8% makes sense in high risk jurisdictions like PNG or Africa,...

8% makes sense in high risk jurisdictions like PNG or Africa, but 5% has been the norm in Australia. Personally I wish they would just provide the FCF and let the shareholders use whatever discount rate they think appropriate.

Somewhat off topic the real way you are supposed to do NPV calculations is use the risk free rate (government bond rate) and model the risk into the cashflow forecasts. If companies did this we would see what their assumptions are of the various risk factors, rather than hiding them all together inside a common higher discount rate.

In the case of EGA it really doesn't matter too much what discount rate you use - the real risk is the gold price and production risk.