inflationary discounting the discountInflationary,
If you keep discounting i.e. use a higher tax rate than the new tax rate, use $25 silver, AND use a 12% discount rate, you can come up with a ho-hum NPV. But that's a pretty pessimistic view. Not many mines would ever be built if you always assume the worst. Of course anything is possible. But remember, they still have a lot of upside in their resource, silver prices are moving UP - and are already WAY above your assumed price, and taxes are BELOW the level you assumed. So I think this thing will be almost as good as Ben Bernanke's press once we get rolling...