Stormlands Mining publishes Cerro Caliche Gold Project case study showing modelled NPV more than doubling under March 2026 commodity prices.
Using the data from the most recent technical report, Stormlands rebuilt a base case financial model for Cerro Caliche and then updated the model using March 2026 commodity prices. The Stormlands base case model generated a post-tax NPV of US$222.3 million, closely aligned with the technical report’s reported after-tax NPV of US$224 million. The updated case uses a gold price of US$4,877.40/oz and a silver price of US$74.92/oz. Under this updated commodity price scenario, the modelled project NPV increased to US$475.3 million. This represents an uplift of US$253.0 million, more than doubling the base case valuation.
Life-of-mine revenue increased from US$1.60 billion in the base case to US$2.24 billion under the updated commodity price scenario. Life-of-mine EBITDA increased from US$726.2 million to US$1.35 billion. The modelled payback period improved from 1 year and 7 months to 11 months.
The Cerro Caliche case study also shows the project’s sensitivity to key economic drivers. Stormlands’ analysis indicates that gold price is the dominant value driver, followed by operating costs, recovery assumptions and mine scheduling. A 10% reduction in operating costs increases modelled NPV to US$255 million, while a 10% increase in operating costs reduces NPV to US$189 million. Capital cost sensitivity is more limited, reflecting the relatively modest capital intensity of the proposed heap leach development compared with the project’s life-of-mine revenue base.
Róisín O’Connell, CEO of Stormlands Mining, said:
“Cerro Caliche is a clear example of why mining project valuation needs to be dynamic. The technical report provides the base case, but the economics of a gold project can change materially as commodity prices move. In this published case study, we have only updated the commodity price assumptions, while keeping the mine plan, costs, recoveries, capital and fiscal assumptions unchanged. Even that single change has a material impact on valuation.
“The broader point is that Stormlands models are built to go much further. Once the model is structured, users can test changes across the full project economics — from grades, recoveries, throughput, operating costs and capital costs, through to royalties, fiscal regimes, financing assumptions, inflation and discount rates. By rebuilding the model and making those assumptions dynamic, we can see in real time how the project behaves under current market conditions and where the real value drivers sit.
“The Cerro Caliche model sits between Stormlands’ Rovina Valley and Whistler case studies in terms of commodity price leverage. Updated March 2026 commodity prices increased Cerro Caliche’s modelled NPV by 2.14x, compared with 1.95x for Rovina Valley and 2.33x for Whistler.”
Stormlands’ case study highlights the importance of moving beyond static technical report numbers. Public technical reports contain the data required to build robust economic models, but those models need to be structured, updateable and comparable if they are to support better decision-making.
The updated model keeps the core mine plan, cost, recovery, capital and fiscal assumptions unchanged.
The Cerro Caliche Gold Project is owned by Sonoro Gold Corp. through its Mexican subsidiary, Minera Mar De Plata, S.A. de C.V. The most recent technical report is the updated Mineral Resource Estimate and Preliminary Economic Assessment with an effective date of 4 December 2025.
The Cerro Caliche model is part of the Stormlands Mining Library, a growing repository of dynamic mining valuation models built from public technical reports and company disclosures. The Library is designed to help users analyse, update and compare mining projects across jurisdictions, commodities and development stages.
The full case study is available on the Stormlands Mining website here:
This publication has been prepared by Stormlands Mining Ltd. for informational, educational and illustrative purposes only. It is based on publicly available information, including updated Mineral Resource Estimate and Preliminary Economic Assessment with an effective date of 4 December 2025 , together with independent modelling undertaken by Stormlands Mining.
Stormlands Mining has not been engaged by the project owner or its affiliates to prepare this analysis. This publication has not been reviewed, approved or endorsed by the project owner, its advisers, or any Qualified Person associated with the Project.
The analysis presented is not a Preliminary Economic Assessment, Pre-Feasibility Study, Feasibility Study, technical report, mineral resource estimate, mineral reserve estimate, valuation opinion, fairness opinion, investment research report, securities recommendation, offer to sell, solicitation to buy, or investment advice.
Stormlands Mining is not acting as a broker, dealer, investment adviser, corporate finance adviser, Qualified Person, or securities research provider in connection with this publication.
All model outputs are scenario-based and depend on the assumptions used, including commodity prices, exchange rates, discount rates, capital costs, operating costs, taxes, royalties, production schedules, payability, recoveries, treatment and refining charges, timing assumptions and other inputs. Actual results may differ materially from the scenarios presented. Commodity prices, costs, financing conditions, permitting timelines and project development outcomes are uncertain and subject to change.
Stormlands Mining does not represent or warrant that the information or model outhttps://www.stormlandsmining.com/library/cerro-caliche/puts are complete, accurate or suitable for any particular purpose. Readers should treat this publication as one source of information only and should conduct their own independent technical, financial, legal, tax and investment due diligence before making any decision.
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