Puna Operations (Chinchillas and Pirquitas) Production Update: $136M NPV Over a 2.5-Year Mine Life
SSR Mining Inc.'s Puna Operations (Chinchillas and Pirquitas) in Argentina, Jujuy Province, Rinconada Department (Puna region) has a production guidance outlining an after-tax NPV of $136M. The mine plan runs 2.5 years at about 6.3 Moz Ag per year per year.
SSR Mining Inc.'s Puna Operations (Chinchillas and Pirquitas) has reported production guidance results for the silver project in Argentina, Jujuy Province, Rinconada Department (Puna region). The study headlines an after-tax net present value of $136M at a 8% discount rate. It reflects SSR Mining Inc.'s (SSRM.TO) latest disclosed economics for the asset.
Economics. The after-tax NPV is $136M using a 8% discount rate. All-in sustaining costs are pegged at 15.93 USD/oz Ag. Economics are based on Realized metal price over period 2024-2026: $23.95/oz silver, $0.93/lb lead, $1.20/lb zinc. Resource pit shells/underground shapes based on $22.00/oz silver, $0.95/lb lead, $1.15/lb zinc..
Production and mine plan. The project envisions an open-pit (chinchillas); underground resource shapes (pirquitas) operation. Life of mine is 2.5 years. Average annual production is approximately 6.3 Moz Ag per year. Average head grade is 154 g/t Ag, 1.23% Pb, 0.22% Zn (LOM). Metallurgical recovery averages 96.5%.
Resources and ownership. Royalties and streams: Royalties: 3% Net Profit; Export duty: 4.5% NSR; Export credit: 2.5% NSR.
These figures are extracted from SSR Mining Inc.'s technical disclosures and reflect the most recent Production Update 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 |
|---|---|---|---|
| Proven & Probable | 4.2 Mt | 154.4 g/t Ag, 1.23% Pb, 0.22% Zn | 20.7 Moz Ag, 112.8 Mlb Pb, 20.5 Mlb Zn |
| Category | Tonnage | Grade | Contained |
|---|---|---|---|
| Measured & Indicated | 8.83 Mt | 112.1 g/t Ag, 1.01% Pb, 0.43% Zn | 31.82 Moz Ag, 196.2 Mlb Pb, 83.8 Mlb Zn |
| Measured & Indicated | 8.47 Mt | 113.8 g/t Ag, 1.03% Pb, 0.42% Zn | 31.0 Moz Ag, 192.1 Mlb Pb, 79.2 Mlb Zn |
| Measured & Indicated | 0.36 Mt | 70.0 g/t Ag, 0.51% Pb, 0.58% Zn | 0.8 Moz Ag, 4.0 Mlb Pb, 4.6 Mlb Zn |
| Inferred | 1.51 Mt | 93.5 g/t Ag, 0.72% Pb, 0.45% Zn | 4.54 Moz Ag, 24.0 Mlb Pb, 15.0 Mlb Zn |
| Measured & Indicated | 2.48 Mt | 300.9 g/t Ag, 5.85% Zn | 23.99 Moz Ag, 319 Mlb Zn |
| Inferred | 1.32 Mt | 194.9 g/t Ag, 7.28% Zn | 8.3 Moz Ag, 212 Mlb Zn |
Our Analysis
- NPV after-tax
- $136M
higher than 17% of 29 projects we track
- Mine life
- 2.5yrs
- Study price assumption
- Realized metal price over period 2024-2026: $23.95/oz silver, $0.93/lb lead, $1.20/lb zinc. Resource pit shells/underground shapes based on $22.00/oz silver, $0.95/lb lead, $1.15/lb zinc.
- Spot silver today
- $66.41/oz
Against the 29 silver projects we track, this one ranks higher than only 17% on after-tax NPV of $136M. That is the number to sit with. It is not a distressed asset and it is not a standout: it is a small operation in a large company's portfolio, and the ranking tells you the market has better silver exposure to choose from before it gets here.
The constraint that matters most is not the ranking, it is the mine life. At 2.5 years, these are operating-mine figures rather than a forward study, so there is no development risk to weigh and no construction decision to second-guess. What replaces it is reinvestment risk: a reserve base that short demands near-continuous replacement, and any capital committed to extending it competes against the company's two other projects. That is a portfolio-allocation question as much as a geological one, and it caps how much weight this asset can carry regardless of how the next drill result reads.
Argentina's Puna region is a established silver and lithium address with operating mines and existing infrastructure, which is why the numbers can be read at face value rather than discounted for jurisdiction. The realized price assumption of $23.95/oz silver against a live spot of $66.41/oz is the gap worth noting: at today's market the operation would be generating cash well above what the study assumes, though a 2.5-year life limits how long that tailwind can compound. The deciding question is whether the company treats this as a cash-generating asset to be extended or a short-dated position to be harvested.
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.