GoviEx Uranium | Madaouela Project, Niger | Investment Case Update

Updated 18 June 2019

Long-Term Price Case$70/lb. U308 & $12.38/lb. MoO2
Flagship ProjectMadaouela
GoviEx Stake80%
Madaouela Mineral Resources (M&I, + Agaliouk)116,720,000 lbs.
Madaouela Probable Mineral Reserves60,540,000 lbs.
Fully-Diluted Shares640,051,000
Fully-Diluted Market Cap$70,405,610
Average Annual Production2,690,000 lbs.
Recovery93.7%
True All-in Costs (FCM Estimate)$53.37/lb.
Gross Revenue$3,954,300,000
Direct Operating Costs($1,686,000,000)
Molybdenum Credit$339,930,406
Royalty (12%)($433,798,871)
Operating Profit$2,174,431,535
Corporate Taxes (30%)($559,139,538)
CapEx($676,000,000)
Niger Working Interest (10%)($93,929,200)
Niger Carried Interest (10%)($84,536,280)
Net Income (GoviEx Stake, LoM)$761,436,720
Projected Book Value per Share$1.19/sh.
PMCV10 (Projected Market Cap Valuation at 10%)$1.28/sh.
TAC10
Cost to Acquire$0.45/lb.
Total Cost to Build & Operate$53.37/lb.
Total Acquisition Cost$829,150,920 ($1.30/sh.)
Miscellaneous Metrics
Deep Value GradeA
Market Cap Valuation per Resource Lb.$0.45
Share Price Valuation by Resources in the Ground .24 lbs. ($5.87)
Value of Resources (M&I) $3,759,064,000
Resource Valuation as a Percentage of Market Cap2%
Theoretical Market Cap Valuation$375,906,400
Theoretical Future Market Cap$1,078,420,000
Theoretical Market Cap Growth1,432% ($1.68/sh.)

Notes: All Values in U.S. Dollars

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