Yes i prefer to base my analysis on NPV via DFS/PRe-feas.
A few things to note though. NPV can be misleading.
Capex - Initial capex could be high, expensive ongoing capex.
Years - The more years the higher the NPV which inflates it.
Cashflow- Project could be cash negative or unprofitable till last few years of operation.
Poor IRR.
IRR is very important and also initial capex.