Nueva Recuperada Project (Tangana + Plata Mining Units) PEA: $440M NPV, 69% IRR
Silver X Mining Corp.'s Nueva Recuperada Project (Tangana + Plata Mining Units) in Huancavelica, Peru has a Preliminary Economic Assessment (PEA) outlining an after-tax NPV of $440M, an after-tax IRR of 69%, and initial capital of $82M. The mine plan runs 14 years at about 6.2 Moz AgEq per year.
Silver X Mining Corp.'s Nueva Recuperada Project (Tangana + Plata Mining Units) has reported Preliminary Economic Assessment (PEA) results for the silver project in Huancavelica, Peru. The study headlines an after-tax net present value of $440M at a 5% discount rate. It reflects Silver X Mining Corp.'s (AGX.V) latest disclosed economics for the asset.
Economics. The after-tax NPV is $440M using a 5% discount rate. After-tax IRR is 69%. Initial capital expenditure is estimated at $82M. All-in sustaining costs are pegged at 15.8 USD/oz AgEq. Economics are based on Ag: $33.2/oz, Au: $2,928/oz, Pb: $0.93/lb, Zn: $1.34/lb.
Production and mine plan. The project envisions an underground operation. Life of mine is 14 years. Average annual production is approximately 6.2 Moz AgEq.
Resources and ownership. Mineral resources: Measured & Indicated: 3.91 Mt @ 9.12 AgEq oz/t for 35.6 Moz AgEq; Inferred: 15.11 Mt @ 7.5 AgEq oz/t for 116.6 Moz AgEq. The company holds a 100% interest in the project.
These figures are extracted from Silver X Mining 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.
Our Analysis
- IRR after-tax
- 69%
higher than 70% of 20 projects we track
- NPV after-tax
- $440M
- Initial capex
- $82M
19% of NPV
- Mine life
- 14yrs
- Discount rate
- 5%
- Study price assumption
- Ag: $33.2/oz, Au: $2,928/oz, Pb: $0.93/lb, Zn: $1.34/lb
- Spot silver today
- $65.50/oz
A 69% after-tax IRR lands in the upper half of our tracked silver developers, well above the 15-20% hurdle that typically unlocks project financing. The $440M NPV, calculated at a low 5% discount rate, is flattered by that convention—a higher, more conservative rate would compress it materially. Still, the NPV sits at roughly 3.1x market cap, a gap that cuts both ways: it could signal the market has not yet priced the asset, or that investors are discounting permitting, jurisdiction, or financing risk.
Capital intensity is low at 19% of NPV, reducing dilution risk for a developer. The key watch-item is the price deck: the study uses $33.2/oz silver, while the current spot is $65.50/oz—a wide gap that makes the returns appear optimistic relative to today’s market, but also flags material upside if prices sustain. The single biggest risk is whether the market’s skepticism on the gap between NPV and market cap reflects genuine hurdles or a mispricing opportunity.
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.