Don't think they've released the ACTUAL DFS report. The 2006 DFS...

Don't think they've released the ACTUAL DFS report.
The 2006 DFS Ann & the recent 2012 DFS Ann were just brief summaries/highlights of the actual DFS. I would really like to have an insightful read of the actual 2006 & 2012 DFS. Maybe then the comparison will become clear.

I just assumed that taking away CAPEX was always included in the calculation of NPV

$28 Million (2012) vs $88 Million (2006) seems nowhere close.I know CAPEX has increased by somewhat 24.5 Million
$70 Million (2012) vs $45.5 Million (2006) BUT that still doesn’t justify SUCH a big difference between the two NPV values.

One of the earlier Ann this year also suggested an “Addition of $7 Million/year over life of mine per each additional 1% of tungsten recovered.

There's got to be some sort of explanation of the NPV difference.

Just my thought
Kiddo