| Report after-tax NPV at 5%S.22.3 p.365; Table 22-1 p.366 | US$695.6M |
| Re-created NPV at 5% | US$693.8M |
| 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 taxes income at a flat 25% of earnings before tax and depreciation, less capital as spent, with no depletion. The model builds tax from federal and Idaho statute, with 15% percentage depletion for gold and the Idaho Mine License Tax. On that basis the value is higher than the study's, mostly because of percentage depletion; pre-tax, the two are close. With the study's tax basis selected, the model lands 0.3% below the report.
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