Murray Brook Caribou Complex (Bathurst Copper-Zinc Project) PEA: C$169M NPV, 41% IRR
Canadian Copper Inc.'s Murray Brook Caribou Complex (Bathurst Copper-Zinc Project) in New Brunswick, Canada (Bathurst) has a Preliminary Economic Assessment (PEA) outlining an after-tax NPV of C$169M, an after-tax IRR of 41%, and initial capital of C$64M. The mine plan runs 13.2 years at about 30 M lbs CuEq per year.
Canadian Copper Inc.'s Murray Brook Caribou Complex (Bathurst Copper-Zinc Project) has reported Preliminary Economic Assessment (PEA) results for the copper, zinc, lead, silver, gold project in New Brunswick, Canada (Bathurst). The study headlines an after-tax net present value of C$169M at a 7% discount rate. It reflects Canadian Copper Inc.'s (CCI.CN) latest disclosed economics for the asset.
Economics. The after-tax NPV is C$169M using a 7% discount rate. After-tax IRR is 41%. Initial capital expenditure is estimated at C$64M, with life-of-mine sustaining capital of C$49M. The study models a payback period of 1.6 years. All-in sustaining costs are pegged at 3.14 USD/lb CuEq. Economics are based on Base case: US$4.25/lb Cu, US$1.30/lb Zn, US$27/oz Ag, US$1.10/lb Pb at US$0.746 USD/CAD.
Production and mine plan. The project envisions an open pit operation. Life of mine is 13.2 years. Average annual production is approximately 30 M lbs CuEq. Average head grade is 1.91% CuEq; 6.26% ZnEq avg process feed grade. The open-pit strip ratio is 5.0:1.
Resources and ownership. The company holds a 100% interest in the project. Royalties and streams: OR Royalties 20% life-of-mine payable gold & silver stream (US$38.4M); 20% precious metal stream $45M cash; 4% OR Royalties holders.
These figures are extracted from Canadian Copper 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 |
|---|---|---|---|
| Measured & Indicated (Murray Brook MRE 2023) | 21.1 Mt | 1.42% CuEq | M&I contained: 211 Mlbs Cu, 1,157 Mlbs Zn, 26 Moz Ag, 421 Mlbs Pb, 378 Koz Au |
| Inferred (Murray Brook MRE 2023) | — | 1.42% CuEq | Inferred contained: 1.0 Mlbs Cu, 4.4 Mlbs Zn, 0.1 Moz Ag, 1.6 Mlbs Pb, 2 Koz Au |
Our Analysis
- IRR after-tax
- 41%
higher than 69% of 338 projects we track
- NPV after-tax
- C$169M
higher than 23% of 436 projects we track
- Initial capex
- C$64M
38% of NPV
costlier than 22% of 436 projects we track
- Payback
- 1.6yrs
slower than 20% of 273 projects we track
- Mine life
- 13.2yrs
- Discount rate
- 7%
- Study price assumption
- Base case: US$4.25/lb Cu, US$1.30/lb Zn, US$27/oz Ag, US$1.10/lb Pb at US$0.746 USD/CAD
A 41% after-tax IRR places this project in the upper half of the 338 projects we track, ranking ahead of 69% of them. That is a solid, if not exceptional, result. The more telling figures are the payback of 1.6 years, faster than 80% of tracked peers, and an NPV of C$169M, which ranks lower, at just 23% of the 436 projects tracked. The fast payback offsets a modest NPV, but the gap between the IRR and NPV rankings signals a project that generates quick cash flows rather than a massive resource base.
The constraint that matters most is funding. Initial capex of C$64M is capital-light, sitting at 38% of NPV and lower than 78% of tracked projects, but that is only half the story. The build cost is roughly 0.5x the company's entire market cap of US$88M. A micro-cap with a diversified portfolio of four projects cannot quietly finance a build equal to half its equity value; this will require meaningful dilution, debt, or a partner. The NPV-to-market-cap ratio of about 1.4x cuts both ways: it suggests the market has not fully valued the asset, but it also reflects skepticism about a junior's ability to execute a scoping-level PEA, whose capital estimate carries a plus or minus 50% band.
The jurisdiction is a positive: New Brunswick, Canada is a mining-friendly region, and the 13.2-year mine life supports the payback narrative. The study's base-case prices are the only lens available, and they are not obviously aggressive. The single question that decides whether this works is not the grade or the IRR, but whether a company this small can secure the financing to build a C$64M mine without surrendering the upside that the NPV implies.
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.