BMC Minerals KZK Study Gives After-Tax NPV5% of US$1,696M

BMC Minerals (ASX:BMC) released an updated Feasibility Study for its Kudz Ze Kayah (KZK) project in Yukon, Canada, resetting project economics on a June 2026 cost and pricing basis ahead of permitting and a Final Investment Decision.

All figures are in US dollars, and NPV, IRR and EBITDA are non-IFRS measures. The study gives a before-tax NPV5% of US$2,636M and an after-tax NPV5% of US$1,696M, with a before-tax IRR of 65.7% and an after-tax IRR of 54.0%. The Technical Assessment Report in the IPO Prospectus used a 7% discount rate and reported a before-tax NPV7% of US$835M; at 7% the updated after-tax NPV is US$1,485M. Pre-production capital is US$665M, including a 20% contingency and excluding US$90M of equipment expected to be lease-financed. Life-of-Mine EBITDA is US$4,583M and payback is 1.4 years from commencement of ore processing. The Probable Ore Reserve of 15.7Mt at 138g/t silver, 1.3g/t gold, 5.8% zinc, 0.9% copper and 1.7% lead is unchanged from the previous Ore Reserve. Steady state production is 22Moz AgEq per annum at a C1 Cash Cost of US$16.67/payable oz AgEq and an All-In Sustaining Cost of US$20.47 / payable oz AgEq, over a mine life of approximately nine years.

The headline NPV uses a 5% rather than 7% discount rate. The Quartz Mining Licence and Type A Water Licence remain to be obtained, project financing has not been arranged, and no Final Investment Decision has been taken.