Granite Creek Open Pit PEA: $421M NPV, 30% IRR
i-80 Gold Corp.'s Granite Creek Open Pit in Humboldt County, Nevada, USA has a Preliminary Economic Assessment (PEA) outlining an after-tax NPV of $421M and an after-tax IRR of 30%. The mine plan runs 10 years at about 128.6 koz Au per year.
i-80 Gold Corp.'s Granite Creek Open Pit has reported Preliminary Economic Assessment (PEA) results for the gold project in Humboldt County, Nevada, USA. The study headlines an after-tax net present value of $421M at a 5% discount rate. It reflects i-80 Gold Corp.'s (IAU.TO) latest disclosed economics for the asset.
Economics. The after-tax NPV is $421M using a 5% discount rate. After-tax IRR is 30%. All-in sustaining costs are pegged at 1225 USD/oz. Economics are based on $2,175/oz gold (base case); also shown at $2,900/oz and $3,000/oz.
Production and mine plan. The project envisions an open-pit operation. Life of mine is 10 years. Average annual production is approximately 128.6 koz Au. Average head grade is 1.25 g/t Au. Metallurgical recovery averages 86.6%.
These figures are extracted from i-80 Gold Corp.'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 & Indicated | — | 1.18 g/t Au | 1.4Moz |
| Inferred | — | 1.09 g/t Au | 75koz |
Our Analysis
- IRR after-tax
- 30%
higher than 34% of 105 projects we track
- NPV after-tax
- $421M
higher than 48% of 141 projects we track
- Mine life
- 10yrs
- Discount rate
- 5%
- Study price assumption
- $2,175/oz gold (base case); also shown at $2,900/oz and $3,000/oz
- Spot gold today
- $4,658.20/oz
The 30% after-tax IRR places this project in the lower half of the 105 gold developments we track, ranking above only 34% of peers. That is not an outlier, and the $421M NPV sits similarly mid-pack, above 48% of 141 tracked projects. The practical read: a 30% return clears the roughly 15% hurdle developers need for project finance by a comfortable margin, and this is not a single-asset junior straining to fund a build. With a US$1.69B market cap and a portfolio of 9 tracked projects, the company can absorb this development without existential dilution risk, which is often the real killer for mid-tier gold builds.
The constraint is confidence, not economics. This is a PEA, scoping-level work where capital estimates carry a plus or minus 50% band and may rest on inferred resources. The 5% discount rate used to derive the NPV sits at the low end of reporting convention, which flatters the headline figure; that is a disclosure choice, not an investment signal, but it does mean the NPV is less conservative than it appears. The 10-year mine life in Humboldt County, Nevada is a solid, mining-friendly jurisdiction, which reduces permitting and operational risk relative to higher-risk geographies, but it does not upgrade a preliminary study into a bankable one.
The price deck matters here. The base case assumes $2,175/oz gold, while the current spot is $4,658.20/oz, more than double the assumption. Even the study's own upside cases at $2,900/oz and $3,000/oz sit far below today's market. That gap is the project's real upside, but it also cuts both ways: either the market has not repriced the asset for current gold, or it is skeptical that a PEA-stage project can convert that price environment into delivered ounces. The single question that decides this one is whether the company can move from scoping study to a feasibility-grade definition without the capital estimate ballooning, because at today's gold price the economics are not the risk, the execution is.
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.