Puna Operations (Chinchillas and Pirquitas) Feasibility Study: $136M NPV Over a 2.5-Year Mine Life
SSR Mining Inc.'s Puna Operations (Chinchillas and Pirquitas) in Puna region, northwestern Argentina, Province of Jujuy, Department of Rinconada has a Feasibility Study outlining an after-tax NPV of $136M. The mine plan runs 2.5 years at about 6.3 Moz Ag per year.
SSR Mining Inc.'s Puna Operations (Chinchillas and Pirquitas) has reported Feasibility Study results for the silver project in Puna region, northwestern Argentina, Province of Jujuy, Department of Rinconada. The study headlines an after-tax net present value of $136M at a 8% discount rate. It reflects SSR Mining Inc.'s (SSRM) 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 per ounce silver, $0.93 per pound lead, and $1.20 per pound zinc. Resource pit shell NSR cut-off based on $22.00/oz silver, $0.95/lb lead, $1.15/lb zinc..
Production and mine plan. The project envisions an open-pit & underground operation. Life of mine is 2.5 years. Average annual production is approximately 6.3 Moz Ag. Average head grade is 154 g/t Ag, 1.23% Pb, 0.22% Zn. 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 Feasibility Study 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 |
| 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 21% of 34 projects we track
- Mine life
- 2.5yrs
- Study price assumption
- Realized metal price over period 2024-2026: $23.95 per ounce silver, $0.93 per pound lead, and $1.20 per pound zinc. Resource pit shell NSR cut-off based on $22.00/oz silver, $0.95/lb lead, $1.15/lb zinc.
- Spot silver today
- $61.05/oz
Among the 34 silver projects we track, this one's after-tax NPV of $136M places it ahead of only about a fifth of them: a middle-of-the-pack asset, not a standout. For a company carrying a US$7.37B market capitalisation, the project registers as a rounding error, well below that value on a rough currency-adjusted basis. That is the defining fact here, and it cuts both ways. It can mean the market has yet to ascribe much worth to this particular operation, or that investors are discounting it for reasons the headline NPV does not capture. With 66 projects in the portfolio, no single asset carries the company's story.
The constraint that matters most is scale against time. A 2.5-year mine life is short even by the standards of the assets we track, and it sits awkwardly beside feasibility-level numbers, which carry the tightest estimate band and therefore the most weight. A build-ready study implies capital committed against a reserve base that will be largely depleted within a few years of first production. The project is already at production stage, which removes development risk but sharpens the question of what replaces the ore once it runs out.
The jurisdiction is a genuine positive: Puna region, northwestern Argentina, in the Province of Jujuy, Department of Rinconada, established silver country. But the study assumes $23.95 per ounce silver across 2024-2026, against a live spot of $61.05/oz. That gap is the whole investment case, and it is also the risk: either the mine economics are far better than the study credits, or the market does not believe the current price holds. Which is it?
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.
Get the next one first
Every mining project we track, with its study figures and sources, kept up to date. Sign up and download the data right away.
By signing up, you agree to receive marketing emails from Mining Stocks and to our data license. You can unsubscribe at any time. Privacy policy