Positive Preliminary Economic Assessment For Hat Project

VANCOUVER – Doubleview Gold Corp reported on the Preliminary Economic Assessment (PEA) of its polymetallic Hat porphyry project, in northwestern British Columbia. With major content of copper, gold, cobalt, silver, and scandium, Hat becomes an important source of critical minerals. Three processing scenarios were evaluated-Scenario A1 (A1) a Cu-Au-Ag-Co flotation base case using current testwork recoveries[1], Scenario A2 (A2), the same base case using expected recoveries1, and Scenario B (B), a Cu-Au-Ag-Co flowsheet with an added hydrometallurgical circuit and scandium recovery circuit-with results indicating the Project is financially attractive even without the scandium component.
The PEA demonstrates a high-margin operation with an After-Tax NPV(5%) of C$4.96 billion (A1), C$6.73 billion (A2), or C$6.94 billion (B), and an IRR of 19% (A1), 23% (A2), or 19% (B) at analyst consensus metal prices. Using a spot-price scenario, the Project delivers a compelling after-tax NPV(5%) of C$11.05 billion (A1), 13.53 billion (A2), or C$14.52 billion (B) and an IRR of 34% (A1), 39% (A2), or 32% (B). Project economics show the greatest leverage to overall metal prices, with NPV (5%) ranging from C$3.2 billion to C$10.2 billion (IRR: 14%-32%) at ±20% on all metals; even under additional +20% CAPEX and +20% OPEX sensitivities, applied on top of a 25% contingency already embedded in the base case, all scenarios deliver IRRs of 16% or better, and Scenario B provides additional scandium oxide upside with NPV(5%) of C$6.2 billion-C$7.7 billion (IRR: 18%-20%) at ±40% metal price.
The mine plan supports a multi-decade life of 25 years at a 120,000 tonnes-per-day processing rate, underpinned by a resource base of 609 Mt at 0.43% CuEq[4] in the Measured and Indicated categories and 503 Mt at 0.41% CuEq in the Inferred category. Envisioned as a conventional large-scale open-pit operation, the Project is expected to produce an average of over 74 kt of copper, 254 koz of gold, 376 koz of silver and 2.7 kt of cobalt annually during the first 10 years, with life-of-mine (LOM) average production of 67.6 kt Cu, 217 koz Au, 348 koz Ag, 2.5 kt Co, and 128 tonnes of scandium oxide per year. (NOTE: projected cobalt to be about 68% of North America’s cobalt production based on 2024 production).
The Project is positioned as a primary North American source of copper, scandium, and cobalt. With approximately 2.42 billion pounds of copper, 80 million pounds of cobalt and 2,415 tonnes of scandium oxide contained[5] in the Measured and Indicated categories, the Project represents an important discovery of critical minerals. Located in a premier mining district in British Columbia, the Project benefits from a stable regulatory environment. The Company is committed to engaging with local First Nations in a respectful manner and to working toward positive and constructive relationships as the Project advances.
The PEA serves as the technical foundation for an immediate transition into a Pre-Feasibility Study (PFS), providing a clear roadmap for early works and permitting activities in 2026 and 2027.
Farshad Shirvani, President and CEO, said, “The results of this PEA confirm the scale, strength and long-term potential of the Hat Project. Delivering a post-tax NPV(5%) of up to C$6.94 billion and IRR of up to 23% at consensus prices, and even stronger metrics at spot prices, validates years of disciplined exploration and technical work by our team. Hat is demonstrating Tier 1 characteristics with a 25-year mine life, strong annual production profile and meaningful free cash flow generation. Importantly, the Project stands on its own without reliance on scandium, while still preserving significant upside from critical minerals as markets mature. We are excited to advance Hat to Pre-Feasibility and continue building a major Canadian critical metals project.”