Murray Brook + Caribou Complex (Combined Strategy) PEA: C$169M NPV, 36% IRR
Canadian Copper Inc.'s Murray Brook + Caribou Complex (Combined Strategy) in New Brunswick, Canada has a Preliminary Economic Assessment (PEA) outlining an after-tax NPV of C$169M, an after-tax IRR of 36%, 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 (Combined Strategy) has reported Preliminary Economic Assessment (PEA) results for the copper-zinc-lead-silver-gold project in New Brunswick, Canada. 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 36%. 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 US$4.25/lb Cu, US$1.30/lb Zn, US$27/oz Ag, US$1.10/lb Pb (base case); USD/CAD exchange rate $0.746.
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 (process avg. 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: $38.4M stream financing (20% life-of-mine payable gold & silver).
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 | 21.1 Mt | 1.42% CuEq | 211 Mlbs Cu, 1,157 Mlbs Zn, 26 Moz Ag, 421 Mlbs Pb, 378 Koz Au |
| Inferred | — | — | 1.0 Mlbs Cu, 4.4 Mlbs Zn, 0.1 Moz Ag, 1.6 Mlbs Pb, 2 Koz Au |
Our Analysis
The 36% after-tax IRR ranks in the upper quartile of our tracked peer set and clears the practical financing hurdle for a single-asset junior by a wide margin, which is the relevant test. The 7% discount rate is low, flattering the C$169M NPV; a higher rate would compress that figure meaningfully. The NPV sits at roughly 1.5x market cap, which cuts two ways: it could signal the market has not yet priced in the project’s value, or it could reflect skepticism on permitting timelines, financing execution, or commodity price exposure given the study’s copper assumption of US$4.25/lb sits well below today’s spot of US$6.38/lb—implying upside if realized, but also raising the question of whether the market discounts a mean-reversion scenario.
Capital intensity is low at C$64M (38% of NPV), reducing funding risk, and the 1.6-year payback is fast, which helps de-risk early cash flows. New Brunswick is a stable, mining-friendly jurisdiction, though permitting timelines for new mines in eastern Canada can still be protracted. The single most important watch-item is the copper price assumption: the wide gap between the study’s US$4.25/lb and the current US$6.38/lb spot means returns are highly sensitive to whether the market sees today’s price as sustainable or cyclical.
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.