Whistler PEA: $2.00B NPV, 33% IRR
GoldMining Inc.'s Whistler in Alaska, USA has a Preliminary Economic Assessment (PEA) outlining an after-tax NPV of $2.00B and an after-tax IRR of 33%. The mine plan runs 14.6 years at about 183000 oz Au per year.
GoldMining Inc.'s Whistler has reported Preliminary Economic Assessment (PEA) results for the gold, copper, silver project in Alaska, USA. The study headlines an after-tax net present value of $2.00B at a 5% discount rate. It reflects GoldMining Inc.'s (GOLD.TO) latest disclosed economics for the asset.
Economics. The after-tax NPV is $2.00B using a 5% discount rate. After-tax IRR is 33%. The study models a payback period of 2.1 years. All-in sustaining costs are pegged at 1046 USD/oz Au. Economics are based on Consensus: $3,200/oz Au, $4.50/lb Cu, $37.50/oz Ag; Spot: $5,000/oz Au, $5.85/lb Cu, $70/oz Ag.
Production and mine plan. Life of mine is 14.6 years. Average annual production is approximately 183000 oz Au.
Resources and ownership. The company holds a 71.4% interest in the project.
These figures are extracted from GoldMining Inc.'s technical disclosures and reflect the most recent PEA 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 |
|---|---|---|---|
| Measured & Indicated | 294.17 Mt | 0.42 g/t Au, 2.01 g/t Ag, 0.16% Cu, 0.69 g/t AuEq | 3.93 Moz Au, 18.99 Moz Ag, 1,023.7 Mlbs Cu, 6.48 Moz AuEq |
| Inferred | 198.24 Mt | 0.52 g/t Au, 1.81 g/t Ag, 0.07% Cu, 0.65 g/t AuEq | 3.31 Moz Au, 11.52 Moz Ag, 316.9 Mlbs Cu, 4.16 Moz AuEq |
Our Analysis
- IRR after-tax
- 33%
higher than 53% of 299 projects we track
- NPV after-tax
- $2.00B
- Payback
- 2.1yrs
- Mine life
- 14.6yrs
- Discount rate
- 5%
- Study price assumption
- Consensus: $3,200/oz Au, $4.50/lb Cu, $37.50/oz Ag; Spot: $5,000/oz Au, $5.85/lb Cu, $70/oz Ag
The 33% after-tax IRR ranks in the upper quartile of our tracked peer set and clears the practical financing hurdle for a single-asset junior developer by a wide margin, which is the primary positive signal here. However, the 5% discount rate used to compute the $2.00B NPV is at the low end of reporting convention, materially inflating the headline figure—this is a convention, not conservatism. The NPV-to-market-cap ratio of roughly 10.8x is unusually wide; it could imply the market has not yet priced in the project’s potential, but equally it may reflect skepticism about the developer’s ability to finance and execute a large-scale Alaskan gold-copper-silver asset without significant dilution.
Capital intensity is the key funding risk: the absolute capex is large relative to the company’s market cap, meaning equity dilution is likely a prerequisite for construction financing. Alaska is a mining-friendly jurisdiction with established infrastructure, but it carries higher permitting and logistical complexity than lower-latitude peers. The single most important watch-item is the financing plan—given the market-cap gap, the path to a construction decision will test management’s ability to secure debt and equity without destroying existing shareholder value.
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.