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
Early, early Monday morning, actually. We are short from 28,200. Our position is small — 0.08% of our active trading account. We plan to hold fast, possibly add, and most certainly roll over the contracts.