Romero PFS: $203M NPV, 28% IRR
Goldquest Mining Corp.'s Romero in Dominican Republic has a Pre-Feasibility Study (PFS) outlining an after-tax NPV of $203M, an after-tax IRR of 28%, and initial capital of $158M. The mine plan runs 8 years at about 109 koz AuEq per year.
Goldquest Mining Corp.'s Romero has reported Pre-Feasibility Study (PFS) results for the gold-copper project in Dominican Republic. The study headlines an after-tax net present value of $203M at a 5% discount rate. It reflects Goldquest Mining Corp.'s (GQC.V) latest disclosed economics for the asset.
Economics. The after-tax NPV is $203M using a 5% discount rate. After-tax IRR is 28%. Initial capital expenditure is estimated at $158M, with life-of-mine sustaining capital of $92M. The study models a payback period of 2.5 years. All-in sustaining costs are pegged at 595 USD/oz. Economics are based on Au $1,300/oz, Cu $2.50/lb, Ag $20/oz.
Production and mine plan. The project envisions an underground (longhole open stopes & cut and fill) operation. Life of mine is 8 years. Average annual production is approximately 109 koz AuEq. Average head grade is 5 g/t AuEq.
Resources and ownership. Mineral reserves: Total Probable: 7,031,000 tonnes grading 3.72 g/t Au, 4.33 g/t Ag, 0.88% Cu, 4.9 g/t AuEq (840,000 oz Au, 980,000 oz Ag, 136 Mlb Cu, 1,117,000 oz AuEq). Mineral resources: Total Indicated: 20,230,000 tonnes grading 2.67 g/t Au, 0.61% Cu, 4.0 g/t Ag, 3.48 g/t AuEq (1,738,000 oz Au, 2,265,000 oz AuEq). Total Inferred: 3,020,000 tonnes grading 2.03 g/t Au, 0.33% Cu, 2.9 g/t Ag, 2.47 g/t AuEq (197,000 oz Au, 240,000 oz AuEq). The company holds a 100% interest in the project.
These figures are extracted from Goldquest Mining Corp.'s technical disclosures and reflect the most recent PFS 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
The 28% after-tax IRR sits comfortably above the practical 15% financing hurdle for developers and even clears the 20%+ threshold typical for single-asset juniors, though it lands in the lower half of our tracked peer set. The 5% discount rate is a low-end reporting convention that inflates the headline NPV; a more standard rate would compress that figure materially. At roughly 0.9x market cap, the NPV is not obviously mispriced—the gap is narrow enough to suggest the market has already priced in base-case value, leaving limited upside from closure alone.
Capital intensity is moderate at 78% of NPV, but the $158M initial outlay relative to market cap creates meaningful dilution risk for a developer. The study’s gold price assumption of $1,300/oz sits dramatically below the current live spot of $4,193.80/oz, implying substantial upside to returns if prices hold—but also that the study’s economics are not stress-tested for a correction. The single biggest watch-item is the 8-year mine life: a short-duration, single-asset gold-copper project leaves little margin for permitting delays or operational hiccups, and any setback could compress the payback window beyond the stated 2.5 years.
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.