Ann: Korbel Gold Project Starter Pit Scoping Study, page-418

For anyone interested, WWI just dropped their scoping study for the Wits Basin project and it is a good comparison tool with NVA's.
WWI vs NVA:

• 7.5% discount vs 5% (more conservative discount rate for WWI, NPV over their 27 year LOM will be significantly lower as cash flow in year 10-15+ will negligibly contribute to NPV)
• US $1750 (same in both cases - maybe criticism of NVA gold price a bit harsh?)
• NPV expressed in both pre and post tax for WWI, only pre tax for NVA
• IRR pre-tax 33% vs NVA 20%. IRR expressed in pre and post tax for WWI, on pre tax for NVA
• Gold price senstivity analysis with all key metrics (NPV, IRR etc) given by WWI for 4 different gold prices. NVA gold senstivity analysis given in table deeper in announcement, no clear impact on NPV given or metrics.

I think NVA has a lot to learn in communication from WWI's study. Everything you could want to know is presented in the front page for WWI.

NOT promoting WWI, this is just an interesting comparison tool for anyone who isn't familiar with gold scoping studies and typical inputs/outputs.