Independent benchmarking of mining projects across Canada, Chile, the United States, Mexico, Australia, and Pakistan identifies differences between operator-reported and independently derived cost estimates.

Vancouver, British Columbia--(Newsfile Corp. - June 9, 2026) - Costmine Intelligence, an independent provider of mine cost data, analytics, and benchmarking solutions for the global mining industry, today released findings from a comparative analysis of mining project cost forecasts and independently derived benchmark estimates across multiple mining jurisdictions.

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The analysis compared economic assumptions presented in company- and consultancy-authored technical studies against independent cost estimates generated using Costmine's proprietary cost databases, benchmarking methodology, and analytical models. The results identified differences between operator-reported forecasts and independently derived benchmark estimates for both operating and capital costs.

Across the projects analyzed, operator-reported operating cost forecasts were found to be, on average, 39% lower than independently derived benchmark estimates. Capital expenditure estimates also differed, with independent benchmark figures averaging 26% higher than reported project estimates, although capital cost variances were more mixed across individual projects.

Comparative Findings

Costmine's analysis utilized technical parameters disclosed in NI 43-101 reports and comparable international technical studies, including mining methods, processing methods, reserves, production rates, and throughput assumptions. These inputs were evaluated using Costmine's proprietary cost databases and modelling systems to generate independent estimates of capital costs and operating costs.

To improve comparability, Costmine excluded off-site infrastructure costs such as rail, power, and port facilities where applicable. All studies were escalated to 2025 dollars using Costmine's Mining and Milling Cost Indices.

The analysis is intended to provide an additional reference point for comparing cost assumptions contained within publicly available mining studies using a consistent benchmarking methodology.

"The objective of this analysis is to compare publicly disclosed project assumptions with independently generated benchmark estimates using a consistent methodology. Differences between reported estimates and independently derived benchmarks can occur for a variety of reasons, including study assumptions, project scope, timing, inflation, and market conditions."

— Michael Sinden, Managing Director, Costmine Intelligence

While the analysis identified recurring differences between reported and independently derived cost estimates, Costmine noted that no single factor explains the observed variances. Differences in study assumptions, project scope, inflation, timing, and market conditions may all contribute to the gaps observed.

"The mining industry relies on technical studies prepared under a variety of assumptions and market conditions. Independent benchmarking provides a standardized framework for comparing publicly disclosed project information against independently generated estimates."

— Gordon Sobering, Head of Cost Analysis, Costmine Intelligence

Projects in some jurisdictions showed relatively modest differences, while others demonstrated substantially wider variances between operator-reported forecasts and independently derived benchmark estimates. According to Costmine, the largest discrepancies were often observed where significant periods had elapsed between completion of technical studies and independent cost benchmarking.

The findings contribute to a broader industry conversation around cost estimation methodology and the role of independent technical databases in validating project assumptions. As project scopes and timelines grow in complexity, the gap between initial cost models and independently derived baselines has become a recognized area of technical focus for engineers and project developers worldwide.

About Costmine Intelligence

Costmine Intelligence is a leading provider of mine cost data, analytics, and independent cost modelling solutions for the global mining industry. Trusted by engineers, analysts, project developers, consultants, and mining professionals worldwide, Costmine delivers benchmark data and proprietary analytical tools designed to support cost benchmarking, project analysis, and industry research. Through its WOODY platform, Costmine applies proprietary cost databases and modelling methodologies to generate independent capital and operating cost estimates using publicly available project information. For more information, visit www.costmine.com.

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