Doubleview Gold Corp.
Reports $7B Project Valuation; Stock Trades at Just 7% of NPV
Published: Mar 31, 2026
Author: FRC Analysts
Disclosure: Doubleview Gold Corp. has paid FRC a fee for research coverage and distribution of reports. See last page for other important disclosures, rating, and risk definitions.
Company Details
Sector – Basic Materials
Industry – Other Industrial Metals & Mining
Trading Information
Trading information – DBG.V : TSXV
Report Highlights
- Outstanding Stock Performance: DBG has been one of the best-performing stocks in our coverage universe. Since we initiated coverage in August 2020, shares are up 637%, and MCAP has risen from $32M to $462M, a 1,347% increase.
- Preliminary Economic Assessment (PEA): An independent economic study on the Hat polymetallic project in the Golden Triangle in B.C shows a large-scale open-pit operation, with a 25-year mine life, AT-NPV5% of $7B, and IRR of 19%, using consensus metal prices. DBG is trading at just 7% of NPV, indicating significant undervaluation. Using February 2026 spot prices, AT-NPV5% rises to $14B, with an IRR of 39%, well above the 15% threshold we consider attractive for mining projects. Initial CAPEX is $3.6B, which is high, but typical for large projects, while cash costs remain at the low end of the industry range, due to significant by-product credits.
- Resource Growth: The latest resource estimate incorporates drilling since 2024, with M&I resources (higher confidence category) up 330% to 6 Blbs CuEq (copper equivalent), and inferred resources up 26% to 5 Blbs. M&I now accounts for 56% of total resources vs 27% previously, reflecting higher confidence. In addition, weighted average grades increased 17%, supporting potential higher production at lower costs. Based on spot prices, gold accounts for 44% of resources, copper 38%, scandium 11%, cobalt 6%, and silver 1%.
- Scandium & Cobalt: Maiden scandium resource added; The rare presence of scandium and cobalt in a copper-gold-rich deposit enhances project attractiveness. Scandium is a critical mineral, used in super-alloys, and ceramic fuel cells. The U.S. imports all of its scandium, underscoring the need for domestic production in North America.
- Metal Price Outlook: Although gold and copper have pulled back from their historic highs, they are up 46% YoY and 4% YoY, respectively. We maintain a positive outlook on gold, supported by safe-haven demand amid geopolitical uncertainty, and projected inflation-driven US$ weakness. Copper also has a positive outlook, supported by US$ weakness, slow production growth, and recent supply disruptions. The market is expected to shift from a surplus in 2025 to a deficit in 2026.
- Next Steps: Resource upgrade and expansion drilling, metallurgical (recovery) tests, and project optimization.
Price and Volume (1-year)
*QP: Erik Ostensoe, P.Geo., Consulting Geologist of Doubleview Gold Corp. Doubleview Gold Corp. has paid FRC a fee for research coverage and distribution of reports. See last page for other important disclosures, rating, and risk definitions. All figures in C$ unless otherwise specified.
The Hat projected, located in B.C.’s Golden Triangle, one of the world’s most mineralized regions, hosts polymetallic porphyry mineralization containing copper, gold, silver, cobalt, and scandium
Hat Polymetallic Project, B.C. (100% interest)
Project Location
Strategically situated near renowned production and development projects such as Red Chris, Galore Creek, and Schaft Creek
Located in northwestern B.C., 95 km southwest of Dease Lake, and 190 km south of Atlin, the project benefits from access to power, water, and a skilled local workforce
Although the property is remote, future road access may be supported through restoration of a historic access route should the project advance to production. Regional infrastructure prospects strengthened in 2024, when the B.C. government, and the Tahltan Central Government announced a joint $195 M investment to upgrade regional highway infrastructure.
Updated Resource Estimate
The latest resource estimate incorporates drilling completed since the 2024 estimate , and is based on 97 drill holes totaling 49,548 m, up from 71 holes totaling 30,000 m in the prior estimate.
M&I resources (higher-confidence category) increased 330% to 6 Blbs CuEq
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