$MGDPF : Marathon Gold — Independent Economic Analysis

Updated, 21 January 2020

Long-Term Price Case$1,700/oz.
Flagship ProjectValentine Lake
Mineral Resources2,920,000 ozs.
Shares Outstanding178,810,000
Market Cap$213,928,284
Average Annual Production236,033 ozs.
Recovery97%
LoM12 Years
Payable Product2,832,400 ozs.
True All-in Cost (TAIC) $1,380/oz.
Gross Revenue$4,815,080,000
Keats Royalty (2%)($96,301,600)
Gross Income$4,718,779,000
Total Operating Cost($1,707,937,200)
Operating Profit$3,010,841,800
Reid Royalty (7.5%)($225,813,135)
Income Tax (45%)($1,354,878,810)
Total Capital Costs ($525,000,000)
Net Income$905,149,855
Net Profit Margin19%
Absolute Cost Structure (ACS)81%
MTQ Score0.2
True Value$5.06/sh.
Cash Flow Multiple5x
Annual Cash Flow$75,530,560
Future Market Cap$377,652,800
Future Market Cap Growth77%
Target$2.11/sh.

Notes: All Values in U.S. Dollars

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