| 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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