$AAU : Almaden Minerals — Independent Economic Analysis

Long-Term Price Case$1,700/oz. Au & $24/oz. Ag
Flagship ProjectIxtaca
Mineral Reserves2,589,245 AuEq ozs.
Shares Outstanding111,700,000
Market Cap$73,722,000
Average Annual Production208,171 AuEq ozs.
Recovery93%
LoM11 Years
Payable Product1,840,664 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 Margin26%
Absolute Cost Structure (ACS)74%
True Value$7.34/sh.
Cash Flow Multiple5x
Annual Cash Flow$92,636,095
Future Market Cap$463,180,475
Future Market Cap Growth528%
Target$4.15/sh.

Notes: All Values in U.S. Dollars

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