| PROJECT | BLACK BUTTE COPPER PROJECT (COMBINED JOHNNY LEE UPPER AND LOWER ZONES) |
| FINAL MINE OPERATING PERMIT | GRANTED |
| CURRENT COPPER PRICE | $4.18/LB |
| SHARES OUTSTANDING | 1,020,000,000 |
| MARKET CAP | $192,780,000 |
| MINERAL RESERVES | 685,417,173 LBS |
| GRADE | 2.9% CU |
| MINE LIFE | 10 YRS |
| RECOVERY | 83.8% |
| AVERAGE ANNUAL PRODUCTION | 58,398,645 LBS |
| PAYABLE METAL | 583,986,454 LBS |
| GROSS INCOME | $2,441,063,378 |
| TREATMENT CHARGE | $90/T ($28,449,000) |
| REFINING CHARGE | $0.09/LB ($52,558,781) |
| NSR (2%) | ($47,201,112) |
| OPERATING COSTS | $1.41/LB ($823,420,900) |
| TRUE ALL-IN COST (TAIC) | $2.92/LB |
| EBITDA | $1,489,433,585 |
| CAPITAL COSTS | ($343,375,000) |
| MONTANA CORPORATE TAX RATE | 6.750% ($100,536,767) |
| FEDERAL CORPORATE TAX RATE | 21% ($312,781,053) |
| NET INCOME | $732,740,765 |
| NET PROFIT MARGIN | 30% |
| ABSOLUTE COST STRUCTURE | 70% |
| MTQ SCORE | 0.4 |
| TRUE VALUE | $0.72/SH |
| FUTURE MARKET CAP GROWTH | 280% |
