a$)$ What is meant by a $$constant dollar$$ cash flow analysis as typically applied to mining projects?

$($b$)$ How do you justify using a $$constant dollar$$ cash flow analysis when inflation over the period covered in your $$constant dollar$$ cash flow analysis is as good as guaranteed.

$($c$)$ Explain why government gross proceeds royalties on natural resource production could be considered $$inflation protected$$ for governments in times of high inflation.

$($d$)$ Why does a gross proceeds royalty generally also provide governments some protection in deflationary times when many natural resource businesses often lose money overall for a few years?

$($e$)$ When constructing a cash flow analysis for a mine whose product is subject to a gross proceeds royalty $($like the Government gold royalty in Guyana$)$ why will this mine pay the same cash amount of royalty whether it is an underground mine or an open pit mine?

$2$: $($a$)$ In the context of typical cash flow analyses, what does $$NPV$$ stand for?

$($b$)$ What does $$payback$$ mean in the context of typical mining cash flow analyses?

$($c$)$ What is an $$IRR$$ for mining cash flow analyses.

$($d$)$ Why is a high IRR for a proposed mining project preferable to a low IRR?

$($e$)$ Comment very generally on the likely viability of a proposed mining project which shows an IRR of $5\mathrm{.}5\%$ and a payback of $7\mathrm{.}2$ years at a $4\%$ discount rate.

$3$: $($a$)$ When entering expenses and$/$or income in an annualized mining cash flow analysis spreadsheet, which exact time of year is always assumed for these entries for calculation purposes?

$($b$)$ Explain the terms $$nominal$$ dollars, $$money$-$of$-$the$-$day$$ dollars and $$real$$ dollars.

$($c$)$ Exactly what is an annual $$net cash flow$,$ as seen in typical cash flow analyses for mining projects?

$($d$)$ Explain the main conceptual purpose for calculating discounted net cash flows as opposed to using undiscounted net cash flows for $$real world$$ mining project analyses?

$($e$)$ Why is it more important to use discounted net cash flows for typical mining projects versus typical oil projects?

$4$: $($a$)$ What is a $($conceptual$)$long term gold price$$ as universally used in cash flow analyses for gold mining ventures?

$($b$)$ Who decides which long term gold price to use in a typical mining cash flow analysis when you are seeking bank or big institution investors in a proposed gold mining venture?