$SSPXF : Sandspring Resources — Independent Economic Analysis

Long-Term Price Case$1,700/oz.
Flagship ProjectToroparu
Fully-Diluted Shares315,544,790
Fully-Diluted Market Cap$47,331,719
Average Annual Production198,158 AuEq ozs.
LoM24 Years
Payable Product4,755,793 ozs.
True All-in Cost (TAIC) $1,287/oz.
Gross Revenue$8,084,848,100
Transportation & Insurance($91,881,921)
Treatment Charges($50,458,964)
Refining Charges($24,302,102)
Penalties($2,901,034)
Gross Income$7,915,304,079
Guyana Au Royalty($530,984,288)
Guyana Cu Royalty($9,178,680)
One-Time Surface Owner Royalty($27,060,462)
Net Revenue$7,348,080,649
Total Operating Costs($3,127,124,129)
Operating Profit$4,220,956,520
Income Taxes($1,266,286,956)
Total Capital Costs($992,000,000)
Net Income$1,962,669,564
Net Profit Margin24%
Absolute Cost Structure (ACS)75%
True Value$6.22/sh.
Cash Flow Multiple5x
Average Annual Cash Flow$81,839,254
Future Market Cap$409,196,270
Future Market Cap Growth765%
Target$1.30/sh.

Notes: All Values in U.S. Dollars

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