Within the pit shell there is a total of 171.16 million tonnes of inferred resource grading 0.25% copper, 0.018% molybdenum, 0.164 grams per tonne ('gpt') gold and 1.58 gpt silver which for purposes of this study must be treated as waste rock;

To put the waste rock in perspective, if the 171.16M tons of it was counted as economic and not waste, the rock would be worth just over 2B dollars going to the bottom line as "net profit" instead of adding to the costs. This could drastically affect NPV if this material is mined near the beginning of the life of the mine.

Or to put in another context, imagine running the mine at 130 tons/day for 3.6 years just removing "waste" rock with no revenue. Imho, this could add another 1B to NPV at the 8% discount level. Who said the waste rock doesn't matter? It matters a great deal to those who do the math.