$BCEKF : Bear Creek Mining — Independent Economic Analysis

Updated, 9 January 2020

Long-term Price Case$24/oz. Ag | $1.10/lb. Zn | $0.95/lb. Pb
Flagship ProjectCorani
Ownership100%
Mineral Reserves414,814,619 ozs. AgEq
Shares Outstanding103,157,064
Market Cap$212,503,552
Average Annual Production13,901,084 ozs. AgEq
Payable Product250,219,515 ozs. AgEq
LoM18 years
True All-in Costs (TAIC)$16.69/oz.
Gross Revenue$6,005,268,360
Treatment & Refining Charges($540,866,000)
Total Operating Costs ($2,630,922,000)
Operating Income$2,833,480,360
Taxes($429,932,000)
Total Capital Costs ($601,772,000)
Net Income$1,801,776,360
Net Profit Margin30%
Absolute Cost Structure (ACS)70%
True Value$17.47/sh.
Cash Flow Multiple10x
Average Net Annual Cash Flow$101,616,925
Future Market Cap$1,016,169,250
Future Market Cap Growth378%
Target$9.85/sh.

Notes: All Values in U.S. Dollars

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