Ah, apologies if I wasn't clear.
The lender will get the model which will of course have each stage included within it - the primary thing they'll be looking at is the CFADS / cashflows in each period (quarterly / annually) relative to the tenor of their potential financing - they won't necessarily want the NPV per stage, and if they did it would maybe take 30 seconds to do so within the model (if it isn't already provided).
Hope that clears it up.
Ann: 2023 Definitive Feasibility Study Results, page-244
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