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The Government of Canada established the Joint Project Office (“JPO”) as a joint venture between the Canada Infrastructure Bank and VIA Rail Canada to conduct de-risking, due diligence, pre-procurement and planning activities, explore and analyze operating models and develop evidence-based options of procurement and financing for the HFR project and to assess the project’s viability. [...] Alignment The JPO studied and evaluated The evidence and analysis presented in this document focuses on refinement of the engineering design and supported financial modelling and analysis to the end of 2020. [...] Subsequent analysis and developments since December 2020 Subsequent to presentation of the findings of the data and analysis within the update to DMOC in December 2020 the JPO has continued to progress work to de-risk the Project and address the JPO Mandate. [...] Joint Project Office Mandate The Government of Canada established the JPO as a joint venture between the Canada Infrastructure Bank and VIA Rail Canada to conduct de-risking, due diligence, pre-procurement and planning activities, explore and analyze operating models and develop evidence-based options of procurement and financing for the HFR project and to assess the project’s viability. [...] High and low forecast results A series of sensitivity tests that change one input in isolation at a time against the HFR Diesel option29 have been undertaken to both demonstrate the level of responsiveness of the forecasts for HFR and indicate the likely envelope of uncertainty around the central case forecasts and a range of modelling factors.