Stormlands lifts Northumberland NPV to US$2.84 billion

Updated commodity-price scenario lifts modelled NPV to US$2.84bn as analysis highlights gold-price leverage, sulphide processing exposure and key project-development uncertainties

Stormlands Mining has published a new case study on the Northumberland gold project in Nye County, Nevada, modelling the potential economics of the project's 67.0 million tonne indicated resource before completion of a formal project-level economic study.

Using only the indicated tonnage, 1.26 g/t gold and 5.38 g/t silver, Stormlands' report-based model generates a post-tax net present value (NPV) of US$1.87 billion and the internal rate of return (IRR) of 33.26% at the US$3,500/oz. gold and US$55/oz. silver prices used in the project's 2026 NI 43-101 mineral resource estimate. The model generates approximately US$7.84 billion of life-of-mine revenue, US$5.25 billion of EBITDA and US$3.11 billion of post-tax free cash flow.

When the same physical project scenario is re-modelled using Stormlands' average August 2026 commodity prices of US$4,398.80/oz. gold and US$65.40/oz silver, NPV increases by approximately 51.9% to US$2.84 billion, while IRR rises to 45.97%.

In its study, Stormlands said gold accounts for approximately 94.8% of base case revenue and approximately 96% of the incremental revenue generated in the updated commodity-price scenario. Approximately 82% of Indicated gold is contained within sulphide material, making refractory processing and metallurgical performance central to future project value.

The gold-price/operating expenses (OPEX) heatmap remains NPV-positive across all 25 scenarios tested. The most adverse combination tested – 80% of base gold price and 120% of base OPEX – produces approximately US$903 million of NPV.

The economic model excludes 30.967 million tonnes of inferred resources containing approximately 1.52 million oz. of gold, while throughput, strip ratio, capital expenditures (CAPEX) and several other development inputs remain modelled assumptions rather than engineered project parameters.

The full case study includes the base-case economic model, updated commodity-price scenario, sensitivity analysis, two-variable heatmaps and analysis of the principal technical and economic value drivers. It can be read at https://www.stormlandsmining.com/library/.