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Economic Project Studies Index
Publisher: Kaiser Research Online
Author: Copyright 2013 John A Kaiser

Economic Project Studies Index
The reports below represent various sort orders for key parameters from 43-101 compliant economic studies such as preliminary economic assessments (PEA), prefeasibility studies (PFS), and feasibility studies (FS, DFS, BFS) published by Canadian listed resource companies. The data presented consists of base case numbers headlined in the studies, as well as pre-tax NPV and pre-tax IRR simulations that use spot metal prices and life of mine cost and production averages. The latter are done using the study's discount rate as well as a 10% discount rate to create comparability. Study dates range from 2007 to the present which creates comparability issues in terms of cost assumptions (severe annual CapEx and OpEx escalation occurred during 2007-2012 that has rendered older cost assumptions obsolete, while metal price volatility has rendered base case metal prices typically based on three-year trailing averages nearly meaningless). The listing only includes the most recently published study for a project. Each project in the economic study listing has links to the KRO company profile, a more detailed summary of the study in the study segment of the project in the profile, and a link to the technical report. The listing also includes links to the company web site and its Sedar filings. Because there is no consistency in the way companies present the results of economic studies, in particular with regard to reporting pre-tax and after-tax NPV and IRR, the listing will have gaps in the latter. Although care has been taken in the compilation of this information, it is only intended as a guide for more detailed research. Anybody seeking to rely on specific information should verify its accuracy through direct reference to the technical report.

Group	Sort Item	Report Link	Description
After-Tax Sensitivity	Cobalt	After-Tax NPV/IRR Charts Alphabetical	Sensitivity Charts for all current project studies sorted alphabetically by company name. By-Products priced at spot. Chart is link to study details within KRO company profile.
After-Tax Sensitivity	Copper	After-Tax NPV/IRR Charts Alphabetical	Sensitivity Charts for all current project studies sorted alphabetically by company name. By-Products priced at spot. Chart is link to study details within KRO company profile.
After-Tax Sensitivity	Copper	After-Tax NPV/IRR Charts by NPV	Sensitivity Charts for all current project studies sorted by NPV in descending order. By-Products priced at spot. Chart is link to study details within KRO company profile.
After-Tax Sensitivity	Copper	After-Tax NPV/IRR Charts by LOM Output	Sensitivity Charts for all current project studies sorted byd LOM copper output in descending order. By-Products priced at spot. Chart is link to study details within KRO company profile.
After-Tax Sensitivity	Gold	After-Tax NPV/IRR Charts Alphabetical	Sensitivity Charts for all current project studies sorted alphabetically by company name. By-Products priced at spot. Chart is link to study details within KRO company profile.
After-Tax Sensitivity	Gold	After-Tax NPV/IRR Charts by NPV	Sensitivity Charts for all current project studies sorted by NPV in descending order. By-Products priced at spot. Chart is link to study details within KRO company profile.
After-Tax Sensitivity	Gold	After-Tax NPV/IRR Charts by LOM Output	Sensitivity Charts for all current project studies sorted by LOM gold output in descending order. By-Products priced at spot. Chart is link to study details within KRO company profile.
After-Tax Sensitivity	Gold	After-Tax NPV/IRR Charts by Grade	Sensitivity Charts for all current project studies sorted by average gold grade in descending order. By-Products priced at spot. Chart is link to study details within KRO company profile.
After-Tax Sensitivity	Manganese	After-Tax NPV/IRR Charts Alphabetical	Sensitivity Charts for all current project studies sorted alphabetically by company name. By-Products priced at spot. Chart is link to study details within KRO company profile.
After-Tax Sensitivity	Molybdenum	After-Tax NPV/IRR Charts Alphabetical	Sensitivity Charts for all current project studies sorted alphabetically by company name. By-Products priced at spot. Chart is link to study details within KRO company profile.
After-Tax Sensitivity	Nickel	After-Tax NPV/IRR Charts Alphabetical	Sensitivity Charts for all current project studies sorted alphabetically by company name. By-Products priced at spot. Chart is link to study details within KRO company profile.
After-Tax Sensitivity	Palladium	After-Tax NPV/IRR Charts Alphabetical	Sensitivity Charts for all current project studies sorted alphabetically by company name. By-Products priced at spot. Chart is link to study details within KRO company profile.
After-Tax Sensitivity	Silver	After-Tax NPV/IRR Charts Alphabetical	Sensitivity Charts for all current project studies sorted alphabetically by company name. By-Products priced at spot. Chart is link to study details within KRO company profile.
After-Tax Sensitivity	Tungsten	After-Tax NPV/IRR Charts Alphabetical	Sensitivity Charts for all current project studies sorted alphabetically by company name. By-Products priced at spot. Chart is link to study details within KRO company profile.
After-Tax Sensitivity	Uranium	After-Tax NPV/IRR Charts Alphabetical	Sensitivity Charts for all current project studies sorted alphabetically by company name. By-Products priced at spot. Chart is link to study details within KRO company profile.
After-Tax Sensitivity	Vanadium	After-Tax NPV/IRR Charts Alphabetical	Sensitivity Charts for all current project studies sorted alphabetically by company name. By-Products priced at spot. Chart is link to study details within KRO company profile.
After-Tax Sensitivity	Zinc	After-Tax NPV/IRR Charts Alphabetical	Sensitivity Charts for all current project studies sorted alphabetically by company name. By-Products priced at spot. Chart is link to study details within KRO company profile.
Company		Alphabetical by Company	All project studies sorted alphabetically by company name.
Costs by Operating Rate		Costs Only sorted by Daily Operating Rate	Basic study info including tonnage, grades and costs with link to project section in KRO profile, sorted by operating rate in descending order.
Operating Rate		Daily Operating Rate	Sorted by mining type (ISL,OP, OP/UG, UG) and operating rate in descending order.
CapEx		Reported CapEx	CapEx for all projects sorted in descending order.
OpEx		Reported OpEx	OpEx per tonne for all projects sorted in ascending order.
Annual Cash Flow	Base Case	Pre-Tax Base Case Annual Cash Flow	Calculated annual average pre-tax cash flow based on base case metal prices and LOM average costs and annual output in descending order for all projects.
	Spot	Pre-Tax Spot Annual Cash Flow	Calculated annual average pre-tax cash flow based on spot metal prices and LOM average costs and annual output in descending order for all projects.
Net Present Value	Pre-Tax Base Case	Reported Pre-Tax NPV	Reported Pre-Tax NPV based on study's base case metal prices and discount rate sorted in descending order.
	Pre-Tax Spot	Calculated Spot Pre-Tax NPV	Calculated pre-tax NPV using base case costs, average annual output, and discount rate but substituting spot metal prices, presented in descending order.
	Pre-Tax Spot at 10%	Calculated 10% Spot Pre-Tax NPV	Calculated pre-tax NPV using base case costs, average annual output, and 10% discount rate but substituting spot metal prices, presented in descending order.
	After-Tax Base Case	Reported After-Tax NPV	Reported After-Tax NPV based on study's base case metal prices and discount rate sorted in descending order.
Internal Rate of Return	Pre-Tax Base Case	Reported Pre-Tax IRR	Reported Pre-Tax IRR based on study's base case metal prices and discount rate sorted in descending order.
	Pre-Tax Spot	Calculated Spot Pre-Tax IRR	Calculated Pre-Tax IRR based on study's base case LOM cost and output averages and discount rate, but using spot metal prices, sorted in descending order.
	Pre-Tax Spot at 10%	Calculated 10% Spot Pre-Tax IRR	Calculated pre-tax IRR using base case costs, average annual output, and 10% discount rate but substituting spot metal prices, presented in descending order.
	After-Tax Base Case	Reported After-Tax IRR	Reported After-Tax IRR based on study's base case metal prices and discount rate sorted in descending order.
Market Pricing	NPV Pre-Tax	Market Pricing Reported Base Case Pre-Tax NPV	The percentage the net base case pre-tax NPV (reported) per fully diluted share is above or below the current stock price, presented in descending order.
		Market Pricing Calculated Spot Pre-Tax NPV	The percentage the net spot price based pre-tax NPV (calculated) per fully diluted share is above or below the current stock price, presented in descending order.
		Market Pricing Calculated Base Case Pre-Tax NPV	The percentage the net pre-tax NPV per fully diluted share, as calculated using LOM production and cost averages at the base case discount rate and metal prices, is above or below the current stock price, presented in descending order. This calculation is done because some advanced studies do not report a pre-tax NPV.
Primary Metal	NPV Pre-Tax Base	Reported Base Case Pre-Tax NPV by Metal	Reported base case pre-tax NPV grouped by primary metal and presented in descending order.
	NPV Pre-Tax Spot	Calculated Spot Pre-Tax NPV by Metal	Calculated pre-tax NPV using base case costs, average annual output, and discount rate but substituting spot metal prices, grouped by primary metal and presented in descending order.
	NPV Pre-Tax Calc	Calculated Base Case Pre-Tax NPV by Metal	Calculated pre-tax NPV using base case costs, average annual output, metal prices and discount rate, grouped by primary metal and presented in descending order.
	NPV After-Tax Base Case	Base Case After-Tax NPV by Metal	Reported base case after-tax NPV grouped by primary metal and presented in descending order.
	IRR Pre-Tax Base Case Reported	Reported Base Case Pre-Tax IRR by Metal	Reported base case pre-tax IRR grouped by primary metal and presented in descending order.
	IRR After-Tax Base Case Reported	Reported Base Case After-Tax IRR by Metal	Reported base case after-tax IRR grouped by primary metal and presented in descending order. Not available for all studies.
	IRR Pre-Tax Spot Calc	Calculated Spot Pre-Tax IRR by Metal	Calculated pre-tax IRR using spot metal prices and base case costs and LOM averages, grouped by primary metal and presented in descending order. Available for all studies.
	IRR Pre-Tax Base Case Calc	Calculated Base Case Pre-Tax IRR by Metal	Calculated pre-tax IRR using base case costs and metal prices but with LOM output averages, grouped by primary metal and presented in descending order. Available for all studies.
	Market Pricing NPV Pre-Tax Base Case Reported	Market Pricing Reported Base Case Pre-Tax NPV by Metal	The percentage the net base case pre-tax NPV (reported) per fully diluted share is above or below the current stock price, grouped by metal and presented in descending order.
	Market Pricing NPV Pre-Tax Spot Calculated	Market Pricing Calculated Spot Pre-Tax NPV by Metal	The percentage the net spot price based pre-tax NPV (calculated) per fully diluted share is above or below the current stock price, presented in descending order.
	Market Pricing NPV Pre-Tax Base Case Calculated	Market Pricing Calculated Base Case Pre-Tax NPV by Metal	The percentage the net pre-tax NPV per fully diluted share, as calculated using LOM production and cost averages at the base case discount rate and metal prices, is above or below the current stock price, presented in descending order. This calculation is done because some advanced studies do not report a pre-tax NPV.
	Reported OpEx	OpEx by Metal	OpEx per tonne in ascending order grouped by primary metal.
	Unit Cash Cost Base Case	Cash Cost per Unit net of BC By-Products	Cash Cost per unit net of by-products at base case prices in ascending order grouped by primary metal.
	Unit Cash Cost Spot	Cash Cost per Unit net of Spot By-Products	Cash Cost per unit net of by-products at spot prices in ascending order grouped by primary metal.
	Unit All-In Cost Base Case	All-In Cost per Unit net of BC By-Products	All-In Cost per unit net of by-products at base case prices in ascending order grouped by primary metal.
	Unit All-In Cost Spot	All-In Cost per Unit net of Spot By-Products	All-In Cost per unit net of by-products at spot prices in ascending order grouped by primary metal.

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