$MGDPF : Marathon Gold — Updated Independent Economic Analysis

Updated, 1 April 2021

Long-Term Price Case$1,750/oz.
Flagship ProjectValentine Lake
Mineral Resources3,140,000 ozs.
Shares Outstanding212,240,000
Market Cap$383,517,680
Average Annual Production173,000 ozs.
Recovery94.2%
LoM13 Years
Payable Product1,930,000 ozs.
True All-in Cost (TAIC) $1,324/oz.
Gross Revenue$3,377,500,000
Total Operating Cost($1,402,950,000)
Refining and Transport ($3.13/oz.)($6,040,900)
Silver Credit ($7.41/oz.)$14,301,300
EBITDA$1,982,810,400
Royalties (1.5%)($29,742,156)
Income Tax($590,877,499)
Total Capital Costs ($526,595,844)
Net Income$835,594,901
Net Profit Margin25%
Absolute Cost Structure (ACS)76%
MTQ Score0.3
True Value$3.94/sh.
Cash Flow Multiple11x
Annual Cash Flow$64,276,531
Future Market Cap$707,041,839
Future Market Cap Growth84%
Target$3.33/sh.

Notes: All Values in U.S. Dollars

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