Belo Sun Mining reports that a three judge panel decision by the Court of Appeals of the Federal Justice in Brazil has ruled unanimously that SEMAS remains the competent authority for the environmental permitting of the Volta Grande Gold Project.
The ruling confirms that the Construction and Environmental Licenses granted by SEMAS for the Volta Grande Gold Project remain valid, subject to the completion of the Indigenous Study. [LINK]
$VNNHF : Belo Sun Mining — Independent Economic Analysis
| Long-Term Price Case | $1,700/oz. Au |
| Flagship Project | Volta Grande |
| Mineral Reserves | 3,788,000 ozs. |
| Shares Outstanding | 442,631,915 |
| Market Cap | $84,100,064 |
| Average Annual Production | 205,155 ozs. |
| Recovery | 93.1% |
| LoM | 17.2 Years |
| Payable Product | 3,524,100 ozs. |
| True All-in Cost (TAIC) | $900/oz. |
| Gross Revenue | $5,990,970,000 |
| CFEM Royalty | ($42,240,000) |
| Gross Income | $5,948,730,000 |
| Total Operating Costs | ($2,488,640,000) |
| Operating Profit | $3,460,090,000 |
| Income Tax | ($155,060,400) |
| Total Capital Costs | ($486,086,900) |
| Net Income | $2,818,942,700 |
| Net Profit Margin | 47% |
| Absolute Cost Structure (ACS) | 53% |
| MTQ Score (Higher is Better) | 0.9 |
| True Value | $6.37/sh. |
| True Value Discount (TVD) | 97% |
| Cash Flow Multiple | 5x |
| Net Annual Cash Flow | $164,124,000 |
| Future Market Cap | $820,620,000 |
| Future Market Cap Growth | 876% |
| Target | $1.85/sh. |
Note: All Values in U.S. Dollars.
