**Long-Term Price Case** | $65/lb. U308 |

**Flagship Project** | DASA |

**Mineral Resources** | 82M lbs. (1,200 ppm) |

**Ownership** | 100% |

**Shares Outstanding** | 144,200,000 |

**Market Cap** | $53,930,800 |

**Average Annual Production** | 4,864,437 |

**Recovery** | 84.3% |

**Payable Product** | 69,075,000 |

**LoM** | 14.2 Years |

**True All-in Costs (TAIC)** | $48.54/lb. |

**Gross Revenue** | **$4,489,875,000** |

**Total Operating Costs ($24.96/lb.)** | ($1,724,112,000) |

**Operating Profit (EBITDA)** | **$2,765,763,000** |

**Niger Royalty (12%)** | ($331,891,560) |

**Income Taxes (30%)** | ($829,728,900) |

**Total Capital Costs** | ($467,100,000) |

**Net Income** | **$1,137,042,540** |

**Net Profit Margin** | 25% |

**Absolute Cost Structure (ACS)** | 75% |

**MTQ Score (Higher is Better)** | 0.3 |

| |

**True Value** | **$7.89/sh.** |

**True Value Discount (TVD)** | 88% |

| |

**Cash Flow Multiple** | 5x |

**Net Annual Cash Flow (Including Avg. BST, Iskenderun, Turkey Net Annual Cashflow)** | $86,568,633 |

**Future Market Cap** | $432,843,165 |

**Future Market Cap Growth** | 703% |

| |

**Target** | **$3/sh.** |

## 2 Comments

Hi Tom,

What is the difference between target and true value? Also what is the true value discount related to?

Thanks.

‘True Value’ is calculated with a formula that takes projected LoM Net Income into account. ‘Target’ is calculated with a formula that takes projected Net Income over the course of a single year into account, multiplied by a reasonable multiple at which it might trade under optimal conditions.