| Report after-tax NPV at 5%Table 22-5, p.22-11 | US$3,206M |
| Re-created NPV at 5% | US$3,210M |
| 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's printed revenue is US$410.75M below payable metal times price in Years 5-27, all in the copper and silver credits, with no selling term to explain it, and its published taxes cannot be rebuilt from statute. The model takes revenue at the stated selling terms and tax from federal and Québec statute; the two effects pull in opposite directions and, on balance, the value is above the study's. With both of the study's printed figures selected, the model lands 0.1% above the report.
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