It would be if you could sell the 1M ounces today for no risk and did not have to pay taxes .
As the sales are going to occur over the Life of the mine , one needs to discount for the time factor by calculating a NPV putting in a % for risk and taking out say 30% for taxes
The NPV does not take into account exploration/corporate upside normally which often is where punters can make money
Ann: Quarterly Activities Report, page-26
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