| Report after-tax NPV at 5% | C$1,834M |
| Re-created NPV at 5% | C$1,832M |
| Variance vs report | −0.1% |
The report's headline after-tax NPV is C$1,856M (Table 22-4 p.22-7). The figure above is the one the report's annual cash-flow table gives, which the re-created NPV is measured against.
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's annual cash flow places C$62.6M of its C$112.6M closure estimate in Year 11 and the rest in no year, and leaves out a C$5M construction-decision payment it describes. The model includes both and builds tax from federal and Yukon statute; on that basis the value is below the study's, before and after tax. With the study's published taxes selected and both costs left out, the model lands 0.1% below the report.
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