$HYMC : Hycroft — Independent Economic Analysis

Long-Term Price Case$2,000/AuEq oz.
Flagship ProjectHycroft Mine
Ownership100%
Mineral Resource Estimate18,686,346 AuEq ozs.
Shares Outstanding50,160,000
Market Cap$620,980,800
Average Annual Production373,727 AuEq ozs.
Recovery, Au/Ag65/71%
Payable Product12,706,715 AuEq ozs.
LoM34 years
True All-in Cost (TAIC) $873/oz.
Gross Revenue$25,413,430,000
Total Operating Costs($9,653,671,200)
EBITDA$15,759,758,800
Taxes($615,200,000)
Total Capital Costs ($828,200,000)
Net Income$14,316,358,800
Net Profit Margin56%
Absolute Cost Structure (ACS)44%
MTQ Score1.27
True Value $285/sh.
Cash Flow Multiple11x
Average Net Annual Cash Flow421,190,329
Future Market Cap4,633,093,619
Future Market Cap Growth634%
Target$92.36/sh.

Bar none, Hycroft is the cheapest company we own.

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