Sorry.... I can see the confusion.

'After metal recovery' means the metal poundage actually recovered from the smelting. In other words, what we'd actually be able to sell from the smelter. I think NSR incorporates smelting costs on top of that.

Its great to have X million pounds in the ground but a more accurate picture of the value is what amount of metal can be recovered at the smelter. For example, silver having only a 58% recovery, it makes a big difference between simple pounds in the ground vrs the extractable/saleable silver content.

It does not factor in the cost of mining.

My calcs arrive at a similar NPV as the number of tonnes (cost) has increased pretty much linerally with the extractable pounds in the ground. That isn't too much of a surprise to me due to the shear size of Schaft. When the full RE document is posted on Sedar we can see some of the economic assumptions they used for determining the 15% cutoff. That may change my NPV calcs which use 2011 RE numbers.