Dalradian Resources Avoids the Chopping Block

Flagship Property: Curraghinalt = 100% Ownership … 1 Point

After-tax IRR = 25.5% … 1 Point

NPV/CapEx = 167% … 1 Point

F/D Market Cap per Resource Ounce = $86 … – 1 Point

Cost Structure = 50% … 1 Point

Resource Base = 3,066,000 M oz. … 1 Point

Future Cash Flow = US $1,983,702,000 … Unrated

Future Cash Flow Multiple = 5x … 1 Point

Share Structure = 367,579,114 … – 1 Point

Debt Coverage = 0 Debt … 1 Point

Projected Future Market Cap = US $1,149,750,000 … Unrated

Projected Future Market Cap Growth Percentage = 334% … – 1 Point

Location: Northern Ireland … 1 Point

Conclusion

Dalradian Resources excels in almost every area, but dilution has negatively impacted several factors, including Market Cap per Resource Ounce and overall future growth potential. At higher gold prices, Dalradian will do exceptionally well as one of Europe’s lowest-cost future producers. We have a target of $3.13 a share.

Score

6/11


Key

Flagship Project: 100% Ownership … 1 Point

After-tax IRR = > 20% … 1 Point

NPV/CapEx = > 1 … 1 Point

EV/Resources = < 1 … 1 Point

Cost Structure = < 50% … 1 Point

Resource Base = > 80 Mlbs. U308 … 1 Point

Future Cash Flow = Unrated

Future Cash Flow Multiple = > 5x … 1 Point

Share Structure = < 200 M … 1 Point

Debt Coverage = > 50% (or No Debt) … 1 Point

Projected Future Market Cap = Unrated

Projected Future Market Cap Growth Percentage = > 500% … 1 Point

Location: Friendly = 1 Point

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