Seabee Gold Operation Production Update: $95M NPV Over a 4.2-Year Mine Life
SSR Mining Inc.'s Seabee Gold Operation in Saskatchewan, Canada (northern tip of Laonil Lake, ~125 km northeast of La Ronge) has a production guidance outlining an after-tax NPV of $95M. The mine plan runs 4.2 years at about 326.696 koz Au recovered (LOM total recovered gold) per year.
SSR Mining Inc.'s Seabee Gold Operation has reported production guidance results for the gold project in Saskatchewan, Canada (northern tip of Laonil Lake, ~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; silver price US$23.74/oz Ag (analyst consensus prices as of November 2023).
Production and mine plan. Life of mine is 4.2 years. Average annual production is approximately 326.696 koz Au recovered (LOM total recovered gold).
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).
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 154 projects we track
- Mine life
- 4.2yrs
- Study price assumption
- LOM average realized gold price US$1,854/oz Au; silver price US$23.74/oz Ag (analyst consensus prices as of November 2023)
- Spot gold today
- $4,424.90/oz
The revised numbers for this Saskatchewan gold mine barely moved: after-tax NPV and mine life are both unchanged from the 2023 feasibility study. What has changed is status. This is now an operating asset, and the figures should be read as production results rather than a forward-looking study. That distinction matters more than the flat comparison suggests, because it removes the execution and permitting risk that typically sits between a feasibility study and a producing mine.
The scale, however, is modest. An after-tax NPV of $95M ranks higher than only 13% of the 154 gold projects we track, and against a company market cap of US$7.54B this is a small piece of a diversified portfolio spanning 20 projects. There is no capital-intensity problem here: at this size, the asset cannot strain the balance sheet, but it also cannot move it. The mine life of 4.2 years is the more pointed constraint, since a short reserve life limits how much of the current gold price environment this operation can actually capture before it depletes.
That price environment is the real swing factor. The study assumes a life-of-mine average realized gold price of US$1,854/oz, against a live spot of $4,424.90/oz. That gap is large, and it cuts both ways: it suggests meaningful cash generation at today's prices, but it also means the study economics understate the upside rather than test it. The question that decides whether this matters is simple: can the company convert near-term cash flow into additional reserves before the 4.2-year mine life runs out?
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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