You are correct in the definition of NPV. However, that is theory and not how it works in the real world.
The NPV quoted in the study depends on a lot of assumptions (like a rising Ni price). Change assumptions and you get a different value. Change the discount rate (they used a low one of 8%) and you get a different value, again. The NPV assumes the mine starts immediately. In reality there will be delays etc which must also be discounted from the price.
Fundamental analysis is important but you must seperate assumptions from facts.
AVQ Price at posting:
26.5¢ Sentiment: None Disclosure: Not Held
