Casa Berardi Mine Feasibility Study: $356M NPV Over a 14-Year Mine Life
Hecla Mining Company's Casa Berardi Mine in Québec, Canada (northwestern Québec, ~95km north of La Sarre, James Bay Municipality) has a Feasibility Study outlining an after-tax NPV of $356M. The mine plan runs 14 years at about 1.04 Moz Au recovered over LOM per year.
Hecla Mining Company's Casa Berardi Mine has reported Feasibility Study results for the gold project in Québec, Canada (northwestern Québec, ~95km north of La Sarre, 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. Exchange rate of US$1 = C$1.350 for cost conversion..
Production and mine plan. The project envisions an open-pit & underground operation. Life of mine is 14 years. Average annual production is approximately 1.04 Moz Au recovered over LOM. Average head grade is Mill Feed Au grade 2.75 g/t. Metallurgical recovery averages 81.5%.
Resources and ownership. The company holds a 100% interest in the project. Royalties and streams: Current production zones as well as any in the 2024 LOM are not subject to a net smelter return (NSR) or royalty to a third party / previous landowner..
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 (Total) | 14.4Mt | 2.75g/t Au | 1.27Moz Au |
| Category | Tonnage | Grade | Contained |
|---|---|---|---|
| Measured & Indicated | 4.11Mt | 6.39g Au/t | 0.84Moz Au |
| Inferred | 2.09Mt | 5.89g/t Au | 0.40Moz Au |
Our Analysis
- NPV after-tax
- $356M
higher than 45% of 124 projects we track
- Mine life
- 14yrs
- Study price assumption
- Flat long-term price of US$1,950/oz Au. Exchange rate of US$1 = C$1.350 for cost conversion.
- Spot gold today
- $4,139.10/oz
Québec, Canada, is home to a 14-year gold project whose after-tax NPV places it higher than 45% of the 124 gold projects we track. That rank is the honest headline: credible but unspectacular, neither a standout nor a laggard. For an investor, it means the economics are sound, but the real question is whether the company can execute without straining its balance sheet. That is where the project becomes interesting.
The company behind this build is a large-cap with a market cap that dwarfs the project's NPV, even on a rough currency-adjusted basis. This is one of 14 projects we track for this diversified portfolio, so the funding risk is minimal: a build this size is well within the company's capacity. The feasibility study, with its typical plus or minus 15% band, is the build-ready estimate, so these numbers carry the most weight. The jurisdiction, northwestern Québec, is a stable, mining-friendly environment, further de-risking execution.
The one tension worth flagging is the price deck. The study assumes a flat long-term gold price of US$1,950/oz, while today's spot is $4,139.10/oz. That gap is enormous and cuts both ways. On one side, the returns are likely conservative relative to current market conditions, and the NPV could be materially higher if gold sustains these levels. On the other, a study built on a price less than half of today's spot suggests the company did not need a hot commodity to make the numbers work, which is a sign of discipline. The deciding question is not whether this project works, it clearly does at current prices. The question is whether the company, with a full portfolio of other projects, prioritizes this one for development, or lets it sit as a low-risk option in a much larger pipeline.
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.