Granite Creek Underground Feasibility Study: $118M NPV Over a 8.5-Year Mine Life
i-80 Gold Corp.'s Granite Creek Underground in Humboldt County, Nevada, USA has a Feasibility Study outlining an after-tax NPV of $118M. The mine plan runs 8.5 years at about 75.1 koz Au per year.
i-80 Gold Corp.'s Granite Creek Underground has reported Feasibility Study results for the gold project in Humboldt County, Nevada, USA. The study headlines an after-tax net present value of $118M 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 $118M using a 5% discount rate. All-in sustaining costs are pegged at 1915 USD/oz. Economics are based on Base case $2,750/oz Au; upside case $4,500/oz Au.
Production and mine plan. The project envisions an underground operation. Life of mine is 8.5 years. Average annual production is approximately 75.1 koz Au. Average head grade is 7.87 g/t Au (grade processed). Metallurgical recovery averages 87%.
These figures are extracted from i-80 Gold Corp.'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 & Probable | — | 7.87 g/t Au | 557koz Au |
| Category | Tonnage | Grade | Contained |
|---|---|---|---|
| Measured & Indicated | — | 7.17 g/t Au | 860koz Au |
| Inferred | — | 7.06 g/t Au | 203koz Au |
Our Analysis
- NPV after-tax
- $118M
higher than 17% of 169 projects we track
- Mine life
- 8.5yrs
- Study price assumption
- Base case $2,750/oz Au; upside case $4,500/oz Au
- Spot gold today
- $4,317.30/oz
The headline number moved the wrong way: this feasibility study carries an after-tax NPV of $118M, down 24% on the 2025 PEA for the same asset. That is the trade an investor is being asked to accept. What improved is durability, with mine life up 6% to 8.5 years, and what improved more quietly is the confidence band: a PEA is a conceptual estimate, while a feasibility study is the build-ready version, typically good to plus or minus 15%. So the company has traded a smaller headline for a firmer one. Whether that is a good trade depends on what the revision cost in assumptions, which the filing's direction alone does not settle.
The returns sit in modest company. An after-tax NPV of $118M ranks above only 17% of the 169 gold projects we track, and it is well below the company's US$1.57B market cap on a rough currency-adjusted basis. That gap cuts both ways. It can mean the market has yet to recognise the asset, or that it is discounting something specific: build funding, dilution, permitting timelines, or the fact that this is one of 9 projects in a diversified portfolio, which means it may never be the priority it would be for a single-asset developer. Capital intensity is the sharper concern. A small-cap cannot quietly fund a construction bill that is large relative to its equity, and at this NPV the internal cash generation available to support a build is limited.
The price deck is where the revision looks most exposed. The base case assumes $2,750/oz against a live spot of $4,317.30/oz, so the study is not leaning on an optimistic gold price, and the upside case at $4,500/oz sits above spot. Nevada is a mining-friendly jurisdiction, which helps on permitting and execution. The question that decides this project: does the 8.5-year, $118M asset get built, or does it stay a study in a portfolio of nine?
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.
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