| Report after-tax NPV at 5%Table 22-2, p.22-3 | US$1,707M |
| Re-created NPV at 5% | US$1,691M |
| Variance vs report | −0.9% |
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 recognizes part of each year's revenue in the following year (15% of heap-leach gold, 35% of mill gold) and taxes it when realized, so income tax continues after production ends. The model carries the same deferral, and its life-of-mine income tax is within US$1M of the study's. The study's stated after-tax NPV is about 0.8% above the present value of its own published annual cash flow (Table 22-7).
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