Nueva Recuperada Silver & Gold Project (Tangana + Plata) PEA: $440M NPV, 69% IRR
Silver X Mining Corp.'s Nueva Recuperada Silver & Gold Project (Tangana + Plata) in Huancavelica, Peru (540 km from Lima) 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 Silver & Gold Project (Tangana + Plata) has reported Preliminary Economic Assessment (PEA) results for the silver project in Huancavelica, Peru (540 km from Lima). 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/AgEq oz. Economics are based on Base-case: $33.2/oz Ag, $2,928/oz Au, $0.93/lb lead, $1.34/lb zinc (PEA 2025). Resource AgEq uses 3-yr average: Ag US$41.86/oz; Au US$3,179/oz; Pb US$0.91/lb; Zn US$1.33/lb; Cu US$4.64/lb..
Production and mine plan. The project envisions an underground (cut & fill; long-hole drilling in selected areas) operation. Life of mine is 14 years. Average annual production is approximately 6.2 Moz AgEq. Average head grade is M&I 6.84 oz/t AgEq; Inferred 8.09 oz/t AgEq.
Resources and ownership. 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.
Reserves & Resources
| Category | Tonnage | Grade | Contained |
|---|---|---|---|
| Measured | 1.69 Mt | 5.85 oz/t AgEq, 1.94 oz/t Ag, 0.860 g/t Au, 1.97% Pb, 1.94% Zn | 10.07 Moz AgEq; 16.99 Moz Ag; 9.87 koz Au; 46.65 Kt Pb; 33.24 Kt Zn |
| Indicated | 8.67 Mt | 3.68 oz/t AgEq, 1.65 oz/t Ag, 0.211 g/t Au, 1.53% Pb, 1.65% Zn | 53.80 Moz AgEq; 31.90 Moz Ag; 58.74 koz Au; 133.02 Kt Pb; 142.91 Kt Zn |
| Measured & Indicated | 10.36 Mt | 6.84 oz/t AgEq, 4.03 oz/t Ag, 0.317 g/t Au, 1.61% Pb, 1.70% Zn | 70.79 Moz AgEq; 41.77 Moz Ag; 105.39 koz Au; 166.26 Kt Pb; 175.59 Kt Zn |
| Inferred | 21.65 Mt | 8.09 oz/t AgEq, 5.51 oz/t Ag, 0.182 g/t Au, 1.94% Pb, 1.75% Zn | 180.87 Moz AgEq; 120.10 Moz Ag; 170.79 koz Au; 420.76 Kt Pb; 379.39 Kt Zn |
Our Analysis
- IRR after-tax
- 69%
higher than 73% of 26 projects we track
- NPV after-tax
- $440M
higher than 47% of 32 projects we track
- Initial capex
- $82M
19% of NPV
costlier than 44% of 32 projects we track
- Mine life
- 14yrs
- Discount rate
- 5%
- Study price assumption
- Base-case: $33.2/oz Ag, $2,928/oz Au, $0.93/lb lead, $1.34/lb zinc (PEA 2025). Resource AgEq uses 3-yr average: Ag US$41.86/oz; Au US$3,179/oz; Pb US$0.91/lb; Zn US$1.33/lb; Cu US$4.64/lb.
- Spot silver today
- $61.67/oz
A US$188M market capitalisation against a US$440M after-tax NPV: that gap is the whole investment case, and it cuts both ways. Either the market has not yet connected this asset's numbers to the equity, or it has looked at a scoping-level study on a micro-cap and decided the odds of financing and permitting a build are the real constraint. The location argues for the more skeptical reading until proven otherwise: Huancavelica, Peru, is a genuine silver jurisdiction with established mining, but it is not a low-friction one, and permitting timelines in the Andes rarely reward optimism.
The funding arithmetic sharpens that. The initial capex is a large fraction of the company's entire market cap, so this is not a build the balance sheet absorbs quietly. It is capital-light in study terms, at 19% of NPV and below 56% of the 32 silver projects we track, but that ratio measures the project against its own NPV, not against the company's ability to write the cheque. A junior with 17 projects in the portfolio spreads attention and capital thin, and the market knows it.
The 69% after-tax IRR ranks above 73% of the 26 silver projects we track, comfortably past the roughly 15% developers need for project finance and the 20%-plus a higher-risk junior should demand. The 5% discount rate is a reporting convention, not a hurdle, and the PEA's capital estimate carries a plus or minus 50% band, so treat the returns as directional. Note also that the study assumes US$33.2/oz silver against a live spot of US$61.67/oz, which leaves real headroom if that holds.
The question that decides this: can a micro-cap actually finance and permit the build in Peru, or does the discount to NPV reflect that it cannot?
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.