Moz Au |
Our Analysis
- NPV after-tax
- $356M
higher than 40% of 191 projects we track
- Mine life
- 14yrs
- Study price assumption
- Flat long-term price of US$1,950/oz Au for the LOM economic analysis; silver credits estimated based on historical site performance.
- Spot gold today
- $4,216.30/oz
The after-tax NPV of $356M ranks higher than 40% of the 191 gold projects we track, which places it in the middle of the peer set rather than at its head. For a company carrying a US$11.47B market cap, that is the number that frames everything else: the asset is not moving the needle for a portfolio of 16 projects. The more striking relationship is the other direction. The NPV sits well below the company's market cap on a rough currency-adjusted basis, so the market is not paying for this study's headline number at all. It is paying for the portfolio, the production status, and the optionality elsewhere.
The constraint that matters is scale, not returns. A US$11.47B large-cap proposing a build whose NPV is a fraction of its own equity value faces no meaningful funding risk, but it also faces no meaningful re-rating from this asset alone. That cuts both ways for an investor: there is no dilution or financing cliff to worry about, and equally no single-project catalyst that will reprice the stock. The feasibility study is the build-ready estimate, typically a plus or minus 15% band, so the numbers carry the most weight of any study stage. Yet the comparison to the previous 2024 filing shows after-tax NPV up 0% and mine life up 0%. A build-ready study that has not moved the economics in a year tells you the project is stable, not improving.
Northwestern Québec is a mining-friendly jurisdiction, which supports the feasibility-level confidence and the 14-year mine life. The study assumes a flat US$1,950/oz gold price against a live spot of $4,216.30/oz, so the economics are built on a price far below the current market: the upside is real, but it is also the reason the headline NPV looks modest. The question that decides whether this project matters is not whether it clears its hurdle, but whether a US$356M NPV can ever be material to a US$11.47B company.
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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