Based on price assumptions of $1,600/oz gold, $20/oz silver and $3.50/lb antimony, the study generates a base case after-tax net present value (5% discount) of $1.35 billion and an internal rate of return of 22.3%, with a capex payback period pegged at 2.9 years.

At $1,850/oz gold, the NPV rises to $1.9 billion with the NPV climbing to 27.7% and the payback period reducing to 2.5 years.

Midas provided a pre-production capex figure of $1.3 billion.

"The positive results demonstrate that our vision to combine economic development with the environmental restoration of a brownfield site is technically, financially and environmentally feasible," said the company's new president and CEO Laurel Sayer.

The feasibility study comes ahead of critical federal permitting milestones, including the final Stibnite environmental impact statement and the decision record, expected in the second quarter in 2021.

In preparing for the final permitting push Midas recently unveiled a refresh of its leadership.

Stibnite hosts 6Moz gold grading 1.42g/t in measured and indicated resources, of which 4.8Moz grading 1.43g/t are classified as proven and probable reserves.

The mine will also produce antimony - classified as a strategic metal - and silver as by-products.

A 2014 preliminary feasibility study used a gold price of $1,350/oz to calculate an NPV5% of $832 million and an IRR of 19.3%.

Despite the recent strength in its share price, Midas Gold is said to represent one of the most undervalued gold investment opportunities in North America. Midas trades at a fully diluted market capitalisation of $551 million, or 29% of the project's NPV5% of $1.9 billion at spot gold prices.

Midas shares (TSX:MAX) had tripled in value to a 12-month high of C2.04 in August, but last traded at $1.37.