| Report after-tax NPV at 5%S.22.3, p.281; Table 22-1, p.283 | US$600.6M |
| Re-created NPV at 5% | US$598.6M |
| Variance vs report | −0.3% |
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 names the Nevada Net Proceeds of Minerals tax and the federal income tax it applies, but not how it computes them; its federal tax row is reproduced only with 15% percentage depletion, which the text does not state. The model builds tax from federal and Nevada statute, with the Net Proceeds tax paid the following year as the statute sets; on that basis the value is below the study's, while pre-tax the two are close. With the tax paid in the year and no working capital, as the study carries them, the model lands 0.3% below the report.
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