Author: Tom Fahy

$MGDPF : Marathon Gold — Independent Economic Analysis

Updated, 21 January 2020 Long-Term Price Case $1,700/oz. Flagship Project Valentine Lake Mineral Resources 2,920,000 ozs. Shares Outstanding 178,810,000 Market Cap $213,928,284 Average Annual Production 236,033 ozs. Recovery 97% LoM 12 Years Payable Product 2,832,400 ozs. True All-in Cost (TAIC) $1,380/oz. Gross Revenue $4,815,080,000 Keats Royalty (2%) ($96,301,600) Gross Income $4,718,779,000 Total Operating Cost ($1,707,937,200) Operating Profit $3,010,841,800 Reid Royalty (7.5%) ($225,813,135) Income Tax (45%) ($1,354,878,810) Total Capital Costs ($525,000,000) Net Income $905,149,855 Net Profit Margin 19% Absolute Cost Structure (ACS) 81% MTQ Score 0.2 True Value $5.06/sh. Cash Flow Multiple 5x Annual Cash Flow $75,530,560 Future Market Cap $377,652,800…

$GUYFF : Guyana Goldfields — Independent Economic Analysis

Long-Term Price Case $1,700/oz. Flagship Project Aurora Mineral Reserves 2,278,000 ozs. Shares Outstanding 173,530,802 Market Cap $130,148,102 Average Annual Production 178,819 ozs. Recovery 94.4% LoM 12 Years Payable Product 2,145,827 ozs. True All-in Cost (TAIC) $1,249/oz. Gross Revenue $3,647,905,900 Guyana NSR ($291,832,472) Transportation & Refining Costs ($6,931,021) Gross Income $3,349,142,407 Total Operating Costs ($1,516,043,000) Operating Profit $1,833,099,407 Income Taxes ($504,102,337) Total Capital Cost ($361,196,000) Net Income $967,801,070 Net Profit Margin 27% Absolute Cost Structure (ACS) 73% True Value $5.58/sh. Cash Flow Multiple 10x Cash Flow $80,647,369 Future Market Cap $806,473,690 Future Market Cap Growth 520% Target $4.65/sh. Notes: All Values…

$VGZ : Vista Gold — Independent Economic Analysis

9-20-19 Updated PFS Analysis Long-Term Price Case $1,700/oz. Au x Flagship Project Mt. Todd x Mineral Reserves 5,848,000 ozs. x Shares Outstanding 100,500,000 x Market Cap $80,400,000 $82,410,000 Average Annual Production 381,231 ozs. 413,400 ozs. Recovery 92.7% 91.9% LoM 13 Years x Payable Product 4,956,000 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)…

$VNNHF : Belo Sun Mining — Independent Economic Analysis

Long-Term Price Case $1,700/oz. Au Flagship Project Volta Grande Mineral Reserves 3,788,000 ozs. Shares Outstanding 442,631,915 Market Cap $84,100,064 Average Annual Production 205,155 ozs. Recovery 93.1% LoM 17.2 Years Payable Product 3,524,100 ozs. True All-in Cost (TAIC) $900/oz. Gross Revenue $5,990,970,000 CFEM Royalty ($42,240,000) Gross Income $5,948,730,000 Total Operating Costs ($2,488,640,000) Operating Profit $3,460,090,000 Income Tax ($155,060,400) Total Capital Costs ($486,086,900) Net Income $2,818,942,700 Net Profit Margin 47% Absolute Cost Structure (ACS) 53% True Value $6.37/sh. Cash Flow Multiple 5x Annual Cash Flow $164,124,000 Future Market Cap $820,620,000 Future Market Cap Growth 876% Target $1.85/sh. Notes: All Values in U.S.…

$AAU : Almaden Minerals — Independent Economic Analysis

Long-Term Price Case $1,700/oz. Au & $24/oz. Ag Flagship Project Ixtaca Mineral Reserves 2,589,245 AuEq ozs. Shares Outstanding 111,700,000 Market Cap $73,722,000 Average Annual Production 208,171 AuEq ozs. Recovery 93% LoM 11 Years Payable Product 1,840,664 AuEq ozs. True All-in Cost (TAIC) $1,255/oz. Gross Revenue $3,129,128,000 Almadex NSR ($62,582,560) Gross Income $3,066,545,440 Total Operating Costs ($1,283,000,000) Operating Profit $1,783,545,440 Extraordinary Mining Duty ($8,917,727) Special Mining Duty ($133,765,908) Income Tax ($535,063,632) Total Capital Costs ($286,000,000) Net Income $819,798,173 Net Profit Margin 26% Absolute Cost Structure (ACS) 74% True Value $7.34/sh. Cash Flow Multiple 5x Annual Cash Flow $92,636,095 Future Market Cap…

$MISVF : Minco Silver — Independent Economic Analysis

Long-term Price Case $24/oz. Ag Flagship Project Fuwan Mineral Reserves 55,300,000 ozs. Shares Outstanding 60,704,748 Market Cap $27,317,137 Average Annual Production 5,500,000 ozs. Recovery 91% LoM 9.2 Years Payable Product 50,323,000 ozs. True All-in Cost (TAIC) $19.80/oz. Gross Revenue $1,207,752,000 Royalty ($48,310,080) Gross Income $1,159,441,920 Total Operating Costs ($313,800,000) Operating Profit $845,641,920 Total Capital Costs ($73,059,822) Taxes ($560,996,762) Net Income $211,585,336 Net Profit Margin 18% Absolute Cost Structure (ACS) 82% True Value $1.35/sh. Cash Flow Multiple 5x Annual Cash Flow (TMRC, 30%) $23,100,000 Future Market Cap $115,500,000 Market Cap Growth 323% Target $1.90/sh. Notes: All Values in U.S. Dollars

$TMRC : Texas Mineral Resources — Updated Economic Analysis

Flagship Project Round Top Mineral Resources (M&I) 307,260,007 kg REOs Shares Outstanding 46,686,252 Market Cap $14,005,876 Average Annual Production 10,754,100 kg LoM 20 Years Payable REOs 215,082,005 kg True All-in Cost (TAIC) $21.43/kg. Gross Revenue $7,764,424,000 Texas State Royalty ($487,476,000) Gross Income $7,276,947,000 Total Operating Costs ($2,213,683,000) Operating Profit $5,063,264,000 Total Capital Costs ($845,000,000) Income Taxes ($1,063,285,440) Net Income $3,154,978,560 Net Profit Margin 41% Absolute Cost Structure (ACS) 39% True Value (TMRC, 30%) $20.27/sh. Cash Flow Multiple 5x Annual Cash Flow (TMRC, 30%) $47,324,678 Future Market Cap $236,623,392 Market Cap Growth 1,589% Target $5.07/sh. Notes: All Values in U.S. Dollars…

$SSPXD : Gold X Mining Corp. — Independent Economic Analysis

Updated, 29 November 2019 Long-Term Price Case $1,700/oz. Projects Toroparu Shares Outstanding 35,149,209 Market Cap 53,426,798 Average Annual Production 198,158 AuEq ozs. LoM 24 Years Payable Product 4,755,793 ozs. True All-in Cost (TAIC) $1,287/oz. Gross Revenue $8,084,848,100 Transportation & Insurance ($91,881,921) Treatment Charges ($50,458,964) Refining Charges ($24,302,102) Penalties ($2,901,034) Gross Income $7,915,304,079 Guyana Au Royalty ($530,984,288) Guyana Cu Royalty ($9,178,680) One-Time Surface Owner Royalty ($27,060,462) Net Revenue $7,348,080,649 Total Operating Costs ($3,127,124,129) Operating Profit $4,220,956,520 Income Taxes ($1,266,286,956) Total Capital Costs ($992,000,000) Net Income $1,962,669,564 Net Profit Margin 24% Absolute Cost Structure (ACS) 75% Cash Flow Multiple 5x Average Annual…

$POTRF : SOPerior Fertilizer Corp. — Updated Economic Analysis

Probable Realized Market Prices $645/t K2SO4 & $147/t H2SO4 Flagship Project Blawn Mountain Shares Outstanding 215,570,000 Market Cap 2,953,309 Proven & Probable Mineral Reserves, 3% Cut-Off 153,330,000 tons Payable Product (LoM)* 16,096,051 K2SO4Eq tons Estimated Payable SOP (LoM) 10,603,000 tons Estimated Payable Sulfuric Acid (LoM) 24,135,000 tons Alumina Resources (M&I)** 19,418,000 tons Average Annual Production 351,261 K2SO4Eq tons LoM 46 Years True All-in Cost (TAIC) $546/t Gross Revenue $10,381,952,895 Operating Cost ($6,813,000,000) Royalties (5%) ($519,097,645) Property Taxes (2%) ($207,639,058) Operating Profit $2,842,216,192 Total Capital Costs ($537,000,000) Income Taxes ($710,554,048) Net Income $1,594,662,144 Net Profit Margin 15% Absolute Cost Structure (ACS)…