$EANRF : Eastmain Resources — Independent Economic Analysis

Long-Term Price Case$1,700/oz. Au
ProjectEau Claire
Mineral Resources1,001,100 ozs.
Shares Outstanding221,884,037
Market Cap$26,115,751
Average Annual Production79,200 ozs.
Recovery95%
LoM12 Years
Payable Product951,000 ozs.
True All-in Cost (TAIC) $1,271/oz.
Gross Revenue$1,616,700,000
Total Operating Cost($612,522,240)
Operating Profit$1,004,177,760
Income Taxes($313,503,994)
Total Capital Costs ($283,000,000)
Net Income$407,673,766
Net Profit Margin25%
Absolute Cost Structure (ACS)75%
True Value$1.83/sh.
Cash Flow Multiple5x
Annual Cash Flow$33,976,800
Future Market Cap$169,884,000
Future Market Cap Growth551%
Target$0.77/sh.

Notes: All Values in U.S. Dollars

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