"It looks like mining taxes have decreased to 15% Federally and 10% provincially (25% total according to KPMG and others), so the numbers in the last post and this one, would indeed be a worst case scenario in my mind. In short, we're very much undervalued based on the old PFS numbers."

If you are using the after tax NPV, you should make sure you include the CCA in the NPV calculation. The CCA (depreciation expense allowed under the Income Tax Act) on capital cost of say $4B will have a significant impact on the NPV calculation. There is also allowance on depletion expense which can be used to off-set net income. These must be taken into consideration to calculate the after tax NPV as they would reduce the income taxes very substantially, especially during the first few years of the operation. JMO GLTA!