| Report after-tax NPV at 5%Table 22-1, p.22-1 | US$282.1M |
| Re-created NPV at 5% | US$282.6M |
| Variance vs report | +0.2% |
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 prints no annual cash-flow table, tax row or yearly grade; the model's annual cash flow and grade are read from its charts. Its US$64M Ontario Mining Tax is calculated after deducting the private royalties, which the Mining Tax Act does not allow. The model builds tax from federal and Ontario statute; on that basis the value is below the study's, while pre-tax the two are close. With the study's tax basis selected, the model lands 0.2% above the report.
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