| Report after-tax NPV at 5% | US$1,009M |
| Re-created NPV at 5% | US$1,007M |
| 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.
What the rebuild process surfaced. The study publishes no tax line: its tax is the difference between two rows of its cash-flow table. That table ends in 2037, so the study leaves out the tax on 2037 income, due in 2038. The model builds tax from Senegalese statute and the 2015 Mining Convention terms, that final payment included; the value is below the study's, while pre-tax the two are close. Without working capital, as the study carries none, the model lands 0.2% below the report. The 2016 Mining Code royalty and the removal of the investment tax credit are both selectable, and both lower the value.
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