Dos Amigos (Domeyko Sulfuros) PEA: $943M NPV, 20% IRR
Tintina Mines Limited's Dos Amigos (Domeyko Sulfuros) in Chile, Atacama region (near Domeyko, ~100km to Port of Las Losas) has a Preliminary Economic Assessment (PEA) outlining an after-tax NPV of $943M, an after-tax IRR of 20%, and initial capital of $1.30B. The mine plan runs 25 years at about 52 ktpa CuEq (LOM avg); ~38ktpa Cu, ~60koz p.a. Au ; first 5-yr avg ~43ktpa Cu and ~74koz p.a. Au (~61ktpa CuEq) per year.
Tintina Mines Limited's Dos Amigos (Domeyko Sulfuros) has reported Preliminary Economic Assessment (PEA) results for the copper (gold by-product) project in Chile, Atacama region (near Domeyko, ~100km to Port of Las Losas). The study headlines an after-tax net present value of $943M at a 8% discount rate. It reflects Tintina Mines Limited's (TTS.V) latest disclosed economics for the asset.
Economics. The after-tax NPV is $943M using a 8% discount rate. After-tax IRR is 20%. Initial capital expenditure is estimated at $1.30B. Economics are based on Consensus (Sep'26 long-term): US$5.03/lb Cu and US$3,570/oz Au; PEA price deck: US$4.30/lb Cu and US$2,500/oz Au.
Production and mine plan. The project envisions an open-pit operation. Life of mine is 25 years. Average annual production is approximately 52 ktpa CuEq (LOM avg); ~38ktpa Cu, ~60koz p.a. Au ; first 5-yr avg ~43ktpa Cu and ~74koz p.a. Au (~61ktpa CuEq). Average head grade is 0.35% Cu, 0.25 g/t Au, 0.54% CuEq (LOM ore processed). Metallurgical recovery averages 88.2%. The open-pit strip ratio is 2.8.
Resources and ownership. The company holds a 100% interest in the project. Royalties and streams: Commercially unencumbered; no streams, no commercial royalties, no offtake commitments in place; subject only to Chilean state royalties and taxes. Franco-Nevada cornerstone investor with no pre-emptive rights on royalties or streams..
These figures are extracted from Tintina Mines Limited'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.
Reserves & Resources
| Category | Tonnage | Grade | Contained |
|---|---|---|---|
| Measured | 15,390 kt | 0.36% Cu, 0.32 g/t Au | 55 kt Cu, 158 koz Au |
| Indicated | 85,426 kt | 0.34% Cu, 0.28 g/t Au | 294 kt Cu, 761 koz Au |
| Measured & Indicated | 100,816 kt | 0.35% Cu, 0.28 g/t Au | 349 kt Cu, 921 koz Au |
| Inferred | 256,328 kt | 0.34% Cu, 0.24 g/t Au | 869 kt Cu, 1,970 koz Au |
| Total M&I & Inferred (as presented) | 101 mt M&I plus 256 mt Inferred | M&I 0.35% Cu, 0.28g/t Au, 0.56% CuEq; Inferred 0.34% Cu, 0.24g/t Au, 0.52% CuEq | ~945kt Cu and ~1.5moz Au life-of-mine production |
Our Analysis
- IRR after-tax
- 20%
higher than 19% of 372 projects we track
- NPV after-tax
- $943M
higher than 61% of 519 projects we track
- Initial capex
- $1.30B
138% of NPV
costlier than 84% of 492 projects we track
- Mine life
- 25yrs
- Discount rate
- 8%
- Study price assumption
- Consensus (Sep'26 long-term): US$5.03/lb Cu and US$3,570/oz Au; PEA price deck: US$4.30/lb Cu and US$2,500/oz Au
- Spot copper today
- $6.58/lb
A US$1.30B build against a US$553M market capitalisation is the fact that governs everything else here. The capex is roughly 2.4 times the company's entire equity value, and 138% of the after-tax NPV. A company of this size cannot fund that from its own balance sheet, and it cannot fund it quietly: the cheque has to come from a partner, a streaming or offtake arrangement, project debt, an equity raise, or some combination. Each route carries a cost for existing holders, whether through dilution, surrendered economics, or both. That is the decision this asset actually poses, and no headline return changes it.
The economics are the supporting act. A 20% after-tax IRR sits in the bottom quartile of the 372 projects we track, and developers generally need around 15% to get project finance away. Clearing that bar is not the same as clearing it comfortably, and the margin is thin enough that a partner will want to see the numbers survive a study that has not yet been done. The US$943M NPV ranks above 61% of the 519 projects we track, which is respectable, but it is a scoping-level figure.
That is the second constraint. This is a PEA, not a feasibility study. It may rest on inferred resources, and its capital estimate typically carries a plus or minus 50% band. On a US$1.30B build, that band is enormous, and it is precisely the number a financier would need to trust. The study's price deck is conservative against today's $6.58/lb spot copper, which is genuine upside if it holds, though the consensus deck of US$5.03/lb is the more sober planning case.
Chile's Atacama region is a mining-friendly jurisdiction with established infrastructure and a defined port route, which helps. The question that decides this project is whether a US$1.30B build can be financed without handing away so much of the asset that the 20% IRR stops belonging to shareholders.
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.