Copperstone Project PFS: $374M NPV, 108% IRR
Minera Alamos Inc.'s Copperstone Project in Arizona, USA has a Pre-Feasibility Study (PFS) outlining an after-tax NPV of $374M, an after-tax IRR of 108%, and initial capital of $58M. The mine plan runs 6.3 years at about 46 koz Au per year.
Minera Alamos Inc.'s Copperstone Project has reported Pre-Feasibility Study (PFS) results for the gold project in Arizona, USA. The study headlines an after-tax net present value of $374M at a 5% discount rate. It reflects Minera Alamos Inc.'s (MAI.V) latest disclosed economics for the asset.
Economics. The after-tax NPV is $374M using a 5% discount rate. After-tax IRR is 108%. Initial capital expenditure is estimated at $58M. The study models a payback period of 1.2 years. All-in sustaining costs are pegged at 1314 USD/oz.
Production and mine plan. The project envisions an underground operation. Life of mine is 6.3 years. Average annual production is approximately 46 koz Au.
Resources and ownership. The company holds a 100% interest in the project.
These figures are extracted from Minera Alamos Inc.'s technical disclosures and reflect the most recent PFS 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 | 1,052 kt | 5.06 g/t Au | 172 koz Au |
| Probable | 882 kt | 4.61 g/t Au | 131 koz Au |
| Proven & Probable | 1,934 kt | 4.87 g/t Au | 303 koz Au |
| Category | Tonnage | Grade | Contained |
|---|---|---|---|
| Measured | 2,198 kt | 5.08 g/t Au | 359 koz Au |
| Indicated | 1,856 kt | 4.54 g/t Au | 271 koz Au |
| Measured & Indicated | 4,054 kt | 4.83 g/t Au | 630 koz Au |
| Inferred | 401 kt | 4.04 g/t Au | 52 koz Au |
Our Analysis
The 108% after-tax IRR places this project in the top decile of our tracked gold peers, well above the 15-20% hurdle that developers and single-asset juniors require to secure financing. The 5% discount rate used for NPV reporting is at the low end of convention, which inflates the headline $374M NPV—a figure that is roughly in line with the company’s market cap. That close alignment can be read two ways: either the market has already priced in the asset’s value, or it is skeptical about execution risk given the short mine life.
Capital intensity is low at $58M initial capex (16% of NPV), reducing funding risk, and the 1.2-year payback is fast. However, the 6.3-year mine life is short, and the study’s gold price assumption sits well above the current live spot of $4,187.30/oz, making returns potentially optimistic if prices soften. Arizona is a mining-friendly jurisdiction, but the single most important risk is the short mine life—any delay or cost overrun could compress already limited value creation.
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.