Stormlands Mining publishes independent Dumitru Potok Project case study showing how a Mineral Resource Estimate can be converted into an illustrative economic valuation model.
Illustrative scenario shows how Dumitru Potok economics may respond to March 2026 commodity prices

Stormlands Mining has published a new independent case study on the Dumitru Potok Project in Eastern Serbia, which includes an illustrative economic valuation model showing base case project NPV of US$1.22 billion at a 5% discount rate, with an IRR of 23.3% and payback of 4 years and 3 months after the start of production.

Using its AI-first mining valuation platform, Stormlands has used the publicly available NI 43-101 Mineral Resource Estimate for the Dumitru Potok, Frasen and Rakita North prospects to create an independent illustrative economic model of the project.

Unlike many later-stage mining project case studies, Dumitru Potok does not currently have a published Preliminary Economic Assessment. The NI 43-101 report provides a Mineral Resource Estimate and technical assumptions, but does not publish project economics such as NPV, IRR, payback, capital cost, operating cost or life-of-mine cash flow.

Base case model results
Stormlands has used the public technical information to create an illustrative economic model for the project.

Stormlands’ base case model produces an illustrative post-tax project NPV of US$1.22 billion at a 5% discount rate, with an IRR of 23.3% and payback of 4 years and 3 months after the start of production.

The model also shows life-of-mine revenue of approximately US$10.1 billion, life-of-mine EBITDA of approximately US$4.87 billion, estimated corporate income tax of approximately US$583 million and government royalties of approximately US$501 million.

Updated commodity price scenario
Stormlands also created a second illustrative scenario using updated commodity prices.

The updated illustrative scenario uses March 2026 commodity prices of approximately US$12,499/t copper, US$4,877/oz gold and US$74.91/oz silver, compared with the base case commodity prices of approximately US$8,818/t copper, US$2,600/oz gold and US$26/oz silver.

Using March 2026 commodity prices for copper, gold and silver as an illustrative scenario, Stormlands’ model shows that project NPV increases from US$1.22 billion to US$3.60 billion. IRR increases from 23.3% to 56.9%, while payback improves from 4 years and 3 months to 1 year and 9 months.

Life-of-mine revenue increases from approximately US$10.1 billion in the base case to approximately US$16.8 billion under the updated commodity-price scenario. Life-of-mine EBITDA increases from approximately US$4.87 billion to approximately US$11.23 billion. Estimated corporate income tax also increases materially, from approximately US$583 million to approximately US$1.54 billion.

Government royalties increase from approximately US$501 million to approximately US$835 million under the updated commodity-price scenario.

Value impact drivers
Stormlands’ modelling shows that Dumitru Potok is most sensitive to the overall commodity price deck, with copper and gold acting as the most important individual metal price drivers.

A 10% reduction in the overall commodity price factor reduces NPV to approximately US$845 million, while a 10% increase raises NPV to approximately US$1.6 billion.

Copper is a major individual value driver. A 10% reduction in copper price reduces NPV to approximately US$1.0 billion, while a 10% increase lifts NPV to approximately US$1.4 billion.

Gold also makes a material contribution to value. A 10% reduction in gold price reduces NPV to approximately US$1.1 billion, while a 10% increase raises NPV to approximately US$1.4 billion.

Stormlands’ sensitivity analysis also shows that operating cost and capital cost are important valuation drivers. Stormlands’ heatmap analysis shows that Dumitru Potok remains positive across the tested price and operating-cost scenarios, but with a wide range of valuation outcomes.

At the low end, a combination of weaker prices and higher operating costs reduces NPV to approximately US$124 million. At the high end, stronger prices combined with lower operating costs increases NPV to approximately US$2.3 billion.

Róisín O’Connell, CEO of Stormlands Mining, said:

“Dumitru Potok is a strong example of the gap we see across the mining sector. The technical report gives you tonnes, grade, contained metal, cut-off grade and technical assumptions, but not a project-level economic model. Our view is simple: if a report contains enough information to define a cut-off grade, it already contains the beginning of an economic story.

“This is not about replacing a PEA or a Qualified Person. It is about making the economic question visible earlier. A dynamic model allows investors, project teams and other stakeholders to test how the interpretation of the asset changes as commodity prices, costs and other assumptions move. In this case, the updated commodity-price scenario materially changes the implied value, return profile and payback period. That is the kind of insight that helps move from static technical disclosure to dynamic economic interpretation”

The Dumitru Potok case study is the latest release from the Stormlands Library, a growing repository of interactive mining asset valuation models designed to help users understand the key drivers of mining project economics.

The Dumitru Potok case study is the latest in a series of case studies published in the Stormlands Library. The Library will become a structured source of mining project models, enabling users to screen assets, benchmark projects and test assumptions across commodity prices, operating costs, capital costs, discount rates, taxes, royalties and production scenarios.

The full case study is available through the Stormlands Library at:

Dumitru Project, East Serbia based on NI 43-101 MRE January 2026

The Dumitru Potok case study is based on publicly available information from the NI 43-101 Technical Report and Mineral Resource Estimate for the Dumitru Potok, Frasen and Rakita North prospects in Eastern Serbia dated January 2026, together with independent modelling undertaken by Stormlands Mining.

The technical report reports a total Inferred Mineral Resource of 84.4 million tonnes grading 1.02% copper, 0.97 g/t gold and 6.16 g/t silver.

The purpose of the analysis is to show how structured mining data from a technical report can be converted into a dynamic valuation framework, enabling users to test commodity prices, operating costs, capital costs, discount rates, taxes, royalties and other economic assumptions.

The analysis is illustrative only. It is not a Preliminary Economic Assessment, Pre-Feasibility Study, Feasibility Study, Mineral Reserve estimate or independent technical report.