Build Better Mining Models: Free Scoping Study Template

Another Excel workbook to save hours getting started!

Author

Gavin Lee
July 25, 2025

Model Answer has worked with engineers who deliver real-world mining projects to develop a free Excel template purpose-built for scoping-level project evaluations

This free Excel model gives mining professionals a structured, auditable, and fully flexible tool to assess the viability of early-stage projects. Whether you're in corporate development, technical services, or equity research — this is your head start!

Scoping Study Model Template

What the Model Covers

✅ Production & Physicals

  • Tonnes, grades, recoveries, throughput, stockpiling

  • Includes dynamic charts for production, feed grades, strip ratio, and metal output

✅ Capex, Opex & Cashflow

  • Development & sustaining capital

  • Operating costs split by mining, processing, etc.

  • Royalties, taxes, working capital

  • AISC visual breakdown

✅ Integrated Financial Statements

  • Project-level P&L

  • Cash Flow Statement

  • Simplified Balance Sheet

✅ Project Return Analysis

  • NPV, IRR, payback period

  • Automated sensitivity table (e.g. price, capex, opex)

✅ Scenario Manager

  • Switch between the base case and custom cases

  • Easy comparisons via dynamic charts

✅ Integrity & Error Checks

  • Balance validations

  • Calculation sanity checks

  • Flag alerts for broken links or missing inputs

Built by Model Answer. Reviewed by Mine Builders.

This is the same structure we’d use when kicking off real project analysis — only we’ve cleaned it, templated it, and made it free.

Credits: Thanks to Matt Bourke (Wood plc), Steve and Peter Jukes, Tom Conway (Turner & Townsend JukesTodd), Jim Moore (Mine Planning Services), and other (anonymous) contributors for your input!

👇 We also designed a comprehensive modelling course on this Scoping Study template