| 9-20-19 Updated PFS Analysis | ||
| Long-Term Price Case | $1,700/oz. Au | x |
| Flagship Project | Mt. Todd | x |
| Mineral Reserves | 5,848,000 ozs. | x |
| Shares Outstanding | 100,500,000 | x |
| Market Cap | $80,400,000 | $82,410,000 |
| Average Annual Production | 381,231 ozs. | 413,400 ozs. |
| Recovery | 92.7% | 91.9% |
| LoM | 13 Years | x |
| Payable Product | 4,956,000 ozs. | 5,305,000 ozs. |
| True All-in Cost (TAIC) | $1,413/oz. | $1,429/oz. |
| Gross Revenue | $8,425,200,000 | $9,018,500,000 |
| Refinery Costs | ($15,763,000) | x |
| JAAC Royalty | ($64,425,000) | x |
| Gross Income | $8,345,012,000 | $9,018,500,000 |
| Total Operating Costs | ($3,122,004,000) | ($3,422,467,700) [Inclusive of JAAC Royalty and Refining Cost)] |
| Operating Profit (EBITDA) | $5,223,008,000 | $5,596,032,300 |
| NT Royalty | ($1,044,601,000) | ($1,119,206,460) |
| Income Tax | ($1,566,902,400) | ($1,678,809,690) |
| Total Capital Costs | ($1,191,290,000) | ($1,361,888,000) |
| Net Income | $1,420,214,600 | $1,436,128,150 |
| Net Profit Margin | 17% | 16% |
| Absolute Cost Structure (ACS) | 83% | 84% |
| True Value | $14.13/sh. | $14.29/sh. |
| Cash Flow Multiple | 5x | 5x |
| Annual Cash Flow | $109,413,297 | $110,588,867 |
| Future Market Cap | $547,066,485 | $552,944,335 |
| Future Market Cap Growth | 580% | 571% |
| Target | $5.44/sh. | $5.50/sh. |
Notes: All Values in U.S. Dollars
