I assume you are referring to the 24 Sept 2010 RCR report.
The figures 47, 91 and 134 are the NPV in $m (10% discount rate) and is based on the heap leach option. Toro are now focused on the tank leach option which has higher Capex and Opex (and increased recovery).
Need to see a revised evaluation for this case with real opex and exchange rate.
bgf equities uranium sector analysis, page-6
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