| Long-Term Price Case | $1,700/oz. Au |
| Project | Eau Claire |
| Mineral Resources | 1,001,100 ozs. |
| Shares Outstanding | 221,884,037 |
| Market Cap | $26,115,751 |
| Average Annual Production | 79,200 ozs. |
| Recovery | 95% |
| LoM | 12 Years |
| Payable Product | 951,000 ozs. |
| True All-in Cost (TAIC) | $1,271/oz. |
| Gross Revenue | $1,616,700,000 |
| Total Operating Cost | ($612,522,240) |
| Operating Profit | $1,004,177,760 |
| Income Taxes | ($313,503,994) |
| Total Capital Costs | ($283,000,000) |
| Net Income | $407,673,766 |
| Net Profit Margin | 25% |
| Absolute Cost Structure (ACS) | 75% |
| True Value | $1.83/sh. |
| Cash Flow Multiple | 5x |
| Annual Cash Flow | $33,976,800 |
| Future Market Cap | $169,884,000 |
| Future Market Cap Growth | 551% |
| Target | $0.77/sh. |
Notes: All Values in U.S. Dollars
