El Domo Feasibility Study: $571M NPV, 46% IRR
Silvercorp Metals Inc.'s El Domo in Ecuador has a Feasibility Study outlining an after-tax NPV of $571M, an after-tax IRR of 46%, and initial capital of $284M. The mine plan runs 11.5 years at about 24 Mlb Cu per year.
Silvercorp Metals Inc.'s El Domo has reported Feasibility Study results for the copper project in Ecuador. The study headlines an after-tax net present value of $571M at a 8% discount rate. It reflects Silvercorp Metals Inc.'s (SVM.TO) latest disclosed economics for the asset.
Economics. The after-tax NPV is $571M using a 8% discount rate. After-tax IRR is 46%. Initial capital expenditure is estimated at $284M. The study models a payback period of 3 years. Economics are based on 2027: $4.72/lb Cu, $3,670/oz Au, $1.20/lb Zn, $0.88/lb Pb, $66.5/oz Ag; Long-term: $4.40/lb Cu, $3,000/oz Au, $1.27/lb Zn, $0.91/lb Pb, $32.5/oz Ag.
Production and mine plan. The project envisions an open-pit operation. Life of mine is 11.5 years. Average annual production is approximately 24 Mlb Cu. Average head grade is 1.93% Cu, 2.55 g/t Au, 48 g/t Ag, 0.26% Pb, 2.63% Zn.
Resources and ownership. The company holds a 100% interest in the project. Royalties and streams: 2% NSR on El Domo for $10M (Altius); Ecuador Government royalty: 4%.
These figures are extracted from Silvercorp Metals 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 | 2.7 Mt | 2.60% Cu, 0.26% Pb, 2.63% Zn, 3.33 g/t Au, 48 g/t Ag | 69.3 kt Cu, 7.0 kt Pb, 70.2 kt Zn, 285 koz Au, 4,153 koz Ag |
| Probable | 4.5 Mt | 1.53% Cu, 0.26% Pb, 2.63% Zn, 2.08 g/t Au, 47 g/t Ag | 68.4 kt Cu, 11.4 kt Pb, 117.5 kt Zn, 299 koz Au, 6,807 koz Ag |
| Proven & Probable | 7.1 Mt | 1.93% Cu, 0.26% Pb, 2.63% Zn, 2.55 g/t Au, 48 g/t Ag | 137.7 kt Cu, 18.4 kt Pb, 187.7 kt Zn, 584 koz Au, 10,960 koz Ag |
| Category | Tonnage | Grade | Contained |
|---|---|---|---|
| Measured | 3.6 Mt | 2.67% Cu, 0.3% Pb, 2.59% Zn, 3.09 g/t Au, 47 g/t Ag | 97.3 kt Cu, 9.0 kt Pb, 94.2 kt Zn, 362 koz Au, 5,473 koz Ag |
| Indicated | 7.5 Mt | 1.42% Cu, 0.2% Pb, 2.36% Zn, 1.66 g/t Au, 40 g/t Ag | 105.5 kt Cu, 15.8 kt Pb, 176.2 kt Zn, 397 koz Au, 9,504 koz Ag |
| Measured & Indicated | 11.1 Mt | 1.83% Cu, 0.2% Pb, 2.44% Zn, 2.13 g/t Au, 42 g/t Ag | 202.8 kt Cu, 24.8 kt Pb, 270.4 kt Zn, 759 koz Au, 14,978 koz Ag |
| Inferred | 3.5 Mt | 0.48% Cu, 0.1% Pb, 1.00% Zn, 0.72 g/t Au, 22 g/t Ag | 16.7 kt Cu, 4.3 kt Pb, 34.7 kt Zn, 80 koz Au, 2,472 koz Ag |
Our Analysis
At 46% after-tax IRR, the project ranks in the top decile of the 26 Copper projects we track, and comfortably clears the ~15% after-tax return developers typically need to finance a build. The study discounts at 8%, within the standard reporting range. Its after-tax NPV is below the company's market capitalisation (roughly 0.3x, on a currency-adjusted basis) — a modest slice of the company's value, as you'd expect for one asset in a larger portfolio. Initial capital runs to about 50% of project NPV, making it capital-light; funding that build is the central execution risk. A modelled payback of 3 years is moderate for a project of this type. The project is located in Ecuador, a factor in its overall risk profile. For context, copper currently trades around $6.29/lb.
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.