$VGZ : Vista Gold — Independent Economic Analysis

Long-Term Price Case$1,700/oz. Au
Flagship ProjectMt. Todd
Mineral Reserves5,848,000 ozs.
Shares Outstanding100,500,000
Market Cap$80,400,000
Average Annual Production381,231 ozs.
Recovery92.7%
LoM13 Years
Payable Product4,956,000 ozs.
True All-in Cost (TAIC) $1,413/oz.
Gross Revenue$8,425,200,000
Refinery Costs($15,763,000)
JAAC Royalty($64,425,000)
Gross Income$8,345,012,000
Total Operating Costs($3,122,004,000)
Operating Profit$5,223,008,000
NT Royalty($1,044,601,000)
Income Tax($1,566,902,400)
Total Capital Costs($1,191,290,000)
Net Income$1,420,214,600
Net Profit Margin17%
Absolute Cost Structure (ACS)83%
True Value$14.13/sh.
Cash Flow Multiple5x
Annual Cash Flow$109,413,297
Future Market Cap$547,066,485
Future Market Cap Growth580%
Target$5.44/sh.

Notes: All Values in U.S. Dollars

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