Casa Berardi PEA: $1.05B NPV Over a 14-Year Mine Life
Orezone Gold Corporation's Casa Berardi in Quebec, Canada has a Preliminary Economic Assessment (PEA) outlining an after-tax NPV of $1.05B. The mine plan runs 14 years at about 116 koz Au per year.
Orezone Gold Corporation's Casa Berardi has reported Preliminary Economic Assessment (PEA) results for the gold project in Quebec, Canada. The study headlines an after-tax net present value of $1.05B at a 5% discount rate. It reflects Orezone Gold Corporation's (ORE.TO) latest disclosed economics for the asset.
Economics. The after-tax NPV is $1.05B using a 5% discount rate. All-in sustaining costs are pegged at 1877 USD/oz. Economics are based on Base Case gold price assumptions based on September 2026 consensus pricing; Spot gold price assumption based on September 11, 2026 closing price of $4,350/oz.
Production and mine plan. The project envisions an open-pit & underground operation. Life of mine is 14 years. Average annual production is approximately 116 koz Au.
Resources and ownership. Royalties and streams: Franco-Nevada Corporation gold stream: fixed gold deliveries of 6,500 ounces per annum between 2026 to 2030 followed by variable deliveries equal of 5% of gold production in subsequent years; Company receives 20% of spot gold price for each ounce delivered.
These figures are extracted from Orezone Gold Corporation'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.
Our Analysis
- NPV after-tax
- $1.05B
higher than 75% of 150 projects we track
- Mine life
- 14yrs
- Study price assumption
- Base Case gold price assumptions based on September 2026 consensus pricing; Spot gold price assumption based on September 11, 2026 closing price of $4,350/oz
- Spot gold today
- $4,350.10/oz
Among the 150 gold projects we track, this one's after-tax NPV of $1.05B sits ahead of roughly three-quarters of them. That is a solid position, not a standout one: it puts the asset in the upper quartile of the peer set without separating it from the pack. For an investor, the rank matters less than what sits behind it. The number comes from a PEA, the earliest and least reliable study tier, where capital estimates typically carry a plus or minus 50% band and inferred material can carry the mine plan. A 14-year life in Quebec gives the study a favourable jurisdictional footing, and that should temper how much weight the headline figure is asked to bear.
The constraint is funding, and it is the sharpest fact in the file. The NPV is roughly 0.7x the company's US$1.42B market cap, so the asset is broadly in line with the equity rather than dwarfing it. That cuts both ways. On one reading, a diversified five-project portfolio means this is not a single-asset story, and the market may simply be waiting on more definition. On another, a small-cap carrying five projects spreads its balance sheet and management attention, and a build of this scale still has to be financed.
The gold price assumption is the other lever. The study's base case rests on September 2026 consensus pricing, with a spot case at the September 11, 2026 close of $4,350/oz. Live spot is $4,350.10/oz, essentially identical, so there is no price tailwind to lean on: the economics are being tested at the market, not below it.
The question that decides this project is whether a PEA-stage estimate can be converted into a financeable, permitted build without diluting a small-cap shareholder base beyond recognition.
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.