Every published analysis. Each entry carries the rebuilt Excel model. Subscribers view every model in the browser. We plan to cover more than 100 projects by the end of 2026. A sample model is available on request: email [email protected].
| Report after-tax NPV(5%) | US$3,206M |
| Independently rebuilt | US$3,245M (+1.2% (deliberate, decomposed)) |
Two opposite effects net to the difference. The study's printed revenue is US$410.75M below payable metal times price in Years 5-27, all in the copper and silver credits, with no selling term to explain it; and its published taxes cannot be rebuilt from statute. The model takes revenue at the stated selling terms and tax from federal and Québec statute; with both of the study's printed figures selected, it lands 0.1% above.
| Report after-tax NPV(7%) | C$2,135M |
| Independently rebuilt | C$2,055M (−3.7% (deliberate, decomposed)) |
The study prints a single total-taxes row, with no pools, allowances or credit timing. Its taxes are C$140M below statute over the life of mine, with refunds in Years 1 and 2: about C$340M of deductions it does not name. Built from federal and Newfoundland and Labrador statute, the rebuild lands 3.7% below the headline and within 0.5% pre-tax; with the study's published taxes selected, it is within 0.7%.
| Report after-tax NPV(5%) | US$2,397M |
| Independently rebuilt | US$2,367M (−1.2% (deliberate, decomposed)) |
The study states book depreciation, no depletion and no deduction for property tax, yet its published taxes can only be reached with percentage depletion, MACRS, federal expensing and the property-tax deduction. Built from federal and Idaho statute, the Mine License Tax included, the rebuild lands 1.2% below the headline and within 0.1% pre-tax; with the study's published taxes selected, it lands 0.1% above.
| Report after-tax NPV(5%) | US$374.7M |
| Independently rebuilt | US$364.9M (−2.6% (deliberate, decomposed)) |
The study states two tax rates and a US$117.2M total, but no depreciation method, depletion or loss treatment. Its 17.8% effective tax burden against a 27.0% combined rate needs deductions it names only as 'various tax pool balances'. Built from federal and Oregon statute, the rebuild lands 2.6% below the headline and within 0.6% pre-tax; with the study's implied deduction selected, it is within 0.5%.
| Report after-tax NPV(5%) | US$1,491M |
| Independently rebuilt | US$1,239M (−16.9% (deliberate, decomposed)) |
The study's after-tax NPV cannot be reproduced from its own tax disclosure: it applies a 30% rate stated to include the 8.5% special mining duty, which is not a construction Mexican law provides, and roughly US$265M of deductions are never named. Building the tax from the statutes leaves the rebuild 16.9% below the headline, decomposed line by line; in the study's own taxation reading the model ties to −0.06%, so the divergence is the tax build and nothing else.
| Report after-tax NPV(5%) | US$3,003M |
| Independently rebuilt | US$2,883M (−4.0% (deliberate, decomposed)) |
The study's published NPV omits two taxes the study itself states — charging every stated tax leaves the rebuild 4% below the headline, decomposed line by line, with a selectable report reading that reproduces the published figure within −0.7%. The report also publishes no annual tables, so the model reconstructs the full annual economics from its mine plan and unit costs.
| Report after-tax NPV(5%) | US$1,802M |
| Independently rebuilt | US$1,792M (−0.5%) |
Three findings the study does not show: its cash flow contradicts its own stated 30-day working-capital terms; ~US$128M of pre-production revenue escapes tax entirely (no statutory basis); and Mexico's statutory profit-sharing is omitted without explanation. Each is built as a selectable assumption with its NPV effect quantified.
| Report after-tax NPV(8%) | US$1,376M |
| Independently rebuilt | US$1,361M (−1.1% (deliberate, decomposed)) |
The rebuild found the report's published cash-flow table does not reproduce its own headline pre-tax NPV, and its closure line disagrees with its capital table — proven by cross-footing the report against itself. Our variance is deliberately held and decomposed rather than forced to tie.
| Report after-tax NPV(5%) | US$2,059M |
| Independently rebuilt | US$2,048M (−0.5%) |
West African fiscal mechanics built from statute — Côte d'Ivoire loss carry-forwards, unit-of-production depreciation with the first-year uplift, and a working-capital decomposition that reconciles the report's own series line by line.
| Report after-tax NPV(8%) | US$4,691M |
| Independently rebuilt | US$4,723M (+0.7%) |
A full concentrate-economics build (payability, treatment and refining charges, molybdenum by-product) inside a major's portfolio. The model exposes a ~US$156M gap between published equipment provisions and the cash-flow's sustaining capital, built as a selectable dual-method line.
| Report after-tax NPV(5%) | US$1,707M |
| Independently rebuilt | US$1,691M (−0.9%) |
A maiden PEA on a low-grade open-pit heap-leach asset: the analysis leads with study-stage and financing risk rather than the headline NPV, and shows how the economics move between the report's price deck and current market prices.
| Report after-tax NPV(5%) | C$1,127M |
| Independently rebuilt | C$1,135M (+0.7%) |
The report's tax shield is rebuilt two ways: a report-implied depreciation schedule that reproduces the published annual tax exactly, and a selectable first-principles Canadian CEE/CDE resource-pool alternative — so a subscriber can see how much of the valuation rides on tax timing.
Members receive email updates as we add new projects. Paid subscriptions open at launch, with every rebuilt model viewable in the browser and new analyses as they release.