Guy,You have a fundamental error in your reasoning. An NPV is...

Guy,
You have a fundamental error in your reasoning. An NPV is value OVER AND ABOVE YOUR CAPEX. If $2 billion is being spent in CAPEX, the NPV accounts for that cost plus adds the future value of revenue, discounted by the NPV discount rate. That is, the NPV is what return you would get on your initial investment OVER AND ABOVE YOUR PRINCIPLE

So, you are not just getting your money back, you're getting it back, via capital depreciation, PLUS the present value of future revenues.

If you are going to post in here, at least get your story straight!

I suspect (guess) that NPVs were not reported because its only a PFS.' that is, to an accuracy of +/- 30%. I am guessing you'd be the first to complain if the FS came out with a different, better based NPV.

I do not think many people trust CAPs PFS one bit. Somehow they have one of the lowest hard rock mining costs in Australia, gloss over water requirements, do not elucidate their prestrip (always a good trick to "capitalise" prestrip so you don't have to report it), have said nothing about metallurgical test work (relying on DTRs shows dangerous naivety), and are 150km further from the coast than ROY.

You are making the wrong comparison.