Seabee Gold Operation (Santoy Mine & Porky West) Feasibility Study: $95M NPV Over a 4.2-Year Mine Life
SSR Mining Inc.'s Seabee Gold Operation (Santoy Mine & Porky West) in Saskatchewan, Canada (northern Saskatchewan, ~125 km northeast of La Ronge) has a Feasibility Study outlining an after-tax NPV of $95M. The mine plan runs 4.2 years at about 326.696 koz Au (LOM recovered gold) per year.
SSR Mining Inc.'s Seabee Gold Operation (Santoy Mine & Porky West) has reported Feasibility Study 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 of US$1,854/oz Au and silver price of 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 annual production is approximately 326.696 koz Au (LOM recovered gold). 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 (Osisko); Saskatchewan mining royalty (mineral tax) at 10% of net revenue for precious metals.
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 |
|---|---|---|---|
| Total | 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 12% of 153 projects we track
- Mine life
- 4.2yrs
- Study price assumption
- LOM average realized gold price of US$1,854/oz Au and silver price of US$23.74/oz Ag (analyst consensus prices as of November 2023)
- Spot gold today
- $4,424.90/oz
The $95M after-tax NPV ranks above only 12% of the 153 gold projects we track, and that percentile is the honest headline. This is a modest asset by the standards of our coverage universe, and it sits inside a company whose US$7.54B market cap makes the project almost incidental to the equity story. For an investor, the ranking matters less as a verdict on the orebody than as a signal about where this sits in the company's capital allocation queue: one of 24 projects we track for the same owner, in a diversified portfolio, with no single asset carrying the balance sheet.
The constraint that matters most is scale relative to the builder. The NPV sits well below the company's market cap on a rough currency-adjusted basis, which cuts both ways. It means the project cannot move the share price on its own, but it also means the company can fund a build of this size without the kind of dilutive, transformative financing that defines single-asset developers. That is a genuine advantage, and it is the main reason a modest NPV is not automatically a modest opportunity here.
The study itself is feasibility-level, a build-ready estimate in a plus or minus 15% band, so these numbers carry more weight than a scoping exercise would. Saskatchewan is a mining-friendly jurisdiction, and the project is already in production. The catch is the 4.2-year mine life: short enough that the NPV depends heavily on the study's US$1,854/oz gold assumption against a live spot of $4,424.90/oz. That gap is the whole question. If the higher price environment holds, a short-life asset generates cash quickly and the returns look conservative; if it does not, there is little time to recover the capital. Whether the mine can extend beyond 4.2 years is what decides this.
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.