| Report after-tax NPV at 5% | US$1,214M |
| Re-created NPV at 5% | US$1,213M |
| 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.
What the rebuild process surfaced. The study publishes no annual cash-flow table, only a chart, so each annual line is built from its unit rates and yearly mine and mill schedules. It states unit-of-production depreciation, but its charted Year 1 tax is closer to the Income Tax Act's three-year write-off of mining capital, which the model uses; unit of production gives a lower value. Built from Namibian statute at the 37.5% rate, the value is below the study's. With the study's 37% rate and stated settings selected, the model lands 0.1% below the report.
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