Elmer stated in his presentation at the VRIC that the Real Options Case in the BFS was a better reflection of the value of the portion of SC that is included in the study, and that majors would view it that way.

He also indicated that, with an EA in hand, the 5% discount rate would be applied by majors who might be interested.

Under this scenario, the NPV would be $2.665B.

And then add all the other pieces and advantages (see Vette's post-BFS blog for details).