npv, page-9

I assume inflows commence at start of year 3, which is basically 2013.

NKWE noted that full production starts as at 2016, but they dont actually say when the first sales are made. So i have assumed a quite aggressive position in my calcs.

So if you want to phase in the sales over a longer preiod,
say 30% of maximum prodn in 2013, 50% in 2014, 70% in 2015 & 100% in 2016 you get the following NPV -

5% $1,888,372
7% $1,392,152
8% $1,211,634
10% $939,551
12% $748,367
15% $553,904
20% $363,201
25% $255,119

Note = I adjusted for the 31.1g/ounces as well

All food for thought