Crawford Feasibility Study: $3M NPV, 17.6% IRR
Canada Nickel Company Inc.'s Crawford in Timmins, Ontario, Canada has a Feasibility Study outlining an after-tax NPV of $3M, an after-tax IRR of 17.6%, and initial capital of $2.00B. The mine plan runs 41 years at about 48 ktpa Ni per year.
Canada Nickel Company Inc.'s Crawford has reported Feasibility Study results for the nickel project in Timmins, Ontario, Canada. The study headlines an after-tax net present value of $3M at a 8% discount rate. It reflects Canada Nickel Company Inc.'s (CNC.V) latest disclosed economics for the asset.
Economics. The after-tax NPV is $3M using a 8% discount rate. After-tax IRR is 17.6%. Initial capital expenditure is estimated at $2.00B. All-in sustaining costs are pegged at 1.54 USD/lb. Economics are based on Nickel $15,650/t, Cobalt $26,000/t, Palladium $878/oz, Platinum $748/oz, Iron $211/t (equivalent to $58/t iron ore price), Chromium $2,500/t.
Production and mine plan. The project envisions an open-pit operation. Life of mine is 41 years. Average annual production is approximately 48 ktpa Ni. Average head grade is 0.24% Ni (LOM average). Metallurgical recovery averages 41%. The open-pit strip ratio is 2.33.
Resources and ownership. The company holds a 100% interest in the project. Royalties and streams: 4.1% of NSR.
These figures are extracted from Canada Nickel Company Inc.'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 | 994 Mt | 0.24% Ni, 0.013% Co, 0.016 g/t Pd, 0.010 g/t Pt, 6.37% Fe, 0.59% Cr, 1.75% Brucite | 2,345 kt Ni, 125 kt Co, 498 koz Pd, 311 koz Pt, 63 Mt Fe, 5,892 kt Cr |
| Probable | 721 Mt | 0.20% Ni, 0.012% Co, 0.012 g/t Pd, 0.009 g/t Pt, 6.53% Fe, 0.54% Cr, 1.41% Brucite | 1,444 kt Ni, 89 kt Co, 278 koz Pd, 208 koz Pt, 47 Mt Fe, 3,895 kt Cr |
| Proven & Probable | 1,715 Mt | 0.22% Ni, 0.013% Co, 0.014 g/t Pd, 0.009 g/t Pt, 6.44% Fe, 0.57% Cr, 1.61% Brucite | 3,789 kt Ni, 215 kt Co, 777 koz Pd, 519 koz Pt, 110 Mt Fe, 9,787 kt Cr |
| Category | Tonnage | Grade | Contained |
|---|---|---|---|
| Measured & Indicated | 4.30 Bt | 0.24% Ni | 10.13 Mt Ni |
| Inferred | 5.41 Bt | 0.23% Ni | 12.46 Mt Ni |
Our Analysis
The 17.6% after-tax IRR sits in the bottom quartile of our tracked peer set and barely clears the practical financing hurdle for a single-asset junior developer. For a project of this scale and risk profile, investors typically demand 20%+ to compensate for execution and funding risk. The 8% discount rate used for NPV reporting is within standard range but on the lower side, which flatters the NPV figure—a higher, more conservative rate would shrink it further. The NPV of $3M is negligible relative to the $2.00B initial capex, which is 71,429% of NPV, signaling extreme capital intensity and severe funding risk for a developer with a market cap well above that NPV.
The 41-year mine life in Timmins, Ontario offers a stable jurisdiction, but the long duration amplifies exposure to commodity price cycles. The study's nickel price assumption of $15,650/t is a key sensitivity—returns are highly dependent on this level holding over decades. The single most important risk is the massive funding gap: with capex far exceeding NPV and market cap, the project will require substantial equity dilution or debt that may not be available at reasonable terms, making financing the critical watch-item.
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.