$EQX : Equinox Gold — Independent Economic Analysis

Long-Term Price Case$1,700/oz. Au $1,700/oz. Au $1,700/oz. Au
ProjectMesquiteAurizonaCastle Mountain
Mineral Reserves1,004,000 ozs.971,000 ozs. 3,560,000 ozs.
Shares Outstanding113,255,742 113,255,742 113,255,742
Market Cap$673,871,665 $673,871,665 $673,871,665
Average Annual Production97,429 ozs.136,247 ozs.172,727 ozs.
Recovery62.9%91.2%79%
LoM7 Years6.5 Years16.2 Years
Payable Product682,803 ozs.885,608 ozs.2,798,173 ozs.
True All-in Cost (TAIC) $897/oz.$1,145/oz.$1,233/oz.
Gross Revenue$1,160,765,100$1,505,533,600$4,756,894,100
Royalties($26,697,597)($75,276,680)($204,546,446)
Gross Income$1,134,068,000$1,430,256,920$4,552,347,654
Total Operating Cost($545,696,000)($568,252,500)($1,992,299,176)
Operating Profit$588,372,000$862,004,420$2,560,048,478
Income Taxes($14,120,928)($258,601,326)($763,918,465)
Total Capital Costs ($26,177,000)($111,940,851)($488,700,000)
Net Income$548,074,072$491,462,243$1,307,430,013
Net Profit Margin47%33%27%
Absolute Cost Structure (ACS)53%67%73%
MTQ Score (Higher is Better)0.6
True Value$20.72/sh.
Cash Flow Multiple10x
Annual After-Tax Cash Flow$234,516,081
Future Market Cap$2,345,160,810
Future Market Cap Growth361%
Target$20.71/sh.

Notes: All Values in U.S. Dollars

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