Tulkubash Feasibility Study: $166M Capex Over a 3.5-Year Mine Life
Silvercorp Metals Inc.'s Tulkubash in Kyrgyzstan has a Feasibility Study outlining initial capital of $166M. The mine plan runs 3.5 years at about 110 koz Au per year.
Silvercorp Metals Inc.'s Tulkubash has reported Feasibility Study results for the gold project in Kyrgyzstan. It reflects Silvercorp Metals Inc.'s (SVM.TO) latest disclosed economics for the asset.
Economics. Initial capital expenditure is estimated at $166M.
Production and mine plan. The project envisions an open-pit operation. Life of mine is 3.5 years. Average annual production is approximately 110 koz Au.
Resources and ownership. The company holds a 70% interest in the project. Royalties and streams: Kyrgyzaltyn 30% free-carried interest.
These figures are extracted from Silvercorp Metals 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.
Our Analysis
- Initial capex
- $166M
costlier than 50% of 121 projects we track
- Mine life
- 3.5yrs
- Study price assumption
- Au $1,800/oz, Ag $21.7/oz
- Spot gold today
- $4,103.70/oz
A mid-cap developer with a US$2.07B market cap proposing a US$166M build is an unusual setup. The capital intensity is low enough that funding risk is not the primary question here, even for a single-asset company. But this company has 29 projects in its tracked portfolio, so the build is a manageable slice of a diversified pipeline. The feasibility study grade, plus or minus 15%, means these numbers carry real weight, and the initial capex sits below half of the 121 gold projects we track, placing it in the lower quartile for spending.
The tension is the mine life. At 3.5 years, this is a short-cycle, high-cash-flow proposition, not a long-term reserve base. The study uses US$1,800/oz gold, while spot sits at US$4,103.70/oz today. That gap is enormous and would, on paper, supercharge returns if the project can deliver on schedule. But the jurisdiction is Kyrgyzstan, a higher-risk operating environment where permitting, logistics, and political stability can compress timelines or interrupt production entirely. A short mine life amplifies that risk: any delay eats directly into the payback window.
The single question that decides whether this works: can a diversified mid-cap execute a 3.5-year gold build in Kyrgyzstan without material schedule slippage? If yes, the current price deck makes the economics look conservative. If no, the short life leaves little room for error.
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.