São Jorge PEA: $532M NPV, 42% IRR
GoldMining Inc.'s São Jorge in Pará State, Brazil has a Preliminary Economic Assessment (PEA) outlining an after-tax NPV of $532M, an after-tax IRR of 42%, and initial capital of $202M. The mine plan runs 10.6 years at about 51250 oz Au per year.
GoldMining Inc.'s São Jorge has reported Preliminary Economic Assessment (PEA) results for the gold project in Pará State, Brazil. The study headlines an after-tax net present value of $532M at a 5% discount rate. It reflects GoldMining Inc.'s (GOLD.TO) latest disclosed economics for the asset.
Economics. The after-tax NPV is $532M using a 5% discount rate. After-tax IRR is 42%. Initial capital expenditure is estimated at $202M. Economics are based on Base: $3,500/oz Au; Spot: $4,400/oz Au.
Production and mine plan. Life of mine is 10.6 years. Average annual production is approximately 51250 oz Au.
Resources and ownership. The company holds a 100% interest in the project.
These figures are extracted from GoldMining Inc.'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 |
|---|---|---|---|
| Indicated | 19,418 kt | 1.00 g/t Au | 624 koz Au |
| Inferred | 5,557 kt | 0.72 g/t Au | 129 koz Au |
Our Analysis
- IRR after-tax
- 42%
higher than 56% of 97 projects we track
- NPV after-tax
- $532M
- Initial capex
- $202M
38% of NPV
- Mine life
- 10.6yrs
- Discount rate
- 5%
- Study price assumption
- Base: $3,500/oz Au; Spot: $4,400/oz Au
- Spot gold today
- $4,090.30/oz
A 42% after-tax IRR places this project in the upper half of the 97 gold peers we track and well above the 15-20% threshold developers need to secure financing. The after-tax NPV of $532M is roughly 2.9x the company's market cap, a gap that cuts both ways: it could signal the market has not yet priced in the asset's value, or it may reflect skepticism about permitting, dilution, or jurisdictional risk in Pará State, Brazil. The 5% discount rate used to calculate that NPV is at the low end of reporting convention, which flatters the headline figure; a higher, more conservative rate would shrink it materially.
Capital intensity is low at $202M initial capex (38% of NPV), reducing funding risk relative to peers. The study's base price of $3,500/oz sits well below the current spot of $4,090.30/oz, suggesting returns could be understated if prices hold. However, the single most important watch-item is the 10.6-year mine life—short for a gold project, which amplifies reinvestment risk and leaves little margin for operational setbacks or grade variability.
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.