"The substantially improved economics, based upon conservative long-term commodity prices, indicate further possible upside as the project moves toward production," CEO Scott Moore said.
"With operating after-tax cashflows anticipated to be of more than US$1 billion and highly competitive AISC of US$787 per gold-equivalent ounce, this is clearly a high-quality project," he added.
The new DFS showed a 41% increase in pre-tax NPV to US$630 million, with an IRR of 22.7%, based on US$1,675/oz gold and US$3.75/lb copper.
The operation was estimated to produce 1.47Moz of gold and 403Mlbs of copper over the life of the project - which was set at 17.2 years - at an AISC of US$787/gold-equivalent oz.
About 43 million tonnes or 19% less waste material was expected to be mined, which would result in a 1.45:1 strip ratio over the life of mine. Initial capital expenditure was set at US$448 million.
"We are moving methodically along the permitting route and look forward to providing further positive updates over the first half of 2022," Moore said.
Euro Sun had previously said first production was expected in 2024.
The company traded on the Toronto Stock Exchange at C$0.235 on February 10, which was up 27% day-on-day. The company had a 52-week high/low of C$0.465/C$0.185.
Euro Sun's market capitalisation was C$41.1 million.
