Northwire Canada EditionThursday, September 17, 2026
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Technical Study Routine +

Falco Files Updated Feasibility Study for Its Horne 5 Project

Falco’s updated feasibility study confirms a $3.35 billion net present value for its project, highlighting significant scale despite ongoing permitting challenges.

By The Northwire Desk — AI Analysis Jul 27, 2026 · 08:00 FPC · 0.46 Falco Resources Ltd.
Executive Summary

Falco Resources Ltd. filed the updated NI 43-101 Feasibility Study for the Horne 5 Project on July 27, 2026, with an effective date of June 11, 2026. Key economic highlights were previously disclosed on June 17, 2026, including a $3.35B after-tax NPV5% and 28.2% IRR at a base-case gold price of $3,600/oz. The full report is now available on SEDAR+.

Material Impact

Falco Resources Ltd. (FPC) filed a procedural follow-up to its June 17 economic update, introducing no new financial metrics, cost assumptions, or project changes. The market had already priced in the $3.35B NPV and 28.2% IRR upon the June announcement. The filing completes a regulatory requirement but lacks incremental catalyst value to drive immediate price appreciation.

FPC · Price
Company Overview

Falco Resources Ltd. (FPC) holds approximately 60,000 hectares in the Noranda Camp, Quebec. The company’s Horne 5 project is a polymetallic deposit containing gold, copper, zinc, and silver located beneath the former Noranda mine.

The project features a 15-year life of mine, with an annual production of 220,300 ounces of gold and an all-in sustaining cost (AISC) of $782 per ounce. Capital expenditure is estimated at $2.88 billion.

Financial arrangements include a silver stream with OR Royalties valued at $180 million and a 2% net smelter return (NSR) granted to a subsidiary of Royal Gold. The company has also secured an offtake agreement with Glencore.

Read the original news release →

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Falco exercises warrants early, but the $1.25m raise barely scratches the Horne 5 project’s $2.88b capital expenditure gap.

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