Hat Project PEA: C$6.73B NPV, 23% IRR
Doubleview Gold Corp.'s Hat Project in Northwest British Columbia, Canada has a Preliminary Economic Assessment (PEA) outlining an after-tax NPV of C$6.73B, an after-tax IRR of 23%, and initial capital of C$3.60B. The proposed mine plan runs 25 years.
Doubleview Gold Corp.'s Hat Project has reported Preliminary Economic Assessment (PEA) results for the copper project in Northwest British Columbia, Canada. The study headlines an after-tax net present value of C$6.73B at a 5% discount rate. It reflects Doubleview Gold Corp.'s (DBG.V) latest disclosed economics for the asset.
Economics. The after-tax NPV is C$6.73B using a 5% discount rate. After-tax IRR is 23%. Initial capital expenditure is estimated at C$3.60B, with life-of-mine sustaining capital of C$2.75B. Economics are based on Long-term price deck: US$4.88/lb Cu, US$3,272.60/oz Au, US$50.22/oz Ag, US$19.57/lb Co; Scenario B includes scandium oxide price of US$1,500/kg Sc2O3; exchange rate 1.37 CAD:USD..
Production and mine plan. The project envisions an open-pit operation. Life of mine is 25 years.
Resources and ownership. The company holds a 100% interest in the project. Royalties and streams: 2% NSR royalty.
These figures are extracted from Doubleview 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 | 272 Mt | 0.44% CuEq, 0.22% Cu, 0.18 g/t Au, 76.26 g/t Co, 0.37 g/t Ag | 2.61 Blb CuEq, 1.11 Blb Cu, 1.41 Moz Au, 35.6 Mlb Co, 2.17 Moz Ag |
| Indicated | 337 Mt | 0.43% CuEq, 0.21% Cu, 0.19 g/t Au, 76.81 g/t Co, 0.39 g/t Ag | 3.21 Blb CuEq, 1.31 Blb Cu, 1.81 Moz Au, 44.5 Mlb Co, 2.88 Moz Ag |
| Measured & Indicated | 609 Mt | 0.43% CuEq, 0.21% Cu, 0.18 g/t Au, 76.57 g/t Co, 0.38 g/t Ag | 5.82 Blb CuEq, 2.42 Blb Cu, 3.22 Moz Au, 80.1 Mlb Co, 5.05 Moz Ag |
| Inferred | 503 Mt | 0.41% CuEq, 0.18% Cu, 0.19 g/t Au, 76.62 g/t Co, 0.38 g/t Ag | 4.57 Blb CuEq, 1.72 Blb Cu, 2.77 Moz Au, 66.2 Mlb Co, 4.19 Moz Ag |
| Measured | 272 Mt | 28.79 g/t Sc | 1,081 t Sc2O3 |
| Indicated | 337 Mt | 28.76 g/t Sc | 1,334 t Sc2O3 |
| Total | 609 Mt | 28.77 g/t Sc | 2,415 t Sc2O3 |
| Inferred | 503 Mt | 28.69 g/t Sc | 1,996 t Sc2O3 |
Our Analysis
- IRR after-tax
- 23%
higher than 63% of 27 projects we track
- NPV after-tax
- C$6.73B
higher than 100% of 36 projects we track
- Initial capex
- C$3.60B
54% of NPV
costlier than 84% of 38 projects we track
- Mine life
- 25yrs
- Discount rate
- 5%
- Study price assumption
- Long-term price deck: US$4.88/lb Cu, US$3,272.60/oz Au, US$50.22/oz Ag, US$19.57/lb Co; Scenario B includes scandium oxide price of US$1,500/kg Sc2O3; exchange rate 1.37 CAD:USD.
- Spot copper today
- $6.38/lb
A C$3.60 billion build against a company worth roughly US$282 million is the fact that governs everything else here. The initial capex is about 9.3 times the entire market capitalisation, so this is not a project the current shareholder base can fund from the treasury or a modest equity raise. Whoever writes that cheque, whether a major partner, a streaming and royalty package, a consortium, or a full buyout of the developer, will be doing so from a position of overwhelming leverage. Existing holders should read the headline numbers as an option on someone else's capital, and expect the terms of that capital to determine what their stake is ultimately worth.
The economics themselves are real but preliminary. After-tax NPV of C$6.73 billion ranks above every one of the 36 copper projects we track, and the 23% after-tax IRR sits above 63% of the 27 projects in our copper set. That IRR clears the roughly 15% threshold developers typically need for project finance, and the 20%-plus that a higher-risk junior with little else in the portfolio would be held to. But this is a scoping-level PEA: inferred material may be included, and the capital estimate carries a plus or minus 50% band. A 5% discount rate is a reporting convention, not a hurdle, and a C$3.60 billion capex number that could move by half in either direction is exactly where a PEA deserves the least confidence.
Northwest British Columbia is a genuine positive: a stable, mining-literate jurisdiction with established permitting pathways and infrastructure, which is why the numbers can be read closer to face value than a comparable asset elsewhere. The study's US$4.88/lb copper deck sits well below today's US$6.38/lb spot, so the returns carry real upside if that gap holds, though price decks and spot rarely stay aligned through a multi-year build. The question that decides this project is not the IRR. It is whether a micro-cap can assemble C$3.60 billion without handing the asset to whoever provides it.
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.