$VGZ : Vista Gold — Independent Economic Analysis

9-20-19 Updated PFS Analysis
Long-Term Price Case$1,700/oz. Aux
Flagship ProjectMt. Toddx
Mineral Reserves5,848,000 ozs.x
Shares Outstanding100,500,000x
Market Cap$80,400,000$82,410,000
Average Annual Production381,231 ozs.413,400 ozs.
Recovery92.7%91.9%
LoM13 Yearsx
Payable Product4,956,000 ozs.5,305,000 ozs.
True All-in Cost (TAIC) $1,413/oz.$1,429/oz.
Gross Revenue$8,425,200,000$9,018,500,000
Refinery Costs($15,763,000)x
JAAC Royalty($64,425,000)x
Gross Income$8,345,012,000$9,018,500,000
Total Operating Costs($3,122,004,000)($3,422,467,700) [Inclusive of JAAC Royalty and Refining Cost)]
Operating Profit (EBITDA)$5,223,008,000$5,596,032,300
NT Royalty($1,044,601,000)($1,119,206,460)
Income Tax($1,566,902,400)($1,678,809,690)
Total Capital Costs($1,191,290,000)($1,361,888,000)
Net Income$1,420,214,600$1,436,128,150
Net Profit Margin17%16%
Absolute Cost Structure (ACS)83%84%
True Value$14.13/sh.$14.29/sh.
Cash Flow Multiple5x5x
Annual Cash Flow$109,413,297$110,588,867
Future Market Cap$547,066,485$552,944,335
Future Market Cap Growth580%571%
Target$5.44/sh.$5.50/sh.

Notes: All Values in U.S. Dollars

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