| Long-Term Price Case | $1,700/oz. |
| Flagship Project | Madsen |
| Ownership | 100% |
| Mineral Resources (Indicated) | 2,063,000 ozs. |
| Mineral Reserves | 1,013,000 ozs. |
| Fully-Diluted Shares | 436,000,000 |
| Fully-Diluted Market Cap | $505,760,000 |
| Average Annual Production | 80,833 ozs. |
| Recovery | 95.8% |
| Payable Product | 970,000 ozs. |
| LoM | 12 years |
| True All-in Cost (TAIC) | $1,315/oz. |
| Gross Revenue | $1,649,000,000 |
| Total Direct Operating Costs | ($586,850,000) |
| Refining & Transport | ($1,940,000) |
| Operating Profit | $1,060,210,000 |
| Ontario Mineral Tax (10%) | ($106,021,000) |
| Federal Income Tax (15%) | ($159,031,500) |
| Total Capital Costs | ($422,125,920) |
| Net Income | $373,031,580 |
| Net Profit Margin | 23% |
| Absolute Cost Structure (ACS) | 77% |
| True Value | $0.85/sh. |
| Cash Flow Multiple | 11x |
| Annual Cash Flow | $26,744,013 |
| Future Market Cap | $294,184,143 |
| Future Market Cap Growth | -42% |
| Target | $0.67/sh. |
Notes: All Values in U.S. Dollars
