Seabee Gold Operation (Santoy Mine and Porky West) Production Update: $95M NPV Over a 4.2-Year Mine Life
SSR Mining Inc.'s Seabee Gold Operation (Santoy Mine and Porky West) in Saskatchewan, Canada (northern Saskatchewan, ~125 km northeast of La Ronge) has a production guidance outlining an after-tax NPV of $95M. The proposed mine plan runs 4.2 years.
SSR Mining Inc.'s Seabee Gold Operation (Santoy Mine and Porky West) has reported production guidance results for the gold project in Saskatchewan, Canada (northern Saskatchewan, ~125 km northeast of La Ronge). The study headlines an after-tax net present value of $95M at a 5% discount rate. It reflects SSR Mining Inc.'s (SSRM) latest disclosed economics for the asset.
Economics. The after-tax NPV is $95M using a 5% discount rate. Economics are based on LOM average realized gold price US$1,854/oz Au and silver price US$23.74/oz Ag (analyst consensus prices as of November 2023).
Production and mine plan. The project envisions an underground operation. Life of mine is 4.2 years. Average head grade is 5.12 g/t Au (total ore feed to plant). Metallurgical recovery averages 96.4%.
Resources and ownership. The company holds a 100% interest in the project. Royalties and streams: Private 3% net smelter return (NSR) royalty on LOM revenues with Osisko Gold Royalties; Saskatchewan mining royalty (mineral tax) 10% of net revenue for precious metals.
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 | 2.1 Mt | 5.17 g/t Au | 343,000 oz Au |
| Category | Tonnage | Grade | Contained |
|---|---|---|---|
| Measured | 0.9 Mt | 5.5 g/t Au | 16,300 oz Au |
| Indicated | 1.47 Mt | 4.3 g/t Au | 202,000 oz Au |
| Inferred | 2.75 Mt | 5.2 g/t Au | 462,500 oz Au |
Our Analysis
- NPV after-tax
- $95M
higher than 13% of 165 projects we track
- Mine life
- 4.2yrs
- Study price assumption
- LOM average realized gold price US$1,854/oz Au and silver price US$23.74/oz Ag (analyst consensus prices as of November 2023)
- Spot gold today
- $4,363.00/oz
Against the 165 gold projects we track, this one ranks above only 13% on after-tax NPV. That is the whole story, and it is not a flattering one: nothing here stands apart from the peer set. The mitigating fact is the study stage. These are operating-mine figures, not a scoping or feasibility study, so they carry a confidence a PEA cannot claim. What they describe is a small, short-life operation in northern Saskatchewan, near La Ronge. A producing asset with a 4.2-year mine life is not a growth story; it is a cash-flow stream with a visible end date, and it should be valued as one.
The funding picture is the mirror image of the usual development risk. At a US$7.81B market cap, this is a mid-cap, and the NPV sits well below that market cap on a rough currency-adjusted basis. There is no build to finance here, no dilution overhang, no permitting cliff to clear. The constraint is scale instead: a $95M NPV inside a US$7.81B company, and one of 39 projects we track for it, is a rounding error in the portfolio. That cuts both ways. It means the asset cannot move the equity, and it means management attention and capital will follow the larger opportunities.
The price assumption is where the optimism sits. The study uses a LOM average realized gold price of US$1,854/oz and silver at US$23.74/oz, consensus prices as of November 2023. Spot gold is $4,363.00/oz. On a mine life this short, the gap between those figures is not a valuation input, it is the entire margin. The question that decides this project is whether the operation can be sustained, or its life extended, once that price window closes.
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.