| Long-Term Price Case | $1,700/oz. Au & $24/oz. Ag |
| Flagship Project | Ixtaca |
| Mineral Reserves | 2,589,245 AuEq ozs. |
| Shares Outstanding | 111,700,000 |
| Market Cap | $73,722,000 |
| Average Annual Production | 208,171 AuEq ozs. |
| Recovery | 93% |
| LoM | 11 Years |
| Payable Product | 1,840,664 AuEq ozs. |
| True All-in Cost (TAIC) | $1,255/oz. |
| Gross Revenue | $3,129,128,000 |
| Almadex NSR | ($62,582,560) |
| Gross Income | $3,066,545,440 |
| Total Operating Costs | ($1,283,000,000) |
| Operating Profit | $1,783,545,440 |
| Extraordinary Mining Duty | ($8,917,727) |
| Special Mining Duty | ($133,765,908) |
| Income Tax | ($535,063,632) |
| Total Capital Costs | ($286,000,000) |
| Net Income | $819,798,173 |
| Net Profit Margin | 26% |
| Absolute Cost Structure (ACS) | 74% |
| True Value | $7.34/sh. |
| Cash Flow Multiple | 5x |
| Annual Cash Flow | $92,636,095 |
| Future Market Cap | $463,180,475 |
| Future Market Cap Growth | 528% |
| Target | $4.15/sh. |
Notes: All Values in U.S. Dollars
