$NTGSF : Golden Predator — Independent Economic Analysis

Long-Term Price Case$1,700/oz. Au
ProjectBrewery Creek
Mineral Resources577,000 ozs.
Shares Outstanding132,981,088
Market Cap$49,163,108
Average Annual Production53,853 ozs.
Recovery84%
LoM9 Years
Payable Product484,680 ozs.
True All-in Cost (TAIC)$1,291/oz.
Gross Revenue$823,956,000
Freight & Marketing($1,938,720)
Smelter Deduction($4,119,780)
Royalties($32,958,240)
Gross Income$784,939,260
Total Operating Cost($377,081,040)
Operating Profit$407,858,220
Income Tax($122,357,466)
Total Capital Costs ($116,973,363)
Net Income$168,527,391
Net Profit Margin20%
Absolute Cost Structure (ACS)76%
MTQ Score0.3
True Value$1.27/sh.
True Value Discount (TVD)72%
Cash Flow Multiple5x
Annual Cash Flow$22,025,877
Future Market Cap$110,129,385
Future Market Cap Growth124%
Target$0.83/sh.

Notes: All Values in U.S. Dollars