Legacy Copper Deposit (Mount McInnes / Murray Brook Minerals) PEA: C$171M NPV, 36% IRR
Puma Exploration Inc.'s Legacy Copper Deposit (Mount McInnes / Murray Brook Minerals) in Northern New Brunswick, Canada has a Preliminary Economic Assessment (PEA) outlining an after-tax NPV of C$171M and an after-tax IRR of 36%.
Puma Exploration Inc.'s Legacy Copper Deposit (Mount McInnes / Murray Brook Minerals) has reported Preliminary Economic Assessment (PEA) results for the copper project in Northern New Brunswick, Canada. The study headlines an after-tax net present value of C$171M at a 7% discount rate. It reflects Puma Exploration Inc.'s (PUMA.V) latest disclosed economics for the asset.
Economics. The after-tax NPV is C$171M using a 7% discount rate. After-tax IRR is 36%.
Production and mine plan. Average head grade is 0.66% Cu (2026 MRE at >10 US$/t cut-off).
Resources and ownership. The company holds a 70.48% interest in the project.
These figures are extracted from Puma Exploration Inc.'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 |
|---|---|---|---|
| Total | 930,000 t | 0.66% Cu, 3.65 g/t Ag | 13,400 k lb Cu, 110 k oz Ag |
| Measured & Indicated | — | 0.45% Cu, 38 g/t Ag | 211,000,000 lb Cu, 23,000,000 oz Ag |
| Inferred | — | 0.66% Cu, 3.65 g/t Ag | 13,400,000 lb Cu, 110,000 oz Ag |
Our Analysis
- IRR after-tax
- 36%
higher than 94% of 35 projects we track
- NPV after-tax
- C$171M
higher than 19% of 42 projects we track
- Discount rate
- 7%
- Spot copper today
- $6.61/lb
The after-tax NPV of C$171M against a US$17M market cap is a roughly 7.3x gap, and it can be read two ways. Either the market has not connected this PEA to the company's valuation, or it has looked at the asset and decided the study will not survive financing and permitting intact. The second reading deserves real weight here: this is a nano-cap, and the project is one of 13 in a diversified portfolio, which means the market is being asked to underwrite a single development case out of a crowded book.
Northern New Brunswick is a point in the asset's favour. A Canadian jurisdiction with an established mining framework is easier to permit and easier to finance than most alternatives, and it is part of why the numbers can be taken at face value rather than heavily discounted for political risk. The returns themselves are the strongest part of the case: a 36% after-tax IRR sits in the top decile of the 35 copper projects we track, clearing the roughly 15% hurdle developers typically need for project finance and the 20%-plus a junior with little else behind it would realistically face. The NPV rank is far weaker, above only 19% of the 42 copper projects we track, which tells you the IRR is doing the work and the absolute value is modest.
The caveat is the study stage. A PEA is scoping-level, may lean on inferred resources, and its capital estimate carries a plus or minus 50% band, so the headline economics are indicative rather than bankable. The question that decides this project is whether a nano-cap can fund and permit a build whose capital cost the inputs do not disclose, and until that is answered the gap stays a question rather than a bargain.
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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