Mineral Point Open Pit PEA: $614M NPV, 12% IRR
i-80 Gold Corp.'s Mineral Point Open Pit in Nevada, USA (Eureka County, Ruby Hill Property) has a Preliminary Economic Assessment (PEA) outlining an after-tax NPV of $614M and an after-tax IRR of 12%. The mine plan runs 17 years at about 282 koz AuEq per year.
i-80 Gold Corp.'s Mineral Point Open Pit has reported Preliminary Economic Assessment (PEA) results for the gold project in Nevada, USA (Eureka County, Ruby Hill Property). The study headlines an after-tax net present value of $614M 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 $614M using a 5% discount rate. After-tax IRR is 12%. All-in sustaining costs are pegged at 1400 USD/oz AuEq. Economics are based on $2,175/oz Au and $27.25/oz Ag (base-case); also $2,900/oz Au & $32.75/oz Ag and $3,000/oz Au & $35.00/oz Ag sensitivities.
Production and mine plan. The project envisions an open-pit operation. Life of mine is 17 years. Average annual production is approximately 282 koz AuEq.
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 |
|---|---|---|---|
| Indicated | — | 0.48 g/t Au, 15.0 g/t Ag | 3.4 Moz Au, 104.3 Moz Ag |
| Inferred | — | 0.34 g/t Au, 14.6 g/t Ag | 2.1 Moz Au, 91.5 Moz Ag |
Our Analysis
- IRR after-tax
- 12%
higher than 1% of 96 projects we track
- NPV after-tax
- $614M
- Mine life
- 17yrs
- Discount rate
- 5%
- Study price assumption
- $2,175/oz Au and $27.25/oz Ag (base-case); also $2,900/oz Au & $32.75/oz Ag and $3,000/oz Au & $35.00/oz Ag sensitivities
- Spot gold today
- $4,034.70/oz
The 12% after-tax IRR lands in the bottom quartile of the 96 gold projects we track and falls short of the ~15% threshold developers typically need to secure project finance. For a single-asset junior, the financing hurdle is even higher, making this return profile a clear challenge. The 5% discount rate used for NPV reporting is at the low end of convention, which inflates the headline $614M NPV; a more standard rate would compress that figure materially. The NPV sits at roughly 0.5x market cap—a gap that could signal the market has not yet priced the asset, or equally, that skepticism exists around financing, dilution, or execution risk.
Capital intensity relative to NPV is a funding concern, and Nevada is a mining-friendly jurisdiction, which tempers but does not eliminate permitting or operational risk. The base-case price assumption of $2,175/oz gold sits well below the current spot of $4,034.70/oz, so returns would be substantially higher at today's prices—but investors should weigh whether the study's cost and grade assumptions hold at that price level. The single most important watch-item is the financing gap: with a sub-15% IRR and a market cap that makes equity dilution a real possibility, the path to production is uncertain.
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.