Torex Gold Resources Inc. — Cosalá, Sinaloa & Durango, Mexico · Gold-Silver (doré) ·
NI 43-101 PEA · delivered September 2026
Report after-tax NPV(5%)
US$1,491M
Independently rebuilt after-tax NPV(5%)
US$1,239M
Variance vs report
−16.9% (deliberate, decomposed)
What the rebuild surfaced. The study's after-tax NPV cannot be reproduced from its own tax disclosure: it applies a 30% rate stated to include the 8.5% special mining duty, which is not a construction Mexican law provides, and roughly US$265M of deductions are never named. Building the tax from the statutes leaves the rebuild 16.9% below the headline, decomposed line by line; in the study's own taxation reading the model ties to −0.06%, so the divergence is the tax build and nothing else.
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