Seabee Gold Operation (Santoy Mine) Production Update: $95M NPV Over a 4.2-Year Mine Life
SSR Mining Inc.'s Seabee Gold Operation (Santoy Mine) 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) 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 (longitudinal and transverse open stoping) 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% NSR royalty on LOM revenues with Osisko Gold Royalties (Osisko).
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 14% of 169 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
- $4,317.30/oz
The revised study for this northern Saskatchewan gold mine moves the project to operating status, and that shift in stage matters more than any single number in the filing. What was a forward-looking feasibility case is now a production case with a 4.2-year mine life, and the after-tax NPV of $95M ranks higher than only 14% of the 169 gold projects we track. That ranking is the honest headline: this is a modest asset by the standards of the peer set, not a standout.
The scale mismatch is the sharper issue. The company carries a US$7.53B market cap and a portfolio of 43 projects, and this mine's NPV sits well below that market cap on a rough currency-adjusted basis. For a diversified mid-cap, a single $95M asset is a small contributor, which cuts both ways: it means the project is unlikely to move the equity on its own, and it means the market is not pricing this as a company-making development. Neither reading is a verdict on the orebody.
The study's economics rest on a LOM average realized gold price of US$1,854/oz, an analyst consensus figure from November 2023. Live spot is $4,317.30/oz, far above that assumption, so the modeled returns look conservative against today's market rather than stretched. That gap is the upside case, but it is also a warning about how much of the value depends on a price the study did not assume. The question that decides this project is whether a 4.2-year mine can be funded and operated at a scale that matters to a company this size.
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.