$GUYFF : Guyana Goldfields — Independent Economic Analysis

Long-Term Price Case$1,700/oz.
Flagship ProjectAurora
Mineral Reserves2,278,000 ozs.
Shares Outstanding173,530,802
Market Cap$130,148,102
Average Annual Production178,819 ozs.
Recovery94.4%
LoM12 Years
Payable Product2,145,827 ozs.
True All-in Cost (TAIC) $1,249/oz.
Gross Revenue$3,647,905,900
Guyana NSR($291,832,472)
Transportation & Refining Costs($6,931,021)
Gross Income$3,349,142,407
Total Operating Costs($1,516,043,000)
Operating Profit$1,833,099,407
Income Taxes($504,102,337)
Total Capital Cost($361,196,000)
Net Income$967,801,070
Net Profit Margin27%
Absolute Cost Structure (ACS)73%
True Value$5.58/sh.
Cash Flow Multiple10x
Cash Flow$80,647,369
Future Market Cap$806,473,690
Future Market Cap Growth520%
Target$4.65/sh.

Notes: All Values in U.S. Dollars

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