Stormlands Mining has published its latest case study on McEwan Mining’s (NYSE, TSX: MUX) Lookout Mountain and Windfall gold projects in Eureka Country, Nevada. The generated model increased the sites’ joint net present value (NPV) to US$632.3 million after applying June 2026 gold prices to public technical data.
Located about eight miles south of Eureka, Nevada, the Lookout Mountain and Winfall deposits form part of McEwen’s wider Eureka property. Together, the deposits contain 629,800 ounces of gold in indicated mineral resources and 262,000 ounces of gold in inferred mineral resources.
“Mining has spent decades standardizing how resources are reported, but not how the economic information inside technical reports is converted into usable data,” said Róisín O’Connell, Stormlands’ CEO. “AI has the capacity to change that.”
The deposits have an initial resource report, but no formal economic study. O’Connell says this leaves investors without usable data to measure potential returns. Stormlands’ model is designed to demonstrate the project’s sensitivity to gold prices. It does not replicate the engineering, cost work or risk analysis required for a preliminary economic assessment (PEA).
Revenue angle
Stormlands' created a base model from McEwan’s technical report. This model produced an NPV of US$298.5 million at a 5% discount rate. After Stormlands applied updated metal prices, the NPV rose to US$632.3 million — a 112% increase.
The higher metal prices also raised projected life-of-mine revenue to US$2.084 billion from US$1.473 billion. Earnings before interest, taxes, depreciation and amortization (EBITDA) went to US$1.35 billion from US$766.8 million.
The internal rate of return (IRR) increased to 72.8% from 40%, and the estimated payback period fell to one year and five months from two years and five months in the base model.
Stormlands’ library
The case study is part of the Stormlands' library series, a set of resources for mining companies to predict and assess economic conditions. Previous studies examined the Odienné, MPD and Fremont projects.
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