Puna Operations (Chinchillas & Pirquitas) Feasibility Study: $136M NPV Over a 2.5-Year Mine Life
SSR Mining Inc.'s Puna Operations (Chinchillas & 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 & 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.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 per ounce silver, $0.93 per pound lead, and $1.20 per pound zinc.
Production and mine plan. The project envisions an open-pit 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 (LOM head grade). 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 33 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
- Spot silver today
- $64.80/oz
Among the 33 silver projects we track, this one's after-tax NPV of $136M ranks above only 21% of them. That is the whole story: a feasibility study, the build-ready class of estimate, landing in the bottom quartile of its peer set. Feasibility numbers deserve real weight, so this is not a case of a rough scoping figure that might improve. On the study's own terms, the asset sits near the back of the field.
The constraint that matters most is scale against the company. The NPV is well below the market capitalisation of US$7.52B, a mid-cap with four projects in our coverage. That gap cuts both ways. It can mean a diversified producer's investors are not paying much for this particular asset, which is unsurprising when one project is a small slice of a broader portfolio. It can equally mean the market is discounting something: a 2.5-year mine life is a short window to recover a build, and short-life operations carry reinvestment risk that longer-lived peers do not.
Then there is the price deck. The study assumes $23.95 per ounce silver, against a live spot of $64.80. That is a wide divergence, and it means the headline economics were not built on today's market. Whether that reads as conservatism or as a study that simply predates the current price is the open question, and it matters more than the NPV rank, because a 2.5-year life gives little time to capture any upside before the orebody is worked out. The jurisdiction, northwestern Argentina's Puna, is a established silver-lead-zinc address, which helps. The deciding question is whether a short-life, mid-cap-adjacent asset can justify the capital it needs to reach and sustain production.
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.