| Report after-tax NPV at 5%Table 22-5, p.371 | US$2,397M |
| Re-created NPV at 5% | US$2,399M |
| Variance vs report | +0.1% |
Re-created NPV: the report's after-tax NPV recalculated in our model from the report's published inputs, using the report's own tax, working-capital and timing treatment. It shows how closely the published economics can be reproduced. It does not confirm that the report's calculations or assumptions are correct, and it is not our base case.
The study states book depreciation, no depletion and no deduction for property tax, yet its published taxes can only be reached with percentage depletion, MACRS, federal expensing and the property-tax deduction. The model builds tax from federal and Idaho statute, the Mine License Tax included; on that basis the value is below the study's, while pre-tax the two are close. With the study's published taxes selected, the model lands 0.1% above the report.
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