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 has a Feasibility Study outlining an after-tax NPV of $95M. The proposed mine plan runs 4.2 years.
SSR Mining Inc.'s Seabee Gold Operation (Santoy Mine & Porky West) has reported Feasibility Study results for the gold project in Saskatchewan, Canada. 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, based on 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 (LOM 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); payable metals 99.5% for gold and silver.
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 | 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 180 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, based on analyst consensus prices as of November 2023.
- Spot gold today
- $4,212.00/oz
Against the 180 gold projects we track, this one ranks higher than only 13% on after-tax NPV. That is the fact that should frame everything else. A US$95M after-tax NPV is not a rounding error, but it sits in the bottom tier of our coverage set, and for a company carrying a US$6.81B market capitalisation, this asset is a marginal line item rather than a value driver. The company holds 56 projects in our tracking; investors buying the equity are buying the portfolio, not this mine.
The constraint that matters most is scale relative to the sponsor, and here it runs the other way from the usual problem. The NPV is well below the market cap on a rough currency-adjusted basis, so financing this build is not a bet-the-company event. The trade-off is relevance: a project this size inside a portfolio this large can be advanced, deferred or shelved without moving the share price much, which cuts against the idea that a re-rating is coming on the back of it.
The study itself is feasibility-level, the build-ready estimate that carries the most weight, and it is unchanged from the 2023 filing: after-tax NPV flat and mine life flat. A 4.2-year life is short, and the US$1,854/oz assumption sits far below today's US$4,212/oz spot, so the economics as published are conservative against the current market. Saskatchewan is a favourable jurisdiction. The question that decides this project is whether a short-life, modest-NPV asset inside a 56-project portfolio ever gets the capital and management attention to matter.
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.
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