So they assume a silver price for the first three years of $22...

So they assume a silver price for the first three years of $22 and the NPV5 is only $70M.

And there is no way that 5% is a realistic discount factor for a project like this. Cost of capital and risk premium need to go into that. 10% would be the minimum I'd be comfortable with here but I suspect the NPV10 would be negative even at $22.

They also seem to have budgeted only $12.7M for the water pipeline from Ulan, which is 65km away as the crow flies. That's under $200k per km which sounds like an underestimate to me?

IMO this just confirms what the previous owners all found - this project is only viable for long-term silver prices north of $25. I was hoping for better when I started following this company. Still, they are correct when they say it's a leveraged silver play.